Ch. 12: What is the claim settlement process of Money Back Plan?

Now that you already know what a Money-back plan is and how it works, you'll also need to understand how the claim process works.

Generally, the process of filing a claim can be quite daunting, and the process can seem more arduous for your family in your absence. Hence, you should ensure that your family is informed about the policy and also walk them through it in detail, so they understand the fundamentals. Getting a clear understanding of the entire claim process will aid you and your family avoid hiccups in the future. This article outlines all the steps needed to follow for a smooth claim process.

A Money-Back Plan can be redeemed in two situations -

• In case you pass away
• In case you survive the policy term

Here is a quick walkthrough of both.

Step 1: Notification
The first step involves informing the insurance company about the death so that they can move forward with the necessary procedures.

You can contact the insurance company via:

• Their toll-free number
• An email/SMS to the insurer
• Insurer's website
• Visiting the branch of the insurance company.

Step 2: Submission of Documents
You need to submit the claim form and other relevant documents related to the claim process to the insurance company.

Keep this in mind

• You should obtain a system-generated acknowledgement of receipt from the insurer when submitting your documents.
• It is recommended to have a scanned copy of the whole document set with you for future reference.
• The insurance company will verify the mandated documents once you submit them and then initiate the claim intimation request.

Step 3: Requesting additional documents
Insurers may require you to share additional documents at times. You should be alert to receive such requirements on your email or communication address. In that case, relevant documents must be produced within 90 days of the date of request.

You need to have the following documents in hand when filing a death claim:

Mandatory documents:

• Claimant Statement Form
• Death Certificate (Self Attested Copy)
• KYC document of the beneficiary (Self Attested Copy)
• Bank details of the beneficiary

Additional requirements for claims within 3 years:

• Original Policy Document
• Medical Attendant's Certificate (if any)
• Self-attested copies of Hospital or Treatment Records (if any)
• Employer's Certificate (if applicable)

Additional requirements for accidental or unnatural death claims:

• FIR and Final Police Closure Report
• Driving Licence (in case of death while driving)
• Post Mortem Report
• Valid insurance document of the vehicle (in case of death due to a road traffic accident)
• Police Inquest Report / Inquest Panchnama
• News Paper Cutting (if any)

You are eligible to receive the maturity benefit.

Step 1: Contact the insurance company:
You need to visit the insurance company's branch office and submit the appropriate documents to make a claim request.

Step 2 : Submission of documents:
For a claim request to be processed, the following documents must be produced to the insurer:

• Duly filled claim form or policy payout form in the stipulated format.
• Original Policy Document.

Step 3: Verification:
After submitting the documents, an assessor shall verify the submitted paperwork to determine whether the claim is valid.

Step 4: Claim Approval:
Upon verification and approval of the claim, the maturity amount will be deposited into the registered bank account within 30 days.

If the claim is rejected due to some reason, the insurer shall inform the reason for the rejection through calls, SMS, Email, etc.

Important Note -
The claims process and document requirements are subject to change, and vary from insurer to insurer. When purchasing a Money-Back Plan, you should discuss the entire policy process and the list of documents that will need to be submitted.

Once you have obtained the entire document checklist, you should gather all documents pertaining to the policy and secure them in a safe, protected place to avoid misplacing or losing the documents. In addition, you can set up an account with Digilocker or open an e-insurance account, store the files digitally, and share the account details with your nominee and family members.

Wrapping up!
Now that you are aware of how the claim process works, make sure you or your nominee follow each step to ensure a seamless claim experience. Keep the pertinent documents safe in the Digilocker app or e-insurance account to avoid hassles in the future.