Why Does Your Wife Need To Know Life Insurance Claim Processes?

“The number one problem in today’s generation and economy is the lack of financial literacy.”

-Alan Greenspan

Knowing the life insurance claim processes is not only necessary for the insured but more so for the nominee. This is because in the case of the death of the insured it is the nominee who has to comply with the processes.

Usually, the nominee is the spouse of the insured earning member. In most cases, it is the wife.

Not only are they not aware of the process they don’t even know where the original policies are kept. Remember financial planning and financial hygiene should be the joint agenda of the both of them i.e. husband and wife.

Usually, the claim process is simple, but it is the ignorance which makes it difficult.

At Edelweiss Tokio Life Insurance, it is our endeavour to make the process simpler. It is also our endeavour to make the insured and the nominee understand the process.

Here are the guidelines which will help you to quicken the claim submission process without hassle on the death of the insured.

The Process:

• Notify the company about the death.

This can be done online or through the agent or at the company branch or over helpline number. Our helpline number is 1800 212 1212.

• The insurance company sends the document checklist which is to be submitted
• The claimant submits the required documents along with his/her statement

This is the end of the process as far as the nominee is concerned.

Based on the documents submitted the company will process the claim. The decision of the company is intimated to the nominee. Thereafter the amount is paid to the nominee.

The documents:

• The original policy

This is mandatory. Keep in a place known to the nominee.

• Claimant statement

This is prescribed by the company. Ideally to acquaint with the statement, go through the statement together now.

• The photo identity and address proof of the nominee

Passport/PAN/Aadhar Card etc

• Copy of the death certificate

This is issued by the family doctor or the treating doctor.

• Copy of cremation certificate

This is issued by the crematorium.

• A cancelled cheque of the bank account of the nominee

In case of the death due to any illness, additional documents are required:

• Treating doctor’s certificate

In the format prescribed by the insurance company

• Hospital certificate if the deceased was hospitalized

In the format prescribed by the insurance company

• Other medical and post-hospital treatment records as may be asked by the insurance company. Usually reports.

If death is during the service:

• Employer certificate

If the death is due to the accident:

• FIR copy from the police station.
• Copy of the post-mortem report.
• Copy of the final Investigation report/Charge sheet.
• Copy of the newspaper article if available.

These are the basic documents an insurance company would require to process the claim. We at Edelweiss Tokio Life Insurance process and settle the claim within 24 hours if all the documents are in order.

 

However, as an insurance company, we need to make sure the following before we part with the settlement money.

• The insured person is dead. (Death and cremation certificates)
• The money is going to the right claimant. (Identity, address, and bank account proof)
• The cause of death is not suspicious. (Medical records, police records, and certificates)

Your understanding of why we need these documents would ease the pain in the process. This will set the right expectation at both ends.

“Always plan ahead. It wasn’t raining when Noah built the ark.” Richard Cushing

Yes, plan and buy a life insurance policy to protect your family. Plan and know the claim process to help your wife/nominee in getting insurance money without a struggle.

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