The death claim settlement of Life Insurance related to the subscribed traditional or Term insurance plan is a little complex than the said maturity claim settlement, but the nominee or authorized family person of deceased policyholder must follow the steps with defined procedure as below for the death claim settlement of LIC India on priority basis, check the defined procedure for early settlement of LIC death insurance claim.
Fill in the LIC Death Claim Intimation Form
Whenever the situation of death Insurance claim arises, the nominee or claimant needs to inform the same to the Life Insurance Corporation, and how the company start the process of death claim settlement without any information given by the nominee or family member after the death of the policyholder, where the process of informing the insurance company about the requirement of the death claim settlement is called DEATH CLAIM INTIMATION, and in this, the insured claimant needs to provide the necessary information as required
LIC Death Claim Intimation consists of
- Policy Number of Life Insurance Corporation
- Name of the person insured under LIC
- Date of death
- Place of death
- Cause of death
- Name of the claimant and other
This death claim intimation or notification form can be obtained from the agent of the Life Insurance Corporation from whom the policy was taken or from the nearby branch of the insurance company from which the insurance was taken, and also make this form available online, which can be downloaded and printed if required.
Collection of required Documents for LIC death claim
Different insurance companies asks for different kinds of the document for the claim settlement process, but most of the companies ask for the following documents in common related for all traditional or Term insurance plans
- Original Life Insurance policy document
- A statement of support by the Claimant
- Death certificate of the LIC policyholder
- Report of the post mortem exam (If required)
- FIR lodged with the police (If required)
- If the reason of death happens to be accident, certificate or records issued by the doctor/hospital in which the person died and an advance discharge form.
- Medical Certificate
- ID proof of the beneficiary
- Cremation certificate
- Employer certificate (If required)
Submission of the documents to process Death Insurance Claim
The most difficult part of making the LIC death insurance claim settlement is the collection of the required documents in any kind of traditional or Term insurance plan, but if you have gathered all the documents in time, submit them to LIC India branch insurance office without any loss of time, More the time you waste in submitting the documents, the more is the delay in the death insurance claim settlement, and even it sometimes even complicates the process, and No insurance company LIC or other never settles the death insurance claim without prior documentation and collection of related documents.
Final Settlement Process of LIC Death Insurance Claim
Now it is the time the Life Insurance Corporation takes the call for the final death claim settlement in traditional or Term plan, It has been made mandatory by Regulation 8 of the IRDA (Policy Holder’s Interest) Regulations, 2002 that the insurance company must settle the claim under 30 days of receiving all the required documents, where the regulation has made the process really quick.
If somehow, the information or the submitted documents are found to be at fault, LIC India has to inform the same to the claimant and must investigate and settle the death insurance claim under a time span of 6 months, and where actually, the time of claim settlement is calculated from the date on which the written application for the death claim is made.
I think the process of making an death insurance claim related to traditional or Term insurance plan is quite clear to you by now, Remember, while making a death insurance claim from LIC India or any other Insurance, you must not wait for too long, All the policyholders must keep the original policy document at the secure place, and the death claim and maturity claim both requires one to submit the original copies of the same, and it is very difficult to get the final settlement claim if one has lost the original Life Insurance policy documents.
So in the nutshell, the step-by-step procedure regarding death claim settlement of traditional or Term insurance plan has been elaborated, and we hope that every policyholder of Life Insurance Corporation of India will be benefitted by vital information stated above.