Insurance Claim Advisory 2020-07-08T08:20:44+00:00

Surrender Claim

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Maturity Claim

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Death Claim

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What is Surrender Claim ?

Surrender value is the amount of money that a policyholder or annuity holder would get from the insurance company in case they voluntarily terminate the policy before its maturity date or the insured event occurs. It is also known as cash surrender value or cash value.

Surrender Value of a Traditional Life Insurance Plan

It is generally calculated as a % of the total premiums paid excluding first year premium and extra premium, if any. In some products it is calculated as a % of vested bonus, if any, plus the total premiums paid excluding extra premium (if any), as per the product terms and conditions. In some cases, there is an option of Special Surrender value.

Surrender Value of a Unit Linked Insurance Plan

Surrender value of unit linked insurance plan depends on Policy fund value at the time of surrender, less surrender charges, GST as per the Policy Terms and Conditions and TDS* (if applicable).

Surrender Value of Pension Plan

Surrender value of a Pension plan depends on the available Pension fund value at the time of policy surrender, less surrender charges, GST as mentioned in Policy Terms and Conditions and TDS* (if applicable). Some plans have a Market Value Adjustment factor applied to it.

What is Maturity Claim ?

This is the claim payable, when the policyholder is alive at the end of the policy term. This payment is made to the policyholder and normally will not create any complication. Insurance companies will inform the policyholders well in advance about the payment.

Process for registering Maturity Claim

The policyholder has to submit the discharged receipt in Form No. 3825 and other required documents along with the original policy documents at least one month before the due date so that the payment is received before the due date of maturity claim.

What is Death Claim ?

In case of death of the policyholder during the term of the policy, the nominee or a nearest relative has to inform the insurance company about the death. This is called death intimation. The intimation should contain the policy number, date of death, cause of death and the place of death.

Process for registering Death Claim

On receipt of the death intimation, the Life Insurance company will issue a set of claim forms to the nominee. The requirements for death claim in Life Insurance depends on the duration of the policy.

  1. In case of death, within 2 years from the start of the policy (date of acceptance of risk by the insurance company), then such claims are treated as early claims.
  2. In case of death after 2 years, it will be treated as non early claim.

Non Early Death Claims in Life Insurance

In case of non early death claim, (death claims after 2 years from the start of the policy) the requirements are simple. The nominee has to submit the original policy bond and proof of death. Proof of death is the death certificate issued by the local bodies like municipality. Nominee also has to submit a claim form which contains the details of death, his relationship to the policyholder. In case of death due to unnatural causes, police inquest report, post mortem report etc. is also called for.

Early Death Claims in Life Insurance

In the case of death claims reported within 2 years from the start of the policy or after revival, the insurance company will go for a detailed investigation to find out whether the claim is genuine.

Surrender Claim

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What is Surrender Claim ?

Surrender value is the amount of money that a policyholder or annuity holder would get from the insurance company in case they voluntarily terminate the policy before its maturity date or the insured event occurs. It is also known as cash surrender value or cash value.

Surrender Value of a Traditional Life Insurance Plan

It is generally calculated as a % of the total premiums paid excluding first year premium and extra premium, if any. In some products it is calculated as a % of vested bonus, if any, plus the total premiums paid excluding extra premium (if any), as per the product terms and conditions. In some cases, there is an option of Special Surrender value.

Surrender Value of a Unit Linked Insurance Plan

Surrender value of unit linked insurance plan depends on Policy fund value at the time of surrender, less surrender charges, GST as per the Policy Terms and Conditions and TDS* (if applicable).

Surrender Value of Pension Plan

Surrender value of a Pension plan depends on the available Pension fund value at the time of policy surrender, less surrender charges, GST as mentioned in Policy Terms and Conditions and TDS* (if applicable). Some plans have a Market Value Adjustment factor applied to it.

Maturity Claim

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What is Maturity Claim ?

This is the claim payable, when the policyholder is alive at the end of the policy term. This payment is made to the policyholder and normally will not create any complication. Insurance companies will inform the policyholders well in advance about the payment.

Process for registering Maturity Claim

The policyholder has to submit the discharged receipt in Form No. 3825 and other required documents along with the original policy documents at least one month before the due date so that the payment is received before the due date of maturity claim.

Death Claim

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What is Death Claim ?

In case of death of the policyholder during the term of the policy, the nominee or a nearest relative has to inform the insurance company about the death. This is called death intimation. The intimation should contain the policy number, date of death, cause of death and the place of death.

Process for registering Death Claim

On receipt of the death intimation, the Life Insurance company will issue a set of claim forms to the nominee. The requirements for death claim in Life Insurance depends on the duration of the policy.

  1. In case of death, within 2 years from the start of the policy (date of acceptance of risk by the insurance company), then such claims are treated as early claims.
  2. In case of death after 2 years, it will be treated as non early claim.

Non Early Death Claims in Life Insurance

In case of non early death claim, (death claims after 2 years from the start of the policy) the requirements are simple. The nominee has to submit the original policy bond and proof of death. Proof of death is the death certificate issued by the local bodies like municipality. Nominee also has to submit a claim form which contains the details of death, his relationship to the policyholder. In case of death due to unnatural causes, police inquest report, post mortem report etc. is also called for.

Early Death Claims in Life Insurance

In the case of death claims reported within 2 years from the start of the policy or after revival, the insurance company will go for a detailed investigation to find out whether the claim is genuine.

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