Death within 3 years from the date of issue of First Premium Receipt or from the date of revival is known as early death claim and death after 3 years from date of issue of First Premium Receipt or from the date of revival is known as non-early death claim. In respect of early death claim, an investigation has to be done to rule out the possibility of wrong payment to wrong party. The investigation is generally entrusted to an officer of the insurer. The officer has to submit the investigation report within a maximum period of 6 months, as per guidelines of IRDA. Following documents are requirement in respect of death claim -
- Intimation of death by the members of the family, relatives, neighbours, friends, and colleagues, employers, professionals like doctors, lawyers etc. or insurance agents.
- Death certificate
- Policy Bond
- Proof of premiums paid
- Proof of age is required, if the age has not been admitted earlier.
- Proof of title of the claimant e.g. (nominee, assignee, or legal heirs etc.)
- Discharge form duly signed by the claimant and witnessed by a responsible person.
UNATURAL DEATH: (In respect Early or non-early claim) :
- First Information Report (FIR)
- Post Mortem Report
- Panch nama
CLAIM CONCESSION: The policy lapses, if the payment of premium is not made within the grace period. But in case of death of the life assured after lapse of policy after certain period, death claim can be paid after allowing claim concession, as per the practice of Life Insurance Corporation of India, which is appended below : -
- If the premiums are paid for at least 3 years and death of the Life Assured occurred within 6 months from the first unpaid premium, full sum assured is paid along with Bonus, if participating policy, subject to deduction of unpaid premium along with interest
- If the premiums are paid for at least 5 years and death of Life Assured occurred within 12 months from the date of first unpaid premium, full sum assured is paid alongwith Bonus, if participating policy, subject to deduction of unpaid premium alongwith interest.