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Thanks to its savings Jarrad Davis Color Rush Jersey , investment, and tax savings qualities, life insurance is one of the exceptional financial instruments. Life insurance claim process is the final stage of the contract where you are paid the insurance proceeds against the premiums paid.

Life insurance claim settlement happens on two occasions 鈥?either on the death of the policyholder during the policy term or on policy maturity. Read on to know how to go about with the claim settlement procedure of Life Insurance in both the above-mentioned situations.


Death claim settlement process


Death claim is on the types of claims in life insurance. In case of death of the policyholder during the policy term Kerryon Johnson Color Rush Jersey , the nominee needs to follow these procedures for receiving the life insurance proceeds:


rm the respective agent and the insurer
The nominee needs to get in touch with the concerned agent and inform about the death of the policyholder. Overseeing smooth settling of claims is one of the major responsibilities of a life insurance agent. At the same time, it鈥檚 essential to inform the insurer and intimate about the about the place, date and cause of death at the earliest.


up the death claim form and submit the list of required documents
Once the insurer is intimated Frank Ragnow Color Rush Jersey , the same is recorded and the nominee is asked to fill up the death claim form and submit some essential documents such as:
-Original policy document
-Death certificate
-Discharge form of the hospital


m process
With the death claim form duly filled and the relevant documents submitted, the insurer verifies its genuineness. Once the insurer establishes the authenticity of the claim, the sum assured is paid to the nominee.


Maturity claim settlement process
Life insurance policies such as endowment and money back plans offer maturity benefits where the policyholder gets a sum assured along with acquired bonuses at the end of the policy term. Here鈥檚 the claim procedure for maturity benefits:


ing up the policy discharge form
When it comes to maturity benefits Marvin Jones Jr Color Rush Jersey , the insurer sends a policy discharge form at least 30 days in advance before the maturity date. Along with the form, there鈥檚 a letter outlining the documents to be attached with the discharge form. The policyholder needs to fill up the discharge form and get it signed by two witnesses. Generally, the documents to be attached with the form are:
-Original policy document
-Copy of address and identity proof
-Bank mandate form outlining the bank details
-Cancelled cheque leaf


The policyholder needs to dispatch all of these to the insurer at least a week in advance before policy maturity.


ess of claim
Upon receiving and verification of the documents Golden Tate III Color Rush Jersey , the insurer processes the maturity claim and credits the maturity proceeds directly to the bank account of the policyholder as given in the bank mandate.
Note that in case of death of the policyholder after the maturity date and before the completion of the claim procedure, the same is treated as maturity claim and the amount is paid to the nominee or the legal heirs of the deceased.


Summing it up


Claim settlement process of life insurance is a simple and hassle-free process that requires minimum documentation. To ensure smooth settlement of claims, it鈥檚 essential to fill up the proposal form correctly and disclose all information. Hiding of any information from the policyholder Darius Slay Jr Color Rush Jersey , however small it may be, might lead to claim rejection.
Today, one can buy life insurance online Matthew Stafford Color Rush Jersey , offline or via third-party after comparing offerings from different insurers. A potent financial tool that helps dependents of the policyholder to stay financially independent in case of any unfortunate event, life insurance is the cornerstone of financial planning.

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