How to Process Life Insurance Claims? Step-by-Step Guide

June 15, 2025

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The primary purpose of buying a life insurance policy is to create a financial safety net for your loved ones against life's uncertainties. As a policy buyer, you must focus on selecting the right life insurance policy from an insurance company with a high claim settlement ratio (CSR). An insurer who has a CSR closer to 100% and a streamlined claim settlement process can help ensure timely and hassle-free settlement of a valid insurance claim.

How the Claim Settlement For Life Insurance Policies Works

Step 1: Intimation of the Claim to the Insurance Company

It is the responsibility of the nominee to inform the insurance company about the demise of the life insured (or life insurance policyholder) as soon as possible. This way, the insurance company can initiate the claim process. The mandatory details for life insurance claim intimation are the policy number, date of death, name of the insured, place of death, cause of death, and name of the nominee. The claim intimation form can be easily obtained either online from the insurance company's website or offline – from the nearest branch of the insurance company.

Step 2: Documents required

The insurance company may ask the nominee to provide the following documents to support their claim intimation:

Death certificate
Original Policy document
Statement from the medical practitioners who have attended to the deceased (including the usual family doctor)
Certificate from all the hospitals where the deceased was ever hospitalized
Employer Certificate completed by the deceased's employer
Any other documents (the complete list of the required documents can be requested from the insurance company)

Step Three: Claim Settlement

According to Regulation 8 of the IRDAI (Policy holder's Interest) Regulations, 2002, the insurance company must settle a life insurance claim within 30 days of receiving all necessary documents, including any additional ones sought by the insurer. In case the life insurance claim requires further investigation, the insurance company must complete its procedures within six months of getting the claim intimation in writing.

Learn about - Claim Settlement Process

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Process for Maturity and Survival Claims

Upon surviving the life insurance policy tenure, the insurance company pays a specific amount of money as maturity benefit to the policyholder. The maturity payment received consists of a sum assured plus any additional incentives.

Before the expiration of the policy tenure, the insurance company informs the policyholder in advance. The policyholder receives a bank discharge form for filling details in it. Subsequently, the form must be filled and returned to the insurance company, along with ID proof, the original policy document, a canceled cheque, and a copy of the bank passbook.

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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