Settling death claims is one of the most important responsibilities an insurance company has to its policyholders and claimants. This service has assumed greater importance in the wake of COVID-19 for all life insurance companies. Life insurance companies have an obligation to decide and settle claims quickly.
While insurance companies offer various options for grieving life insurance applicants to file a death claim, especially at times like these when mobility itself is a constraint and A significant risk, insurance companies offer various digital options to facilitate claimant reporting. Typically, life insurance company websites offer the option to file death notices digitally and also have the death notice form which, if requested by the applicant, can be printed and completed. and mailed to the insurance company.
It can also be noted that life insurance is one of the “essential services” and that most life insurance companies have their branches open (depending on local conditions) to provide all kinds of services to policyholders, including insurance. recording of claims by claimants.
In order for an insurance company to quickly assess the death claim and promptly initiate the process, the claimant should communicate the death claim as early as possible with the required documents / information. The details required on the digital claim form must be completed accurately and contain basic information such as policy number, insured’s name, date of death, cause and location of death, and Name of requester. The claimant can complete the claim digitally through the company’s website, obtain the form from the nearest local branch of the insurance company, or through their insurance advisor / agent.
In addition to the claim form, the claimant must also provide the original policy document, death certificate, police FIR and post mortem report (in case of accidental death), doctor’s certification / records attending / hospital (in case of death due to illness), KYC and applicant’s bank details, and applicant’s statement. If the death occurred due to COVID-19, you must provide relevant proof confirming it as well as the documents mentioned.
Settlement of the complaint: In accordance with regulatory requirements, the insurer must settle a claim within 30 days of receipt of all documents, including clarifications requested by the insurer. If the claim requires further investigation, the insurer must complete its proceedings promptly, in any event no later than 90 days from the date of receipt of the notice of claim, and the claim must be settled within 30 days. days that follow.
Claims Services During COVID Times: All life insurance companies regularly monitor notices received, especially those whose cause of death is due to COVID, and ensure that these claims are assessed and decided promptly and, as a good governance practice, l The status of all COVID-related death claims is shared daily by life insurance companies with IRDAI as well.
To maintain customer safety, insurance companies under the leadership of IRDAI have communicated and posted on their website all digital options available at their fingertips to access their insurers and benefit from services, including claims .
In addition, if further clarification is required, applicants should contact the contact center / helpline of the insurance company; write an email to the customer service team or use any customer service point of contact offered by the insurance company.
(By S Mahesh, Executive Vice President and COO, Future Generali India Life Insurance Company Ltd)