Posted by: Arihant Expert

Re: death claim of a ULIP policy

In case of a death claim, the claimant is required to report the death of the insured person to the Insurance Company either directly or through the insurance agent. Since your agent is not there, you will have to do it directly. In addition, you will be required to submit the following documents: 1) Death certificate of the Insured issued by the local health and medical authority, 2) Claim forms duly signed and completed, 3) Policy of life assurance, 4) A medical evidence in case of health and disability rider claims, 5) Other forms or documents as required by the company....... As per the insurance regulator’s directive, the claim has to be settled within 30 days from the date of receipt of the claim. Once the insurance company receives all the documents, it conducts a survey. Upon survey completion if the insurer is satisfied with a claim, it pays the settlement. However, in case the claim warrants an investigation, then the insurance company has to complete the investigation not later than six months from the time of lodging the claim.