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One
of the most important aspect of Insurance is Claim Settlement.
Efficient
Claims Management is our USP. |
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Claims are of two types : |
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Maturity Claims post policy maturity date |
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Benefit Claims on the happening of a certain event such as diagnosis
of Critical Illness, Accidental Death, Permanent disability due to
accident, Death post illness or Natural Death. |
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The process of settlement of claims varies based on the type of claim
and differs from insurer to insurer, |
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In the event of maturity claims, insurers normally send the requisite
claimant forms to be filled to the life assured a few days prior to
maturity. These along with the original policy document need to be
submitted to the insurer to receive the maturity proceeds. |
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In the case of benefit claims, the documentation is generally more
comprehensive depending on the event. The commonly asked for documents
(in prescribed formats by the insurer) are:
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Original Policy Document
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Claimant Statement giving beneficiary’s details & id proof, cause of
death, etc.
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FIR, Police Inquest Report, Panch-nama in case of Accidental Death
or Permanent Disability
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Employer’s Certificate
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Medical/ Hospital/ Doctor Certificates, reports, etc. for critical
illness, accidental death, permanent disability, death post illness
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Death Certificate for death claim
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Claim Discharge Form
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Claim Settlement Form
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Any other document that the insurer may require
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At the time a benefit claim, the life insured or the claimant needs to
inform the respective insurer and submit the requisite documents for
claim processing. |
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Timeframe for claim settlement post completion of all documentation
formalities varies from insurer to insurer and depends on the complexity
of the case.
Claim settlements are handled directly by the insurer. However, in case
of any difficulty in claim processing, Robinhood would try to facilitate
the process. |
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