Things to know while filing for a Life Insurance Claim By Athulya - October 26, 2018 Last Updated at: Jun 24, 2020 1221 Due to the extraordinary situation created by the coronavirus pandemic and the nationwide lockdown, the Life Insurance Corporation of India (LIC) has provided certain relaxations to the policyholders. They can now send scanned copies of their policies, discharge forms etc to their servicing branch via email to settle their claims. These documents can be sent via email till June 30, 2020. What is a Life Insurance Claim? Life Insurance is generally a protection tool, whereby if something happens to the insured, the family should not undergo financial uncertainty. Thus, Life Insurance is done by a person, so that in emergency situations where the earning of the insured stops, the monetary condition can be taken care by the insurance company by the means of the coverage amount. The price paid by a person for the insurance coverage is known as the Insurance Premium. Kinds of Life Insurance Claims: When it is the time for the Insurance Company to pay money to the policyholder, then it is known as Insurance Claim. There are three types of Insurance claims, namely Death Claim, Maturity Claim and Survival Claim. Get FREE legal advice now Death Claim: When the policyholder dies, the money which needs to be paid to his/her family is known as the Death Claim. Conditional to the kind of Insurance cover and the policy that has been taken, the Insurance Coverage will differ. Nevertheless, there is always a minimum sum of the amount guaranteed that is definitely paid to his/her nominee on death of the life insured. Intimation of death is necessary in such a case. Death claim is one of the insurance claims which is very hard to get settled as it involves a lot of rules and regulations that the Insurance Company follows related to documentation, proper information etc. According to the Section 45 of Insurance Act 1938, if the death occurs within 2 years of the policy commencement, then appropriate investigation is done before the death claim is cleared so as to check if the facts stated in the application form at the time of policy taking had been true or there has been a non-disclosure or twisting of material facts. If the facts stated during the time of the policy taking are found untrue, then the claim can also be disclaimed and the nominee would be denied of any policy money. Maturity Claim: When the insurance policy matures, then the insured person gets the maturity claim paid. It is generally a simple process, where the life insured is essential to apply for the same through the duly filled up policy-discharge form and then the maturity claim is claimed directly in the bank account of the insured. Maturity claim is considered to be one of the easiest forms of the insurance claim as the insurer proactively sends out the policy discharge form in advance time to accelerate this claim procedure. Survival Claim: When the money is pending to the policyholder before the policy matures, on condition that he/she is alive, then it is called the Survival Claim. It is generally cleared in the same way as maturity claim is cleared. This kind of claim arises in the policies like Money Back Plans where the money comes back to the policyholder at consistent intervals of 5 to 10 years. When the Life Insurance Policy is taken, it is generally done as a protection tool for the financial strength of the family. Thus, it becomes very helpful in case of the death of the life insured, where the money is a prerequisite by the family to run on the daily expenses. Maturity Claims and Survival Claims are predicted money and the expenses can be planned well in advance as their time is already known. Death Claim amount cannot be predicted as the time of the death of a policyholder is unpredictable. So, in general people are majorly worried in the death claims, as the individual who is insured is not around and his/her nominee might not be well aware of the claim procedures, thus making the whole process even more lengthy and burdensome. Hence, each and every person should be aware of the policy information and the claim procedure so that in case of any kind of emergency, it does not seem to be too much of a pain to get the work done!