Important insurance documents your family should be made aware of

Dec 04, 2017 | 1 year ago | Read Time: 2 minutes | By iKnowledge Team

Imagine a situation when your already grieving family cannot make an insurance claim upon your death because they do not have accurate details of your policy. This defeats the whole purpose of investing in a life insurance policy. The main purpose of buying life insurance is to secure your family’s future finances while you are not around. In your absence, the beneficiary or nominee of your policy can claim your death benefit. But in order to do this, they need to have all the details regarding your policy.

In order to avoid such a situation, the best approach is to keep your family well-informed. Your nominee should be aware of the following:

• The kind of policy or policies you have invested in

• The name and details of the insurance provider

• Your (insured person’s) name as on the policy

• Name of the primary beneficiary

• Name of the contingent beneficiary (the person who gets the death benefit of your policy in case the primary beneficiary is no longer alive)

• Login and password information, if you’ve purchased online insurance

• The details of your agent, if you’ve purchased insurance through an offline medium

Along with this information, insurance companies have also made it mandatory for nominees to provide certain documents during the insurance claim process. To apply for the claim, the nominee should begin by filling a claims form.

For your loved ones to have a hassle-free claim process, they also need to be aware of the required documents. Here is a list of documents they need to keep ready before claiming insurance.

A. For a natural death

1. Death certificate from your municipal authority

2. Original policy documents

3. Age proof of insured

4. Nominee’s ID proof

5. Discharge forms with nominee’s signature

6. Medical certificates stating cause of death

B. An early death will need all of the above documents along with:

1. Hospital statements regarding insured’s illness, treatment, as well as admission details

2. Attendant physician statement

3. Insured’s employer certificate

4. Insured’s cremation certificate

C. An unnatural death will need all the documents mentioned in section A and B, along with:

1. Police First Information Report (FIR)

2. Post mortem report

Apart from furbishing your insurance provider with the above mentioned documents, your beneficiary also needs to do the following two things:

1. Inform the insurance company about the demise. A hard copy of the details regarding the demise needs to be submitted to your insurance provider as this acts as the primary proof for an insurance claim.

2. Apply for the claim as soon as possible after the demise. Although the family may not be in a position to do so as they would still be grieving, doing this at the earliest speeds up the entire claim process.

We often invest in a policy and then forget about it. So, the next time you buy a life insurance policy, make sure you inform your family about it. If you want your family to enjoy a financially secure life when you are not around, having an open discussion with them regarding your life insurance policy and other related details is the right thing to do.


Calculate premium for your Term Plan

  • Y N
    • Annual Income
    • Sum Assured
    • Select Cover Upto Age
    • Name
    • Mobile
    • Email ID
Your Annual Premium for Aegon Life iTerm Insurance Plan

RELATED ARTICLES