FAQs related to Claims
What is a claim?
A death benefit is a payout to the nominee/beneficiary of a life insurance policy, annuity or pension when the insured or annuitant dies.
To whom is my death claim amount paid?
The death claim is paid to the nominee, as declared by the policyholder in the proposal form. It can be paid to the legal heirs; in case you have not specified the nominee.
What are the documents required for making a claim?
Documents required for making a death claim are:
- Filled-up claim forms
- Certificate of death
- Original Policy document
- Deeds of assignments/ re-assignments (if any)
- Legal evidence of title, if the policy is not assigned or nominated
- Form of discharge executed and witnessed (Since the inception of NEFT payments
- Discharge form requirement has been stopped) and Complete Bank Details of the Beneficiary
- Other documents such as hospital certificate, FIR report, post-mortem report etc could be called for, as applicable.
What is the average time taken to settle a Claim?
If your documents are complete and we need no further documentation, we settle your death claim within 30 working days. In case the claim requires further investigation, the same will be completed by us within a reasonable time.
How to intimate a claim?
You can intimate a claim through below mentioned options:
Call us at 040-23009400 Ext 664 (Monday to Friday 09:00 am to 05:00 pm)
Visit your nearest Shriram Life Insurance branch
E-mail us at firstname.lastname@example.org
Who can intimate a claim?
When a life assured dies, a claim intimation should be sent to our company as early as possible. The assignee or nominee under the policy can intimate the death claim.
In case of more than one nominee, what are the documents we need to submit?
In case of more than one nominee, KYC documents of all nominees along with death claim required documents need to be submitted at the time of claim.
How to make a claim if original policy bond was lost?
The original Policy Document is mandatory for processing any claim however, if the same is lost or misplaced we may require indemnity bond or alternate document / s and the claim is processed further.
If death is due to terror attack/war/natural calamities, will the claim be settled?
Yes. Death due to terrorist attack / war / natural calamities is covered under basic benefit in life insurance policy (unless specifically excluded in Policy Contract) and the claim is settled if all the documentation is in order and all the conditions are fulfilled
To whom can the beneficiary refer the case if he/she is not satisfied with the service provided by SLIC at claims stage or with the amount of benefit paid?
The nominee/ beneficiary has to first approach the ICRC (Internal Claims Review Committee) of SLIC, in case of a claim dispute. In case the nominee is not satisfied by the response, the nominee/ beneficiary may write to the Grievance Redressal Cell of IRDAI. The issue will then be taken up with the concerned Insurance Company.
If the complainant is looking for a judicial decision in respect of claims, he or she may approach the Insurance Ombudsman. For more information on the Insurance Ombudsman, please refer your Policy Document.
Who is eligible to receive claim benefit in the absence of nomination/ unfortunate demise of the nominee?
In such case, the proof of title/succession certificate issued by a competent court will have to be submitted by the claimant. The claim would then be paid to the person specified in the said proof. Such a condition is called ‘Open Title’ situation.
What if the nominee passes away during policy term?
If nominee passes away during the policy term, then life assured should nominate some other person in place of deceased nominee under Section 39 of Insurance Act.
What are the reasons for the rejection of the claims?
Below are some of the reasons for claims rejection:
- Lapsation status of policy on the date of incidence of claim
- Non-coverage of a particular event/loss as per policy conditions
- Loss not qualifying under the definition of loss either marginally or totally as per coverage definition
- Losses mentioned under exclusions