Question

Describe the procedure for settling claims under life insurance.

Answer 1

1. On Maturity: On the date of maturity of the policy, the policy holder is required to execute a discharge voucher. Once the completed discharge voucher is submitted to the office of the LIC, payment is made to the insured.
2. On the Death of the Insured: If the policyholder dies before the maturity of the policy, the nominee specified in the policy immediately informs the concerned office of the LIC about the death. He is required to give the following details:
   1. Policy number
   2. Name of the person insured
   3. Date of death
   4. Cause of death
   5. Claimants' relationship with the person insured.
3. On receipt of the above information, the LIC sends the necessary claim forms. The claimant fills in the forms as per the instructions. He submits the completed forms to the LIC. After completion of all these formalities, payment is made to the nominee of the insured person.