On receipt of intimation of death of the Life Assured the Branch Office calls for the following requirements:Ī) Claim form A – Claimant’s Statement giving details of the deceased and the claimant.Ĭ) Documentary proof of age, if age is not admittedĭ) Evidence of title to the deceased’s estate if the policy is not nominated, assigned or

The death claim amount is payable in case of policies where premiums are paid up-to-date or where the death occurs within the days of grace. However, in case of higher amounts these two requirements are insisted upon. 200000/- is also released without calling for policy bond or discharge form. Survival Benefit under Jeevan Anand policies up to Sum assured Rs. In these cases where amount payable is up to Rs.500,000/-,payments are released without calling for the Discharge Receipt or Policy Document. On receipt of these documents payment is processed in advance so that maturity amount gets credited to the policyholder’s bank A/C on the due date.Ģ) Some Plans like Money Back Policies provide for periodical payments to the policyholders provided premium due under the policies are paid up to the anniversary due for Survival Benefit. The policyholder is requested to return the Discharge Form duly completed along with the Policy Document, NEFT Mandate Form (Bank A/c Particulars with supporting proof), KYC requirements etc. The Branch Office which services the policy sends out a letter informing the date on which the policy monies are payable to the policyholder at least two months before the due date of payment.

The procedure for settlement of maturity and death claims is detailed below :ġ) In case of Endowment type of Policies, amount is payable at the end of the policy period. Hence, the Corporation has laid great emphasis on expeditious settlement of Maturity as well as Death Claims. The settlement of claims is a very important aspect of service to the policyholders.

Redeem code state of survival 2021