1. Settlement of Claims :
The policy amount becomes payable either on the assureds’ death during the term of insurance or on his surviving till the end of the term, i.e., on maturity. In case of death claims proof of death, proof of title and age proof are essential. In case of maturity proof of title and age proof are required.
The age proof is required only when the age was not admitted before to the claims. In maturity claim, the policyholder is generally advised well before the actual date of maturity in order that the necessary papers may be completed.
The proof of death may be certificate from the doctor who attended the deceased in his last illness, or certificate of Registration of the Death by the Official Registrar of Deaths, or Certificate from employer identifying the deceased or if the deceased was not in service a certificate of identity from a responsible person acquainted with the deceased.
ADVERTISEMENTS:
In case of assignment and nomination, or assured having the policy right, no proof of title is required. In other cases, proof of title is essential; the probate of Will or succession certificate or Administration General’s Certificate may be used as a proof of title.
2. Settlement Options :
The claim amount may be paid in cash or in installment. The installment payment may be of different types payment of interest annually for a particular period or up to survived and the sum assured at a time may be paid. Annuity may be purchased for life or for a particular period and life thereafter.