How to raise death claim from LIC

Nothing could be more unfortunate than losing your loved ones. If an insured person dies during the policy term, his or her nominee or legal heirs can file a death claim to the life insurance company. As per IRDAI rules, the insurer is required to settle a claim within 30 days of receipt of all documents. The company can settle the claim even earlier. But for initiating the death claim with the country’s biggest insurer LIC one must keep in mind a few points.

First, you need to approach the LIC’s home branch from where the policy was issued.

Required documents

On receipt of intimation of death of the insured person, the branch official will give the claimant’s statement form (form 3783, form 3801) and NEFT forms of the nominee’s bank account. The fund will be transferred to this account.

Along with the above-mentioned duly filled forms, the following documents have to be submitted:

— Original death certificate of the policyholder

— Original policy bond

— Nominee’s PAN card

— Nominee’s identity proof

— Identity proof of the deceased policyholder

— Signature of the policyholder’s insurance agent or the development officer on the death claim form.

More documents

Along with the duly filled forms and documents, the nominee will be required to give an intimation letter mentioning the date of death, place of death and cause of death of the policyholder.

The nominee is also required to submit a cancelled cheque leaf and copy of bank passbook containing printed details of name of the bank account holder, account number and IFS code.

LIC officials will verify all documents. After successful verification, they will initiate the process of the death claim. LIC can also ask for additional documents at the final stage.

Once the documents are submitted to the LIC branch, don’t forget to collect the acknowledgment receipt and do keep this safely. The nominee is likely to receive the settlement amount within one month. However, if there is no credit in your bank account within a month, then the nominee should visit the LIC branch with an acknowledgment slip to check the status of the same.