The Money9 Helpline is an endeavour to help people navigate through financial distress and our purpose is to solve your financial challenges in these uncertain times.
The helpline hosted Prathiba Girish, founder of Finwise and a certified financial planner. She shared her valuable insights to address the financial queries of our callers from across India.
She answered the specific questions put up by the Money9 helpline callers on how to claim insurance policies of someone deceased due to covid-19.
Rachna Parikh, Gujarat: I lost my husband due to covid-19. I am not aware of the insurance policies he had invested in. He used to pay LIC premium online and used two credit cards. How can I check which insurance policies he had bought, are there any documents?
Pratibha: You should check your late husband’s bank accounts, thoroughly see the 12-month account statements. This will help you to find to which company he had paid the premium. Then intimate LIC and the private company of your husband’s death. The process to claim insurance is simple and the financial planners can help you in the process free of cost. To claim, you will require a death certificate and basic documentation. You should also check if your husband has applied for Pradhan Mantri Jivan Bima Yojana from the bank account statement. Credit cards also have an option to wave off outstanding fees. If a private employee, then the person is also eligible for Employees Deposit Link Insurance Scheme.
Dipti Banerjee, West Bengal: I lost my husband two months ago due to Covid-19. He had invested in two life insurance policies, one with LIC and the other with a private insurance provider. Please guide me on the procedure to claim the benefits of both policies.
Pratibha: You will have to intimate the company of death of your husband. Then you can claim the insurance. The settlement process is fast. If your husband worked in a private company, then check if he is eligible for the EDLI. You should also check with the Credit card companies as they tend to wave off outstanding in such a scenario. With the help of documents like PAN card and KYC you can find the details of the insurance policy your husband has invested in.
Soumya Sarkar: My divorce proceedings were under process, but unfortunately my wife died last week. Am I eligible to claim benefits of her insurance policy?
Pratibha: If your wife has made a will, then everything will be applicable as per what she has mentioned in the will. If she has assigned you as a custodian of the insurance policy, then you will be given your share. But if she has not, then you are not eligible. In case she has not written a will, and you are already a nominee of that policy then you are eligible to claim benefits.
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