A Life insurance claim is a formal request made by the beneficiaries of the policy holder to the insurance provider to provide them with the money or benefits promised in the policy after the insured person has passed away.
There are mainly 2 types of group life insurance claims:
Life insurance (death) claim: If the person insured by the policy (Life Assured) passes away during the term of the policy, the person mentioned as the nominee in the policy will need to file a life insurance claim to receive sum assured/death benefit.
Rider claim: These are additional benefits, added to the original life insurance policy on payment of extra premium. There are different types of riders attached to a life insurance plan,
Accidental death rider: This is paid along with the life insurance benefit; in case the person passes away due to an accident.
Critical illness rider/ Permanent disability rider: For any of these riders the policy holder can file a claim if he/she is diagnosed with any of the conditions listed in the policy document.
Terminal Illness: If this option is chosen by the member, then, the benefit is payable on diagnosis of Terminal Illness of the member with any of the conditions listed as Terminal Illness in the policy document, while the member’s cover is in-force. Terminal Illness benefit is equal to death benefit.
To know more about the policy benefits, please refer to your policy document. To download policy document, click here