Being a dual product, a Unit Linked Insurance Plan (ULIP) is an amalgamation of investment and insurance under one roof. Due to its two-fold functionality, a ULIP Plan offers maturity benefits as well as the death benefits to the policyholder. In the absence of the policyholder, the benefits are granted to the nominee in order to live a stress-free life. To make use of these advantages offered by insurance companies on ULIP investment, it is mandatory to first make claims.
So if you’re wondering how to make a ULIP claim, keep reading to find out more. Take a look:
What is a ULIP Claim?
Since ULIPs offer its policyholder with dual benefits, one can safely say that a ULIP investment promises the best of both worlds. When you invest in this policy, you receive ULIP returns on the survival of the ULIP Policy. In case of an unfortunate event like the death of the policyholder, the benefits are further extended to the nominee as mentioned by the policyholder.
In order to claim the death benefits, the nominee has to compulsorily file for a claim. For that, he has to be completely aware of the exclusions as well as the procedure of filing a claim. In case he goes wrong with it, the claim will be unnecessarily rejected. Therefore, go through the following exclusions mentioned below in order to prevent the rejection of the claim:
- Death in case of drinking and driving
- Suicide attempts
- Death by consumption of drugs
- Death due to indulging in life-threatening sports like racing, etc.
The process of claiming a ULIP insurance:
- Contact the insurance provider
At the time of the death of the policyholder, it is the responsibility of the nominee to immediately intimate the insurance company. The nominee must provide accurate details like the date, time, and the cause of death of the policyholder.
- Fill the details in the claim form
Once the insurance company has been contacted, they’ll ask you to fill in the claim form in order to get the process started. When you’re filing a claim form, do not make any errors or make something up which is irrelevant. Inaccuracy in filing the form leads to the rejection of the claim.
- Submit the important documents
After filing the form, submit it with the other important documents asked by the insurance company. Take a look at the following documents in order to make the final submission:
- A duly filled claim form
- Policy documents
- A medical certificate
- A photo and address proof of the claimant
- In case of accidental death, a post mortem report and FIR report
- In case of death due to sickness, a medical and death certificate from the hospital
- Tackle the settlement process
The Insurance Regulatory and Development Authority directs certain rules and regulation for providing claims to the insurance companies. Whether it is an investigation or the settlement of a claim, the insurance company should not take more than 180 days in order to approve the settlement process. Additionally, the insurance companies must electronically transfer the settlement amount to the nominee.
Now that you know how to make a claim on your ULIP, what are you waiting for? While we do understand that dealing with the loss of your loved ones is difficult, your security in such times should not be ignored. With the help of a ULIP investment, every policyholder can financially support his family even without his presence. The best way to make a claim without the fear of rejection is by taking professional help in doing so. Contact these experts immediately in case of any unfortunate occurrence in your family.