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Bangalore, the capital city of Karnataka is known as the Silicon Valley of India’. Many global IT brands are based in the city making it the IT hub of the country. Bangalore is also called the ‘Garden City of India’ due to lush greenery everywhere in the city. Being one of the fastest-growing metropolises in the country, Bangalore is the third most populated city in India. The city is also home to many start-ups which have flourished in recent times.
The vibrant culture of Bangalore has enabled people from various parts of India and abroad to come and make the city their home. This has seen a rise in the levels of pollution in the city apart from the rising cost of living, resulting in various health concerns. The people of the city have thus realized the importance of a good life insurance cover to help them tide over the rising costs and increasing health issues.
Being a large metropolitan city, almost all insurance providers in India offer their policies in the city. Reliance Life Insurance, LIC, Exide Insurance, SBI Life, ICICI Prudential Life Insurance, Bajaj Allianz Life Insurance, Max Life Insurance are a few of the prominent insurance providers in Bangalore. With life insurance such a high priority, these insurance providers now bring various life insurance plans to suit the varying needs of the individual policyholder in the city.
Additional Reading: How to apply for a Life Insurance Policy?
Bangalore is a metropolitan city with life moving at a fast pace. The people of Bangalore thus lead a hectic lifestyle. This has resulted in rising health challenges for its residents. The ongoing Covid-19 pandemic has also brought about various problems with respect to public health and finances. So, with all these issues it has become more important for the people of the city to go in for a comprehensive life insurance cover to safeguard their family members in the event of their untimely demise.
Having a life insurance policy would give them and their family the needed financial coverage to tide over any financial constraints and also realize their long term goals. By paying a stipulated premium on the life insurance policy on a regular basis or as a single premium, the policyholder can avail of various benefits.
Additional Reading: What is the importance of Life Insurance?
On the death of the policyholder, the nominated beneficiary at most times is not aware of the procedure to file a death claim. Apart from them already going through emotional turmoil, this confusion leads to added frustration. This is why they should be aware of the procedure to file claims, which are mentioned below. Most insurance providers follow similar steps.
Step 1 – Inform the Insurance Company
The first step with regard to the claim settlement process is to inform the insurance provider about the claim having been raised. The nominated beneficiary should immediately inform the insurance provider about the death of the policyholder. This can be done by either calling the insurer’s helpline number or sending an email to the designated email ID for the purpose of filing claims
Step 2 - Claim Processing
Once the insurance company has been duly informed about the death of the policyholder, then the nominated beneficiary should submit the claim supporting documents. The documents as requested by the insurer in support of the death claim should be furnished. This is especially required if the death occurred due to natural or accidental circumstances. On receipt of the requested documents, the Claim Assistance team will start assessing the and supporting documents, the nominee’s declaration and verify the same. If required, they may request additional documents to support the claim.
Step 3 – Claim Processing & Pay-out
Once the Claims Assistance team has assessed the claim and documents, they will either approve or deny the claim. If the claim gets approved, then the insurance company will complete the process to settle the claim, indicating the sum insured will be paid to the nominated beneficiary via the mode selected by the policyholder in the policy. Life insurance claim pay-outs are normally conducted via ECS. The nominated beneficiary would need to submit their bank account details, a copy of their bank passbook, and a cancelled cheque to get the sum assured.
Consider Additional Reading: Procedure for Filing a Death Claim
Bangalore is one of the most happening cities in India. As such, the people of the city are leading a hectic style and are prone to stress and other health issues. This has necessitated them to have a good life insurance plan in place to help them and their family members have financial security during any adversity.
1. How to file claims on the maturity of a life insurance plan?
The policyholder has to fill up a form known as the policy discharge form and the maturity amount is paid out thereafter. The money is normally paid out before the maturity period once the form is filled and submitted before the date of maturity. The insurance company normally sends a claim form to the policyholder well in advance of the maturity date of the policy. Maturity claim is tax-free as per the current income tax law prevailing in the country.
2. What is a life insurance rider?
Life insurance ride refers to an added benefit that is derived from the original life insurance plan purchased. They provide more benefits by upgrading your current insurance policy.
3. Can I increase the sum assured during the policy tenure?
Yes, one can increase the sum assured during the tenure of the life insurance policy. The policyholder has to submit a letter requesting the same along with a copy of the application, premium amount, related medical and other requirements.
4. How can I change my address on my life insurance policy?
The policyholder has to send a request for a change of address to the concerned branch office by filling the particulars in the policy service request form and giving proof of a change of address.
5. Can I have more than one life insurance policy?
Yes, a policyholder can hold multiple life insurance policies at one time. They have to only ensure regular payment of premium to avoid cancellation of any policy.
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