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A life insurance policy is considered as an essential part of long-term financial planning. If the insured person dies during the policy term, his or her nominee or legal heirs can file a death insurance claim to the life insurance company. As per the IRDAI rules, the insurer is required to settle a claim within 30 days of receipt of all documents. Needless to say, the company can settle the claim even earlier. But initiating the death claim with the country’s biggest insurer LIC, you 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.