How does the life insurance companies deal with the claim of life assured if the life assured dies after the date of maturity of the policy but before receiving the maturity proceeds?
If the insured dies after maturity date but before receiving the proceeds, the claim is treated as a maturity claim
How does the life insurance companies deal with the claim of life assured if the life assured dies after the date of maturity of the policy but before receiving the maturity proceeds?
Naveen Sarin, Gurgaon
In case the life assured dies after the date of maturity of the policy but before receiving the maturity proceeds, the claim is treated as a maturity claim and is processed accordingly. The proceeds in such an event are payable to the legal heirs of the deceased. Therefore, in addition to the policy bond and the usual documents, the insurers will also require a death certificate of the life assured and the evidence of title to the policy proceeds of the claimant.