Savings Plan: Claim process

A claim is the moment of truth for any policy. Knowing the process in advance makes it far less stressful.

1. Maturity claim. Submit discharge form and ID before the maturity date; the insurer usually sends reminders.
2. Survival benefit. Money-back payouts are usually credited automatically on the due date.
3. Death claim. Nominee submits claim form, death certificate and ID proofs.
4. Surrender or partial withdrawal. Request in writing; the insurer shows the surrender value.
5. Loan request. Apply with policy details; interest rates are set by the insurer.
6. Grievances. Escalate to the insurer’s grievance officer and then the Insurance Ombudsman.