The claim can be filed in a simple and hassle-free process. Mentioned are the steps for claim process:
1. Claim Registration:
The nominee of the insured needs to intimate the claim to the insurance company by filling a claim form completely. Necessary documents needs to be attached along with the claim form. They are mentioned below:
- Terminal illness claim form
- Critical illness claim form
- Accidental disability form
- Natural/Accidental death form
The nominee needs to ensure that the form is filled based on the type of claim and submitted to the Kotal Life Insurance office along with the other documents.
The insurance company registers the claim and provides an acknowledgement to the claimant with a set of other claims documents for further processing of the term claim.
2. Documents submission:
The nominee can either visit the Kotak Life Insurance head office or any of its branch to register a term insurance claim. The below documents would be required
- Duly filled claims intimation form
- Intimation letter
- Original Death certificate issued by the Municipality or equivalent authority
- KYC of the nominee
- Bank details of the nominee
- Medical certificate mentioning the cause of death
- Medical records
- Original Policy bond
- Settlement option form
The Kotak Life Insurance claims office address is mentioned below:
Kotak Mahindra Old Mutual Life Insurance Company Limited,
Kotak Infiniti, Building no. 21, 7th floor – Zone 2, Infiniti Park,
Off Western Express Highway, General A K Vaidya Marg, Malad East, Mumbai- 400097
3. Claim scrutiny and decision:
The insurance company communicates the claimant the other requirement. A dedicated claims team follows up and help the claimants. This team further understands the genuineness of the claims, scrutinizes the claim and further takes a decision for claim payments.
4. Fund value payment:
After scrutinizing the claim, the fund value of the plan is paid to the nominee of the policy. This process happens only during death claim.
5. Settlement payout:
The insurance company would verify the documents once received. In case of any more documentation, the verification process would be complete after receiving the same. The clauses and riders if any would also be examined. If all the documents are found right as per the requirement, then the funds would be released in the nominee’s favor.
The payment is done via NEFT (National Electronic Fund Transfer) to the nominee. The insurance company ensures complete transparency to reduce any possible frauds and financial discrepancy.
Note: Usually the claim gets settled within 30 days of the document submission.
