'Death Claim in Life Insurance' (120 Words)

In the event of the death of the life assured, the claimant (the nominee, assignee or next of kin) should immediately intimate the fact of such death to the Branch Office of Insurance Company where the policy is serviced to help the Company to consider the claim promptly.

The claim is usually payable to the nominee/ assignee or the legal successor, as the case may be. However, if the deceased policyholder has not nominated/ assigned the policy or if he/ she has not made the will regarding the policy moneys, the claim is payable to the holder of a Succession Certificate or some such evidence of title from a Court of Law. If the life assured dies during the term of the policy, death claim arises.