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What is the process for intimating a claim in Acko Life

TeamAckoJun 21, 2024

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Claims FAQ’s 

What is a Life Insurance Claim?

A Life insurance claim is a formal request made by the beneficiaries of the policy holder to the insurance provider to provide them with the money or benefits promised in the policy after the insured person has passed away.

A claim can be intimated by providing written information to us through-

By sending written information at:

Acko Life Insurance Operations Centre-–
Claims Department,
#36/5, Hustlehub One East, Somasandrapalya, 

27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102

Why is it essential to submit all the records / documents as required by the company?

All claims are examined and settled by the company on the basis of information present in documents submitted by you in connection with the claim. It is advisable to provide complete information to us for faster and smoother claims processing.

What is the time frame within which the claim has to be reported to the company?

It is advisable to intimate the claim at the earliest after death has happened. 

How will I know that a claim is registered?

Acko Life will send an acknowledgement letter within 15 days of receiving the documents.

In case there are any further requirements the same will be intimated via this letter, e-mail on your registered address and SMS on your registered mobile number.

What is the time frame within which claims are settled?

As per regulations, all valid claims are to be settled within 30 days after all necessary documents /clarifications have been received. In case, the claim warrants further verification, it may take upto 120 days to settle the claim. Subsequently, when a decision is taken, it is communicated to the claimant. 

What if my claim is not settled within regulatory timeframe?

As per Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests) Regulations, 2017 , if a claim is not decisioned within the defined regulatory timeframe, upon claim settlement, the Insurance Company is liable to pay penal interest on the claim amount from the time the last required document was received till the date on which the claim was processed. Penal interest will 2% above bank rate at the beginning of the financial year in which claim is being paid.

Which account proofs can be submitted?

For Death claim, Original cancelled personalized cheque or original bank statement with pre-printed Account Number, IFSC code and Beneficiary’s name.

NEFT payments would be made only in Indian Saving Bank Accounts or NRO Accounts.

Cheque would be issued if payment has to be deposited in NRE Account.

What needs to be done if the Policy documents are not available with the Nominee?

An Indemnity Bond should be submitted in lieu of Policy document which is lost. The indemnity needs to be executed on the stamp paper and duly notarized. The value of the stamp paper would be as applicable in the state.

What is the procedure when there is no nomination or in case of nominee’s death?

In such circumstances, we would require the proof of title like Registered Will or Succession certificate issued by the competent court along with death certificate of Nominee. The succession certificate should specifically provide orders for disbursement of policy money.  if the successor is minor, then Guardianship Certificate. If, however, the deceased has left a Registered Will, a probate of the Registered Will is required along with the copy of the Registered Will.

We request you to submit the following documents to register a death claim:

Mandatory documents required

  • Original policy documents

  • Original/attested copy of death certificate issued by local municipal authority

  • Death claim application form 

  • Personalised cancelled cheque or bank account passbook

  • Nominee's photo identity proof such as copy of Passport, PAN card, Voter identity card, Aadhar (UID) card, etc.

Additional documents required on basis of cause of death

  • Medical/Natural death:

    • Attending physician's statement 

    • Medical records (admission notes, discharge/death summary, test reports, etc.)

  • Accidental/Unnatural death:

    • Copy of the First Information Report (FIR) or Panchanama/Police complaint

    • Copy of Post Mortem report (PMR)/Autopsy and Viscera report

    • Copy of the Final Police Investigation report (FPIR)/Charge sheet

Who is entitled to receive the policy money?

The beneficiary or the nominee / assignee/appointee (in case of a minor) is entitled to receive the policy money as stated by the life assured in the proposal form.

When does the company decline a claim?

A claim is declined on the non-disclosure of any material information made at proposal/reinstatement stage, which affects the issuance/reinstatement of policy/rider. Also, non-fulfillment of contract terms and conditions may also lead to claim being declined.

What is the Grievance mechanism available, if Im not satisfied with the claims decision?

In case you are dissatisfied with our service, we have in place an internal mechanism to ensure effective and timely resolution of your complaints. 

If you are still not satisfied with the response provided by the Claims Review Committee, you could also approach the Insurance Ombudsman in your region

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