Document Needed for Claim Settlement? | PNB MetLife

When choosing a life insurance policy, one of the factors to consider is the Claim Settlement Ratio (CSR) of your insurance provider. The CSR measures the percentage of claims that your insurer has settled out of the total number of claims received in a year.

A high CSR indicates that your insurer has a greater ability to settle claims efficiently and demonstrates proficiency in handling and processing claims. When buying a life insurance policy, it is crucial to identify the procedure and documentation involved in the insurance claim so that your nominee can follow the correct documentation process in your absence.     

How to Calculate the CSR?

To calculate the CSR, divide the number of claims settled by your insurer by the total number of claims received. Multiply the result by 100 to obtain the CSR.

No. of Claims Settled divided (÷) by Total No. of Claims Received (×) 100 = CSR

For example, if your insurer settles 8,000 claims out of 10,000, the CSR would be calculated as follows: (8,000/10,000) × 100 = 80% CSR.

Documents Required for Insurance Claim

These are the life insurance claim documents required if you want to file a claim with PNB MetLife:

• Duly filled and signed Claim Form
• A copy of a valid death certificate issued by a local authority
• Certificate from the family physician/treating doctor, preferably in the standardised PNB MetLife format
• Identity and Address proof of the nominee
• Pan Card/Form 60 of the nominee
• Cancelled cheque/Copy of bank passbook
• Additional documents are required in case of Natural Death/Death due to Illness
• Legal heir/Succession certificate in case of death of the actual nominee
• Additional documents may be required in case of unnatural Death/Death due to Illness/Accidental death

What are the Steps in the Claim Settlement Process?

The claims settlement comprises a few essential steps that need to be followed for an effective claim intimation and claim settlement:

• Report the Claim

  The process begins when the claim is reported to the insurance company. Claims can be reported through various channels, such as online, over the phone, or by visiting the insurance company's office.

• Submitting the Documents
  

  The claimant is required to provide the insurance company with the necessary documents to support and validate the claim. You can know about the specific documents required by reaching out to your insurer.

• Assessment of Claim
  

  Once the documents are submitted, your insurer will assess the same for its validity. This step is crucial in establishing the relationship between the claimant and the policyholder to avoid a case of fraud.

• Claim Decision
  

  Based on the assessment, your insurer will either accept or reject the claim. The claim may be rejected if the information provided is inaccurate or the beneficiary is not as stated by the policyholder.

• Claim Settlement
  

  Once the claimant is informed of the proposed settlement amount, your insurer will process the payment for the beneficiary. The same will be disbursed through a bank transfer.

How to File a Claim with PNB MetLife?

When purchasing a policy, ensure that your family members/beneficiaries or nominees know how to claim your life insurance. Be sure to inform them about the process so they can easily reach out to PNB MetLife for claim intimation, and we will settle their claim as soon as possible.

Below are 4 ways you can file a claim with us:

• File a claim online:
  

  File a new claim with us or track your existing claim on our official website.

• Write to us:
  

  Download and submit the claims form via email: claimshelpdesk@pnbmetlife.com

• Send us a letter:
  

  Locate your nearest PNB MetLife branch and file a claim with us via post.

• KhUshi App:
  

  Download the KhUshi app on Android or iOS and file a claim on the self-service mobile app.

Different types of insurance plans may require a different set of documents. For instance, the documents required for a health insurance claim will differ from those needed for a death claim. Always ensure that you know what documents are necessary for different types of claims.

Conclusion

For a seamless death claim pay out, ensure that the death intimation is done at the earliest along with all the required documents.