How to file a claim for endowment insurance:

Endowment insurance is a way by which the insurer provides financial help to the insured at times of loss of finances or person. Insurance can be of two types Life Insurance and Non-life Insurance.

Non-life insurance is paid back by the insurer when the insured faces a loss out of theft, fire, etc while Life insurance is paid back at the death of a person or even at times at the end of the term period.

Endowment plan plays a dual role of insurance and investment plan. It offers wider options to the consumers. In this plan the insurance company uses a part of the premium amount paid by the insured in investing further.

In such case along with the sum assumed the insured also reaps the benefits in the form of bonus or participating amount. This type of plan is very beneficial because incase the insured is survived at the end of the term then the amount is given to him else his nominees or beneficiaries get the sum assured plus the other guaranteed amounts. So in either case the invested amount is not lost.

The process of filing a claim for such insurance is stated below:

The endowment insurance company sends a discharge or voucher or claim form one month prior to the date of maturity of the policy. On maturity, the insured just have to give back the policy document and the signed discharge form.

Other than the above some companies may have their own claim procedures but this process at first is universal. Later the proceeds of the policy are sent to the insured by the insurer after they receive the relevant documents from the insured.

Thus, it’s always better to invest those extra dollars in an endowment plan so as to be on the safe side when you grow old or to make the future of your beneficiaries safe. The best point of an Endowment plan is that the amount can be claimed even on its maturity if not otherwise.