Four Step Guide to File a Claim for Missing Person
Life is uncertain, and with events such as vanishing of airplanes, terrorist attacks, natural disasters, and many more, the average life expectancy of a person seems to have dropped significantly.
Risk associated with life continues to increase at an alarming scale. You definitely have to take procedures to mitigate it. You can always look out for security measures and make your life safe, and to averse the financial risk associated with it, there is always a life insurance plan.
Financial reimbursement by any insurer is provided only after a life insurance claim is filled in the office. For that, you are required to submit a death certificate, but what if the insured person goes missing? Here are four steps on how to file a claim for a missing person.
1> Presuming the person is dead:
Presumption of death means declaring that the missing person is dead. In normal cases, a death certificate is submitted. However, in this case, according to the Indian Evidence Act, you need to wait for 7 years before filing a claim. Court procedure is required in presumption of death.
2> Filing of Claim
Only after 7 years of being reported missing, life insurance claim process can be initiated. During these seven years, if the policy gets lapsed, then you are not eligible for filing a claim. Thus, it is necessary to pay the premium till the claim is filed.
3> Know the Exceptions
There are two exceptions in filing a claim, they include:
If there is clear proof that the missing person passed away, then the claim can be filed readily.
In case the missing person has been reported dead in a terrorist activity or natural disaster, then no proof is required.
4> Signing of Indemnity Bond
In case the insured person returns after the claim is filed, then you will have to return the claim under the indemnity bond.