Insurance payment under endowment life insurance contract is made in two cases: surviving until the end of the contract and after the client’s death.
“Usually, it is the policyholder who determines the beneficiaries at the stage of concluding an insurance contract. It is important to note, however, that this applies to the case when the policyholder is the insured, for example, one of parents enters into an insurance agreement, according to which he is the policyholder and insured, and indicates his child as beneficiary,” the press service of Eurasia Life Insurance Company explains.
There are quite often cases when the beneficiaries are the heirs of the insured. It applies to contracts in which the insured event is the death of the insured. In this scenario, the insurance payment is made to the heirs in compliance with all legal procedures.
“In the event of the occurrence of the insured event, the person indicated in the insurance contract as the beneficiary, or the heirs of the insured, are to inform the insurer about the insured event occurrence, then apply for the insurance benefit. The insurance payment application must be accompanied with documents confirming the fact of the insured event occurrence provided for by the insurance rules and the insurance contract, on the basis of which the insurer reviews the issue of making the insurance payment,” they say in LIC Eurasia.
Basic package of documents:
- Application: you can write it in the manager's office, where they will give you an example and answer questions. A notarized document is sometimes required;
- Documents confirming the occurrence of the insured event;
- Applicant's passport, insurance policy and contract;
- Bank account details.
When all the documents are collected, it is necessary to transfer them to the insurer so that he can register the insured event. It usually takes a few days to make the payments.
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