Star Union Dai-ichi Life Insurance Claim Settlement
Claim Settlement Ratio | 95.96% |
Death Benefit Paid For | 1,210 Policies |
Inception | 2009 |
Presence | 1,950 Branches |
Total Death Benefit Paid | Rs. 50.47 Crore |
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Claim Settlement of Star Union Dai-ichi Life Insurance
Star Union Dai-ichi Life Insurance offers a customer-friendly three-step insurance claim process. It provides the facility of registering insurance claims online and offline. The process requires the submission of minimum documents from the nominee/appointee/assignee or the next legal heir of the life assured. Tracking the claim is also easy online. The best aspect of Star Union Dai-ichi Life Insurance is that it has a claim settlement ratio of 95.96% in FY 2020-21.
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How To Make Claim
Star Union Dai-ichi Life Insurance Online Claim Settlement Process
Star Union Dai-ichi Life Insurance offer a 3-step claim process via its website:
Step 1: Claim intimation: To initiate the process of claim settlement of a Star Union Dai-ichi Life Insurance, you will have to submit the intimation of the death of the assured person. The procedure requires submitting the claim form online or offline. Different types of claims require the filling up of different kinds of forms.
Step 2: Death Claim Processing: Submit the specified documents listed below for the processing of the death claim. Star Union Dai-ichi Life Insurance has a designated claims department to review claims and check the records. The company keeps the claimant updated during the entire procedure.
Step 3: Claim Decision and Communication: On successful processing of the claim, Star Union Dai-ichi Life Insurance informs the claimant about the decision along with the details of payment made through Electronic Fund Transfer.
The claimant has to visit the respective web page of the Star Union Dai-ichi Life Insurance Claims department and register the claim by completing the following formalities.
- Enter the policy number
- Enter the date of birth and click on the Submit option
- It takes you to the claim page where the claimant has to provide all the information sought by the company.
- The next step is the uploading of documents online.
- The claimant gets a claim number that enables him/her to track the claim.
Star Union Dai-ichi Insurance Offline Claim Settlement Process
The process starts with the claimant visiting the respective bank branch or the Star Union Dai-ichi Life Insurance registered office with the necessary documents.
The claimant has to fill up the necessary form. It is also available online where the customer can download it from the website.
The submission of the relevant documents is the next step, following which the claims processing department processes the claim. On completing the process, the claim amount is transferred to the claimant's bank account through electronic fund transfer.
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Documents Required
Documents Required for Star Union Dai-ichi Life Insurance Claims
The list of all the documents that are required by the person claiming the policy benefits in the given scenarios:
Claim Type
Documents Required
Natural Death Claim
- Original life insurance policy document
- Death certificate (Original or Attested copy)
- Claimant’s statement duly filled in all respects and signed by the nominee/appointee – Form A
- Certificate of identity and cremation or burial from a person of good repute and character – Form C1
- Identity proof document of the nominee duly attested along with the evidence of the date of birth
- Residential address proof of the nominee duly attested
- Savings account number/MICR No/IFSC code of the nominee along with a cancelled cheque or a copy of the passbook.
- Medical Attendant’s Statement – Form B
- Medical Treatment Certificate from Hospital – Form C
- Treatment Certificate from the Medical Attendant who treated the assured in the last days of illness – Form D
- Copy of Hospital records where the life assured was treated.
Unnatural/Accidental Death Claim
- Original life insurance policy document
- Death certificate (Original or Attested copy)
- Claimant’s statement duly filled in all respects and signed by the nominee/appointee – Form A
- Certificate of identity and cremation or burial from a person of good repute and character – Form C1
- Identity proof document of the nominee duly attested along with the evidence of the date of birth
- Residential address proof of the nominee duly attested
- Savings account number/MICR No/IFSC code of the nominee along with a cancelled cheque or a copy of the passbook.
- Medical Attendant’s Statement – Form B
- Medical Treatment Certificate from Hospital – Form C
- Treatment Certificate from the Medical Attendant who treated the assured in the last days of illness – Form D
- Copy of Hospital records where the life assured was treated.
- Copy of FIR/Spot Panchanama duly attested by the issuing authority
- Copy of the Post-Mortem report duly attested by the issuing authority
- Copy of the Final Police Investigation Report or the Senior Divisional Magistrate’s verdict duly attested by the issuing authority.
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Star Union Dai-ichi Life Insurance Claim Settlement FAQs
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Who can lodge the insurance claim in the Star Union Dai-ichi Life Insurance policy?
The claimant has to be the registered nominee or the assignee. If there is no nominee in Star Union Dai-ichi Life Insurance, the next legal heir can lodge the claim.
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Is it necessary to submit all the documents listed above in the Star Union Dai-ichi Life Insurance Claim Process?
No, the documents depend on a case to case basis. However, the Star Union Dai-ichi Life Insurance claimant should submit the necessary documents, whichever is applicable in the individual case.
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How long does it take for Star Union Dai-ichi Life Insurance to honour the claim?
Generally, Star Union Dai-ichi Life Insurance claims are processed as quickly as possible. It depends on the accuracy of documents submitted by the claimant. It should not take more than 15 days.
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How does Star Union Dai-ichi Life Insurance pay the claim amount?
Star Union Dai-ichi Life Insurance credits the claim amount to the bank account of the claimant/nominee through electronic fund transfer.
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What does the Star Union Dai-ichi Life Insurance claim settlement ratio signify?
The Star Union Dai-ichi Life Insurance secures an impressive claim settlement ratio of around 96.96% in FY20. It signifies that the company successfully settled 96.96% of all the claims received by it from claimants/nominees in the financial year 2020.