Investment Plan Claim

Investment plans are the simplest ways to build wealth over a period of time.


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Under Investment plans, a certain part of your premium is allocated to offer you a life cover.

The balance amount is further invested in a preferred financial plan. Investment plans offer advantages such as creation of wealth, financial protection, saving for retirement, tax benefit, etc. The different types of Insurance Investment plans in India are Endowment plan, ULIP, Money Back plan, etc

Types of ULIP's



In case of death of the life assured, the life insurer pays the higher of the fund value or the sum assured to the beneficiary of the policy. Say for instance, you have purchased a ULIP for a sum assured of Rs.30 lakh. But, in a span of 4 years, the amount accumulated is only 8 lakhs. In case you pass away in the fifth policy year, your family will receive a sum assured of Rs. 30 lakhs, since the plan pays out the higher of the fund value.



In case of death of the life assured, the life insurer pays the fund value as well as the sum assured too the beneficiary of the policy. Taking the above example in consideration, your nominee will receive the sum assured of Rs 30 lakh as well as the fund value of Rs. 8 lakh, in case of your demise

Step-by-Step Procedure for claiming Investment Plans (ULIP)

We all know that ULIPs offer both death as well as maturity benefits to the policyholder. In case of death of the policyholder within the policy period, the nominee will receive either the sum assured or the higher of the fund value as well as the sum assured or the sum assured as well as the value of the fund. Mentioned below is a step-by-step process to claim the ULIP:

  • Claim intimation: The nominee needs to formally inform or communicate to the insurer about the death of the policyholder
  • Filling the claim form: Fill up the claim form and submit the same to the insurance company along with the requisite documents. The claim form needs to be filled in correctly mentioning the details of the insured, time and date of the insured’s death and other basic information of the claimant
  • Document submission: The claimant should submit documents such as the policy document in original, address proof as well as identity proof of the claimant as well as the post-mortem report of the insured in case of accidental death. Medical reports need to be submitted in case of death due to any illness
  • Claim settlement: IRDAI has given rights to the insurance company to seek clarifications within 15 days and thereafter settle the claim within 30 days of receipt of the documents. If any further investigation is needed, the claim settlement would be done within 180 days

Some of the frequently asked questions about Investment Plan Claims

Mentioned below are the benefits of buying investment plans:

  • Financial security: Investment plans offer life cover along with investment options thus offering your family a financial protection in case something untoward happens to you. Both survival as well as death benefits are offered by such plans
  • Creation of wealth: Investment plans offer creation of wealth over a period of time. It also takes care of your child’s education, marriage expenses as well as your retirement and pension requirements
  • Retirement savings: Investment plans help you create a corpus for your retirement. You can buy and build funds which can be utilised at the later stages of life. This is how you will be independent financially, even after retirement.    
  • Tax benefits: Investment plans help in saving tax. Under Section 80C and Section 10(10D) of the Income Tax Act, 1961, the premiums that you pay as well as the payouts that are made are exempted from tax.
  • Loan facility: Investment plans also offer facility of loan. However, it depends on the premiums you have paid, coverage that you have opted for as well as the eligibility of the loan amount, etc.
  • Life cover: Investment plans also offer life cover. In case of untimely death of the life insured, , the plan offers the sum assured to the nominees.


The insurance company agrees to make the payment of a certain amount to the nominee in case of death of the life insured. This amount is the sum assured in a ULIP.

ULIPs are considered as Hybrid product since they offer life cover as well as allocate savings in different channels in various market-linked assets to achieve long-term goals. For instance, milestones such as your child’s education, marriage or your retirement can be easily achieved if you opt for ULIPs. ULIPs facilitate saving for such goals as well as financial security.

Mentioned below are the funds that ULIPs provide to invest in:

  • Cash funds: These are regarded as the safest investment options.  Also known as money market funds, these funds invest in short-term instruments like t-bills, certificate of deposits and commercial papers. Usually these type of funds hold a low-risk.
  • Fixed Interest and Bond Funds: In case of fixed returns, insurers invest in debt funds, government securities, corporate bonds, etc. Here, the risk is slightly higher than the cash funds.
  • Equity funds: Here, the investment is primarily made in equities. These are deemed to be the most risky investments, but the returns are also high. Investors with a high-risk appetite should opt for this type of funds.
  • Balanced funds: Balanced funds generate high returns with moderate risk by investing in a portfolio of bonds and equities. These type of funds carry a medium-risk.

What is NAV in ULIP?

The Net Asset Value (NAV) of the Unit Linked Insurance Plan is the total amount of its holdings net of admissible costs or expenses. The ULIPs holdings on a particular day are added and the liabilities such as the operating expenses, management fees, marketing expenses, etc. are deducted, to get the NAV amount.

Your Policy

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