How Do I Claim Benefits from A ULIP As It Is an Insurance-Linked

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Health Shield

Insurance against medical expenses related to heart, brain, liver and Cancer. Know more

How Can a Legal Nominee Claim ULIP Benefits are the Policyholder’s Death?

How Can a Legal Nominee Claim ULIP Benefits are the Policyholder’s Death?
  • 29th Apr 2022 |
  • 2,755

ULIP plans have emerged as a major investment scheme in the financial sector. With their one-of-a-kind features and structure, ULIPs have succeeded to attract a large number of people for long term financial investments. It is still very common for some people to be confused as to what is ULIP plan meaning. In this article, we will go over all you need to know about ULIPs and how you may claim death benefits as a nominee listed in ULIP in this article.

ULIP Plan Meaning

ULIP full form is Unit-Linked Insurance Plan. It is a life insurance product that also serves as an investment plan. A tiny portion of the investment is utilised to protect life through insurance, while the rest is invested in the stock market. Policyholders can pay their premiums monthly or annually depending on what they choose. ULIP plan returns on investments are subject to the risks associated with stock market investing. In the investment portfolio, the policyholder bears the investment risk, which is why their investment selection is based on their risk tolerance and needs. In the event of the policyholder’s death, the death benefit is payable to the lawfully chosen nominee. One of the most significant things to note is that there are ULIP tax benefits for you to avail. For instance, In the event of the policyholder’s death, the nominee will receive a death benefit as well as income gathered by ULIP funds, and as per Section 10(10D) of the Income Tax Act, this lump-sum guaranteed death benefit is tax-free.

Steps To Claim Death Benefit As Nominee

Step 1: Notification

If the policyholder passes away during the policy’s term, the nominee must formally notify the insurance provider about the same.

Step 2: Claim Form Submission

For the claim request to be formally registered, a claim form must be filled out and sent to the insurance provider along with the relevant documentation. The form asks for the insured’s information as well as the cause of death and basic info about the claimant.

Step 3: Document Submission

The claimant must produce the original policy document, photocopies of the death certificate, the claimant’s picture ID and address proof, a police FIR and post mortem report in case of accidental death, and if the death was caused by sickness, a certificate and medical documentation from the doctor/hospital.

Step 4: Claim Settlement

After all the necessary documents are submitted by the claimant, the insurer has 15 days to seek clarification and 30 days to settle a claim after receiving all papers as per the IRDA regulations. If an investigation is necessary, the required processes should be finished within 180 days.

It is important that the insurance company has the authority to reject claims based on the following two reasons:

- Distortion of facts.

- Failure to provide essential information that might influence the underwriter’s judgement on claim processing.

Now that you have a basic understanding of how to claim death benefits, ensure that you have all the information and relevant documents necessary to have a smooth claiming process.

Kotak e-Invest

In this policy, the investment risk in the investment portfolio is borne by the policyholder.


  • Return of Mortality Charges*$
  • Enhanced Protection
  • Multiple Plan Options
  • Zero Premium Allocation Charges
  • Tax Savings^

Ref. No. KLI/22-23/E-BB/521


Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Beginner's Guide to Wealth Creation: Meaning, Strategies, & Importance

Debt ULIPs vs. Debt Mutual Funds: What's the Difference?

Important Questions You Must Ask Yourself When Buying a ULIP Plan

Why Should You Consider Guaranteed Savings Plan for Long-Term Investment?

Creating a second source of income with life insurance

Investments Options to Buy a house in India

Planning Financial Goals and Objectives of Financial Planning

Best Long-Term Savings Plans in India in 2022

Best Investment Options to Cover Your Child's Education

Difference Between Passive and Active Investing

Benefits of ULIP as a Child Insurance Plan

What are the Best Investment Options for Students in India?

Which is Better – FD, Mutual Fund, SIP, or ULIP?

How To Track ULIP Performance?

Basics of Guaranteed Savings Plan

What is a Savings Plan and What are is Benefits?

Why is Portfolio Diversification Important? How to Diversify Your Portfolio?

How Do One-Time Investment Plans Work?

How to Cancel ULIP Policy?

Top 5 Investment Options in 2022 for Healthy Returns

Complete Savings Plan for Low Income Earners

What are the Best Investment Options for Beginners or Amateur Investors in India?

What's Better for Your Child's Education? Child Plans or Mutual Funds?

ULIP Benefits You Can Avail from Early Investing

Why Should Parents Invest in Endowment Plan?

Savings Plan for Grandchildren

Successful Financial Planning for Urban Women

Investment Options for NRIs in India

What is better - Guaranteed Savings Plan or Fixed Deposit?

Things to Know Before Buying an Endowment Plan

What are Mutual Funds?

Learn About Safe Investments with High Returns in India

Which are the Best Investment Plans for Indian Senior Citizens in 2022?

What are Tax-Deferred Savings Plans?

Is This The Right Time To Invest In ULIP? Why or Why Not?

Learn About Safe Investments with High Returns in India

How to Plan your Investment to Achieve Periodic Financial Goals?

Difference Between Guaranteed Savings Plan and ULIP

What are Some of the Safest Investment Options in India?

Customising investments to manage your wealth

3 Tips to Buy Guaranteed Savings Plan

What is ULIP Renewal?

Building wealth through regular investing

Early Investing and the Power of Compounding

Factors Affecting Stock Markets

How to Fulfil Your Financial Goals in the Next 10 Years?

How to Make Your Financial Portfolio?

Endowment Plan vs Fixed Deposit?

4 Important Tips to Maximize Gains with ULIP Investments

Best Investment Options in India in 2022

How Much Wealth Can You Create from ULIP in 10 years?

Why Do You Need A ULIP Plan - All You Need To Know

ULIP Investment Strategy: Top Tips to Improve Your ULIP Gains

Planning for Your Child's Higher Education? Explore These Investment Options

How to Start Saving Money in 10 Simple Ways?

Who Should Invest in Savings Plan?

Top 10 Investment Strategies to Create Wealth

Are Money Back Policies Helpful? A Complete Guide

Asset Allocations in ULIP - Know the Top Benefits

Top 6 Investment Plans Available in India

4 Benefits of ULIP Fund-Switching Feature

Importance of Portfolio Management

Why Should You Invest in Term Insurance And ULIP?

What is the Importance of Saving Money?

How to Plan Savings from Salary?

उच्च रिटर्न प्राप्त करने के लिए सर्वश्रेष्ठ इन्वेस्टमेंट विकल्प

Top 5 Principles That Need to be Followed for Wealth Creation

What is Fund Switch in ULIP? And ULIP Fund Switching Techniques

How is Compoud Annual Growth Rate (CAGR) Calculated in ULIP?

Short Term and Long Term ULIP Plans for Wealth Creation

ULIP vs FD - Which is Better and Why?

What are the Best Short-Term Investment Plans with High Returns?

Difference Between Guaranteed Savings Plan and Guaranteed Income Plan

How to Manage Your Portfolio Like a Professional?

Are Gains from ULIP Sale Taxable?

Receiving regular payouts at various stages of life

How Does an Endowment Plan Work?

ULIP as an Investment for Your Child

How To Diversify Portfolio In 2022?

ULIP Plan as a Gift

Best One-Time Investment Plans in India

How to Increase Net Worth Along with Family Protection

Do You Know the Difference Between Savings and Investment?

Safe Investment Options with High Returns for FY 2018-19

How to Manage Inheritance Money?

Different Types of Endowment Plans

How to Plan Your Child's Education - A Step by Step Guide

Why ULIP is Better Investment for Long-Term Wealth Creation?

Which is a Better Investment - Mutual Funds Or ULIP?

Can ULIP Help in Achieving Short-Term Financial Goals?

What are the Best Investment Options For Females?

What are the Best Investment Options for Young Adults?

What are Deferred Savings Plans?