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Term Insurance Claim Process – Everything You Need To Know

Term insurance claim process

Term Insurance Claim Process – Everything You Need To Know


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September 16, 2020

By : Bajaj Allianz Life

Term insurance in India is the most popular life insurance product owing to the high coverage it offers to policyholders at a nominal cost. With a term insurance plan, you can be rest assured that your beneficiaries will be taken care of even if the unexpected happens and you are no longer around to take care of them.

With term insurance plans, you can easily opt for comprehensive coverage that offers multiple add-ons and is structured keeping in mind different requirements you might have. All the features can be yours, at a competitive term insurance premiums that do not pinch your pockets and makes you spend more than necessary. With a term policy, you can also opt for the return of premium option, wherein all the premiums you have paid towards the policy will be returned to you, provided you have paid all premiums and made no claims at all.

 

What is a term insurance claim?

Term insurance claims are always raised by the policyholder’s beneficiaries when the former is no longer around, owing to unexpected circumstances. Term policies offer a seamless process wherein the beneficiary can avail the death benefit without having to undergo any hassles or difficulties even as they recover from the death of their loved one.

 

 

Things to keep in mind before making a term insurance claim

 

  • Inform the insurer as soon as possible regarding the policyholder’s demise. This will ensure speedy processing of claims and enable you to attend to all the other matters without worrying about the term policy.

  • Before filing for term insurance claim, check that the situation under which the policyholder died is covered within the terms and conditions of the term policy. Claims towards term insurance in India are often rejected owing to a variety of reasons, and it is important that you check the policy terms and conditions before raising a claim. A term insurance claim can be rejected because the policy has expired without the policyholder’s knowledge, or if the policyholder has not disclosed their medical history or their habit and lifestyle, which may have played a part in them having to pay higher premiums or may even have resulted in their untimely death.

  • Check that the information filled out in the term policy documents are accurate, as are the details that you enter while filling out your claim form. These have to be checked very carefully since if these do not match, you could be in trouble for fraud and your claim will most definitely be rejected.

  • Before raising a term insurance claim, make sure that the cause for the policyholder’s death was not listed as an exclusion under this term policy. Exclusions could typically include a pre-existing medical condition that the insurer was unaware of, death due to being under the influence of alcohol or drugs, or even due to any hazardous activities they have indulged in.

 

Step-by-Step Process of Term Insurance Claim Settlement

 

Step 1. In order for the insurer to process your claim at the earliest, it is necessary you inform them of the death of the policyholder as soon as possible. You can either pick up a claim form from the insurers nearest branch or submit it after filling out all the details, or you can also head to their website, download a form and thereby submit your claim.

Step 2. While filing out your claim, you should keep certain documents handy that will be required by you in order to fill out the claim in the best and fastest way possible. These documents are usually mandated by the insurer that you are seeking the claim from, but in general, would include the policyholder’s death certificate, and the original policy documents.

Step 3. If you raise the claim within three years of the policy having been issued, the insurer will in most cases conduct their own personal investigation regarding the circumstances of death. If death occurred owing to a critical illness, the hospital will be required to make the policyholder’s medical history available to the insurer. If the policyholder’s demise was owing to murder or suicide, then you will be required to submit the FIR and post mortem report as well.

Step 4. You should also be informed that every insurer is mandated by the Insurance Regulatory and Development Authority (IRDAI) to pay death claims within 30 days. This duration is counted from the date the policyholder’s nominee submits all the requisite documents and required clarification. If there is a need for additional investigation, then the insurer must complete the investigation process within 60-90 days of receiving intimation of the claim and to settle the claim within 30 days thereafter, failing which the Insurer has to pay Penal interest.

 

Important Inclusions and Exclusions

 

Most term insurance plans in India have several listed inclusions and exclusions, which are intimated to the policyholder at the time of the policy being issued and depend on the policyholder’s risk profile.

However, exclusions could also include the cause of death being suicide. It is best to go through the fine print of your policy when it is issued to understand the inclusions and exclusions offered within the term policy.

 

Documents required for term insurance claim submission

 

While submitting your term insurance claim, there are several documents you are mandated to submit alongside the claim documents -

  1. The filled-out claim intimation form

  2. The original and attested copy of the policyholder’s death certificate

  3. Original term policy documents

  4. Any deeds of assignments or reassignments, if applicable

  5. Documents of the nominee including Address proof and photo ID proof.

  6. Last medical certificate issued to the policyholder.

  7. All medical records

  8. Bank account proof of Nominee

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