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Term Insurance Claim Settlement

A term insurance plan is a crucial component of your financial planning. Because of the uncertainty of life, you can never rely merely on your savings to provide for your family’s dreams. A term insurance plan acts as a financial back-up for your family in the case of any unfortunate eventuality. It protects the financial future of your family by providing death benefits, as per the terms of the policy. A term insurance claim has to be filed by the beneficiary/nominee of the policy, in the case of policyholder’s death. Once you initiate the claim process, the insurance company proceeds to verify and then settle the claim.  Typically, the term insurance claim settlement is completed within 30 days of making the claim.

Term Insurance Claim Process

The process for term insurance claim settlement is completed in three steps as given below:

Step 1: Inform the insurance company about the claim: 

The first step is to inform the insurer about the claim. Here, the beneficiary/nominee has to submit the claim settlement form along with a death certificate and other requisite documents. You must, however, note that the insurance company has to be informed within three months or 90 days from the date of death of the policyholder.  You can either physically visit the branch for submitting the claim form, or fill the form online, and submit it for claim settlement. Details, like name of the policyholder, policy number, date of birth, date of death, cause and place of death etc. have to be provided while filling the term insurance claim settlement form.

Step 2: Assessment of claim by the insurance company: 

Once the claim settlement form has been filed, the insurer will now assess the claim. The documents are scrutinized, and additional details, if any, are sought. The insurance company can send a requirement letter to the beneficiary, if more details are required. In the case of any suspicion, the insurer will duly investigate the term insurance claim.

Step 3: Claim settlement: 

On the basis of the assessment, the insurance company will now either approve or reject the term insurance claim. In the case of approval, the insurer will transfer the sum assured in the bank account of the nominee. Conversely, a letter of rejection will be provided in the case of claim rejection, enumerating the reasons for rejection. The Insurance Regulatory and Development Authority of India (IRDAI) has mandated that insurance companies must complete the claim settlement within 30 days. As per IRDAI rules, in the case of the claim requiring further investigation, the claim has to be settled within six months.

Typically, insurance companies conduct further investigation if a claim is made within three years of availing the term insurance policy. To check the veracity of the claim, the insurer can check with the relevant authorities like doctors and accident investigation personnel.

Documents required for term insurance claim submission

Here is a list of documents that have to be submitted while making a claim:

  • Claim form: The nominee has to provide correct information regarding the details being sought in the form.
  • Death certificate: The original and attested copy of the death certificate as issued by government authorities has to be submitted.
  • Original policy documents: The original set of the documents provided to the policyholder for availing the term insurance policy has to be provided.
  • Identity proof documents: Nominees have to provide their identity proof documents, like Aadhar card, PAN details etc. along with passport sized photos.
  • Medical records of the policyholder: If the policyholder was admitted in a hospital then details regarding admission, medical treatment, test reports, death or discharge summary etc. have to be submitted. A doctor’s certificate made by the last attending doctor has also to be provided.
  • Additional documents: If the policyholder died because of an accident or murder, then the FIR, panchnama and autopsy report has to be provided.

Term insurance claim rejection reasons

Your term insurance claim can be rejected if you have not provided the correct details in the claim form, or failed to submit the requisite documents. Other term insurance claim rejection reasons can be failure to update nominee information and the policy being lapsed because of non-payment of premiums. Concealment of information, like not disclosing the correct medical history, or hiding lifestyle habits like tobacco or alcohol consumption, can be another term insurance claim rejection reason.

Conclusion

Thus, a term insurance policy is instrumental in protecting the financial future of your family. You can zero in on a term insurance policy on Finserv MARKETS, which allows an online and hassle-free term insurance claim settlement process. With a high claim settlement ratio, the term insurance policies on Finserv MARKETS promise comprehensive coverage. Choose a reliable insurance partner like Finserv MARKETS for a quick and online process.

FAQs

  • ✔️What should I do to avoid my term insurance claim being rejected?

    Along with furnishing correct information, you should read the ‘exclusions’ section of your term insurance policy. These are the conditions under which your death benefit will not be provided. For instance, insurance companies don’t pay death benefits in the case of suicide, or death due to consumption of narcotic substances.

  • ✔️Can I make term insurance claims on Finserv MARKETS online?

    Yes. You can claim on the Bajaj Allianz Term Insurance at Finserv MARKETS online. Just follow these steps -

    1. Register your claim application

    2. Upload the requested/supporting documents

    3. The insurer will assess your claim application

    4. Check the claim status online

  • ✔️What are some tips to make a smart term insurance claim?

    Ideally, you (the policyholder) will not be alive when claiming on your term insurance plan. Hence, it is necessary that you educate your family members (the beneficiaries of the policy) about the claim settlement process. They should know details such as the sum assured amount, coverage of the plan, exclusions, and any other essential aspect of the policy.

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