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How To File A Claim Against Your Term Insurance?

Term Insurance

A term plan claim is a request made to the insurer by the policy’s beneficiary in order to receive the benefit in the tragic incident that the insured passes away within the policy’s term.

For the nominee to easily file a claim and obtain insurance coverage, the majority of insurance providers provide a hassle-free claim settlement process. Term plans also offer several term insurance tax benefits.

Before choosing one, let’s look at the term insurance plan’s claim settlement procedure. A term insurance calculator is a tool you may use online to determine the amount of coverage required based on your needs.

Claim procedure for term insurance plans 

The procedure of making a claim on a term insurance plan entails several steps. The beneficiary or dependent (family member) of the term insurance plan should notify the insurance company right away if the covered individual passes away untimely. 

  • The term insurance policy should be functional, and all premium payments should be made on schedule. 
  • The policy exclusions should be kept in mind by the coverage beneficiary. 
  • The insurance should provide coverage for the specific circumstance for which the claim is submitted. 

Step-by-step term insurance claim settlement procedure 

  • Inform the insurer about the claim

The beneficiary should notify the insurer as quickly as feasible so that the insurer can begin the claim procedure. The name of the policyholder, the insured’s date of birth, the policy number, the cause of passing away, the location of the passing away, the name of the nominee, etc., are all necessary documentation for the start of a claim. The claim form may be downloaded from the insurance company’s website or obtained from the closest branch office by the policy’s nominee. 

  • Keep important documents handy

The beneficiary should keep a few crucial documents on hand while submitting the claim. These are listed as follows: 

  • Proof of policyholder’s age 
  • Certificate of death 
  • Policies in writing (original)
  • Any further records that the insurance provider or the case may require

When a claim is made within three years of the start of the policy, the insurance company conducts additional research to ensure that it is a legitimate claim. Let’s look at it now. 

  • Check with the hospital to see if the deceased person was ever admitted. 
  • The insurer will ask the hospital to give information such as the doctor’s certificate, medical records, etc. in the event that the insured individual passes away as a result of any critical illness. 
  • The insurance company verifies with the airline whether or not the insured was a passenger in the event that the airline’s authorities confirm any flight crash. 

Submission of the documents needed for the processing of the claim 

The nominee should provide all necessary documentation as quickly as possible in order to expedite the claim settlement procedure and prevent any kind of delay. The following papers are needed while processing claims: 

  • Filled out the claim form. 
  • Original death certificate and certified copy were both issued by the regional municipal body. 
  • Authentic policy documents. 
  • A photo of the recipient the size of a passport. 
  • Beneficiary identification document, such as an Aadhaar card, pan card, passport, etc. 
  • Any applicable assignment or re-assignment deeds. 
  • An autopsy report, if one exists. 
  • Medical records (test results, admission notes, discharge summaries, and death certificates) 
  • The doctor’s last medical attendant certification. 

Settlement of claim 

The claim must be submitted within 30 days, according to the Insurance Regulatory and Development Authority of India (IRDAI). The day the nominee submits the claim form, and all pertinent paperwork is when the insurer is required to settle the claim. An insurance company must finish the claim settlement procedure within six months of the date it received the written notice of the claim, even if the claim requires additional investigation. Visit the official website of IRDAI for further details.  

It is crucial to understand how an insurance provider handles claims. The more trustworthy it is to buy a term plan, the higher the insurance company’s claim settlement ratio is. * Standard T&C Apply.

Therefore, consider the insurance company’s claim settlement percentage and keep in mind the claim settlement procedure before acquiring a term insurance policy. Term insurance plans also come with term insurance tax benefits that help you save money. * Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.

While it’s necessary to look into the insurance provider’s claim settlement rate, getting a proper medical exam before buying a policy is just as crucial. A medical exam provides the insurance company with a clear picture of the policyholder’s health and aids in calculating the premium for the policy. A term insurance calculator is an easy-to-use tool to check the amount of premium you would have to pay.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.


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