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HDFC Life Insurance Company Ltd. is a joint venture between abrdn plc (formerly called Standard Life Aberdeen plc) a global investment company and HDFC Ltd., Indian’s leading housing finance institution. HDFC Life continues to benefit from its overall presence across the country with 372 branches and additional partnerships and new tie-ups. HDFC Life Insurance with a claim settlement ratio of 98.01% in FY 2020-21, as per IRDAI Annual Reports., is one of the most reliable insurers in India and is commonly known for offering insurance products such as ULIPs, term insurance plans, children plan, investment, and savings plan.
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Let’s discuss the HDFC Life Claim settlement process and the documents required:
HDFC Life Insurance offers financial support to the policyholder’s loved ones in case of an unforeseen event such as death or disability with the policyholder. It is always suggested to purchase a life insurance policy from insurers that has a high CSR (claim settlement ratio) with an easy and hassle-free claim documentation process.
HDFC Life Insurance offers a user-friendly and simple process of claiming insurance benefits. The insurer also provides a facility to settle claims in 1 day. Moreover, it offers a dedicated claim assistance team at every step of the claim settlement process.
As we have discussed, the selection of the right life insurance policy from a good insurer with a healthy CSR is the foremost requirement for purchasing life insurance. The main objective of an insurance company is to ensure timely settlement of a death claim in exchange for the premium paid by the policyholder. HDFC Life insurance claim process is customer-centric and 24X7 if purchased online.
Before informing the insurance company, the claimant/nominee should check some simple points:
If the life policy is active and all the premiums have been paid
Does the condition for which the claim is filed is covered in the policy?
Policy’s exclusions
HDFC Life Settles your claim in 3 simple and quick steps:
Claim Intimation
Claim Processing
Claim Settlement
Let’s discuss the HDFC Life claim process in detail:
The primary strep of the claim settlement process is to intimate the insurer in written form as soon as possible about the occurrence of the claim. The claimant/nominee should instantly inform the insurer about the death of the policyholder. The details including policy number, death date, and place, insured’s and claimant’s name, will be required. The nominee/beneficiary can get the claim intimation aplication by visiting the HDFC’s nearest branch office or can also download it from the insurer’s official website.
After informing the insurer about the demise of the policyholder, the next step is to submit the claim supporting documents. The claimant/nominee should provide documents that have been requested by the company in support of the death claim. Once all documents have been submitted, the claim assistance team will start assessing the claim. They will validate the submitted documents, the declaration of the nominee, and other claim-related details. In some cases, a nominee may also be asked to submit additional documents to support the process of claim further.
The claim assistance team will make their decision to approve or reject the claim after reviewing all the submitted claim information. If the claim is approved, the HDFC life insurance claim settlement time is for a month which means that an insurer is required to settle the death claim in 30 days of receiving receipt of all the submitted documents. The sum assured amount will be paid to the nominee in the mode selected by the policyholder. The claim payouts are generally paid through ECS. For this, the insurance company will request the nominee to submit their bank account details, a cancelled cheque, and a copy of the bank passbook.
HDFC Life believes in a hassle-free claim experience. They have the ‘same-day claims processing’ benefit. This means that the claims are processed within 24 business hours for all claims over 3 years from the inception date.
The following documents are required to initiate the HDFC term insurance claim process:
In case of a Natural Death Claim
Death Certificate issued by the government or local municipal authority
Original policy bonds
Death claim application form
Address proof of Claimant
PAN card of Claimant
Medical records or documents
Death Certificate stating a medical cause of death
Bank Passbook or cancelled cheque
In case of Unnatural Death Claim (in case of accidental death/suicide/murder)
Death Certificate issued by the government or local municipal authority
Death claim application form
Address proof of claimant
PAN Card of a claimant
Original policy documents
Bank passbook or cancelled cheque
Police inquest, FIR and Panchanama
Post-mortem Report
Annuity claim documents
In the case of Natural Calamity/Disaster claims
Death Certificate issued by the government or local municipal authority
Death claim application form
Original policy documents
Address proof of claimant
PAN Card of a claimant
Bank passbook or cancelled cheque
In case of a Critical illness claim
Critical Illness claim application form
Original policy documents
Medical reports and records such as diagnostic reports, hospital records
Address proof of claimant
PAN Card of a claimant
Bank passbook or cancelled cheque
Below are the three easy and quick steps to initiate a HDFC Life death claim process online
Verify the Policy details
Submit the details of life assured
Submit the nominee’s details
After submitting the relevant details, click on ‘Request a claim’ and proceed with HDFC Life claim process.
Download and fill the claim form
Collect all the required supporting claim documents
Submit the claim application form and all the requested documents
The 24X7 HDFC Life claim settlement process is only available for:
Policies purchased online
Claims that don’t require any field investigation
Policies where the cumulative amount of death claims is not more than 2 Crores
Claim requests for which all the requested documents have been submitted by 3 PM on working days.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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