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Aditya Birla Sun Life Insurance Company Ltd. is a partnership between the Aditya Birla Group and Sun Life Financial Inc. a renowned Canadian international financial services company. The company provides a smooth and easy claim settlement process for their clients. The insurer takes care that their customers do not have to go through problems during the whole procedure. The company currently has a claim settlement ratio of 98.07%,in the FY 2020-21. Under this, beneficiaries can receive the claim amount shortly after document submission and verification, which is done by the company to legitimize the request.
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This article highlights the Aditya Birla term insurance policy and claim process in detail: , and their claim process is known to be quick and easy.
Note: Know more about what is term insurance first before reading this article.
Term Plans
You need to follow the following steps to make Aditya Birla Term Insurance Claim:
You need to inform the insurer about the death of the policyholder. Next, you will have to submit the Death Claim Form to the head office/bank branches/nearest offices or through online mode, along with your ID/address proofs. The sooner you intimate the claim process, the better, as the insurer will want to verify all the formalities regarding the policyholder's death. This ensures the insurer that there was no foul play in the death. It also eases the way for the beneficiary or nominee to get the death benefit.
When you submit the form and identification and address proofs, you also have to submit the documents that are required to verify the death of the policyholder. The documents required to claim death benefits include original policy documents, ID and address proofs of the nominee, death certificate of the policyholder etc.
Aditya Birla Term Insurance ensures that the claims are settled within 30 days of document submission.
In death claims, it may take longer sometimes if the nature of the death is not natural. You can check with the Claims team for the time taken to settle the claim.
*Note: You can claim the sum assured online by downloading the form and submitting it, along with the documents, to the website.
| Aditya Birla Claim Process For Offline Mode | |
| Aditya Birla Term Insurance Death Claim | Aditya Birla Term Insurance Rider Claim |
| Step 1: Fill up and submit the claim form | Step 1: Fill up and submit the rider form |
| Step 2: Submit all the original documents to support your death claim | Step 2: Submit all the original documents to support your rider claim |
| Step 3: Wait until your documents are verified; the company will contact you once the claim is ready to be settled | Step 3: Wait until your documents are verified; the company will contact you once the claim is ready to be settled |
| Aditya Birla Claim Process For Online Mode | |
| Aditya Birla Term Insurance Death Claim | Aditya Birla Term Insurance Rider Claim |
| Step 1: Visit the insurer’s official website and visit the ‘Manage Claims’ page | Step 1: Visit the insurer’s official website and visit the ‘Manage Claims’ page |
| Step 2: Click on the ‘File Claim’ option and choose the type of claim you are filing | Step 2: Click on the ‘File Claim’ option and choose the type of claim you are filing |
| Step 3: Submit all correct policy details and cause of death | Step 3: Submit all correct policy and event details |
| Step 4: Submit relevant and original documents to support your claim | Step 4: Submit relevant and original documents to support your claim |
| Step 5: Wait until your documents are verified; the company will contact you once the claim is ready to be settled | Step 5: Wait until your documents are verified; the company will contact you once the claim is ready to be settled |
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Following documents are required for making a term insurance claim:
Claim insurance form duly filled
Original policy documents (For both maturity and death claim)
Original/attested copy of death certificate issued by local municipal authority (In case of death claim)
Bank Passbook with a photograph or cancelled cheque with the bank's name on it
Medical attendant’s certificate (If any)
Policyholder’s identification details provided at the time of drawing of the insurance policy (In case of maturity claim)
Claimant’s statement from (For making a death claim)
Nominee's or beneficiary’s identity proof (In case of death claim)
Passport
PAN card
Voter identity card
Aadhar (UID) card
Relationship proof
Additional documents are required for making a death claim
FIR report or Final Police closure report
Post mortem report
Inquest panchanama
The Aditya Birla term insurance can be rejected if the policyholder has not provided the correct information in the claim application or failed to submit the required documents. Other reasons for rejecting term insurance claims can be not updating information of the nominee and the plan being lapsed due to non-payment of premium amounts. Hiding information such as not disclosing the medical history, or hiding lifestyle practices such as alcohol or tobacco consumption, can be another type of reason for rejecting a term insurance claim.
If you miss one or two payments on your term insurance policy, it will not be canceled. Insurance companies will provide you with a grace period during which you can pay the required payment.
After the grace period is over, the insurance company will assess the situation again and take appropriate action. This includes the policy's termination as one of the options.
If the insurance is canceled after the grace period, the policyholder will get a refund of the premium paid, minus the amount of penalties for late payments.
Claimants will still get the death benefit if the policyholder dies away during the grace period. Insurers sometimes deduct the unpaid amount from the death benefit.
So, if the policyholder passes away in the grace period, claimants will receive the death benefit minus the penalty amount. Aditya Birla Term Insurance offers a 30 days grace period as per the Insurance Regulatory and Development Authority of India (IRDAI).
Filing an insurance claim is an essential procedure that must be carried out carefully. A properly filed claim expedites the claim process and provides the financial aid the family receives in the situation of an eventuality or upon plan maturity.
It is always advised to understand the claim settlement ratio of the insurer as well as the whole procedure before purchasing an insurance policy to get the best results from your purchase.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
†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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