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Bandhan Term Insurance Claim Process

Bandhan Term Insurance helps customers secure their future financially with a wide range of term insurance policies. They offer high coverage at affordable prices. Also, they provide extended life coverage up to 70 years of age.

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Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
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Note: Know more about what is term insurance first before reading this article.

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Claim Process in Brief

The Bandhan Term Insurance Claim process is simple, quick, and hassle-free. Upon the policyholder's death or when the policy matures, the beneficiary registers a claim. Then, the Bandhan claim experts scrutinize the claimant's statement and documents that are submitted along with it.

Once everything seems right, you will get your claim amount without any delay. Bandhan Insurance claims process helps you deal with your tough times without panicking.

Steps Involved in Bandhan Term Insurance Claim Process

Follow these steps to claim your insurance:

  1. Intimate and Register Your Claim

    Fill out the Claims form and submit it either at the nearest Bandhan Life Branch Office or at the Head Office along with the other documents (they are listed below) to intimate the claim.

  2. Verification and processing of Documents

    The insurer claims team will check all documents submitted for their authenticity and completeness to ensure that the claim is not false or incomplete. They can contact you in case they need more information or other documents.

  3. Payment of Fund Value

    To lend a helping hand to its customers at the right time, Bandhan Term Insurance is keen on providing the nominee/ beneficiary with the Fund Value accrued under the policy by the policyholder the same as the day of the intimation of the death to the beneficiary. Of course, you must submit all the documents without fail.

  4. Settlement/ Benefit Payment

    On receiving all the documents as mentioned in the documents required section, the claims process commences immediately. For any further clarification, Bandhan Customer Service shall reach out to you.

    The insurer will complete the verification process of the documents to check if all the required documents are in place and order. Bandhan Term Insurance will then release your remaining fund/ balance or total death benefit/ rider benefit amount to the beneficiary or nominee (subject to terms and conditions of the policy).

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Documents To Be Submitted

Keep the following documents handy for a quick claim process:

  1. Individual and Keyman policies

    In case of Natural / Accidental/ Suicidal Death Claim

    • Claims Intimation Form- the claimant statement dorm is available on the website and in the offices in several languages: English, Tamil, Telugu, Malayalam, Kannada, Marathi, Hindi, Gujarati, Assamese, Oriya, and Bengali.

    • Other forms

      • Certificate of Employer is a must for both natural death and accidental death claims.

      • Attendant physician statement for both Natural death claim and Accidental death claim

      • Hospital treatment certificate for both Natural death claim and Accidental death claim.

    In case of Accidental Disability / Dismemberment claims forms

    • Application form

    • Certificate of employer – ADD claim

    • Hospital treatment certificate / APS

    In the case of Critical illness / Women, Critical illness claim forms

    • Application form

    • Attendant physician statement

    • Hospital treatment certificate

    • Certificate of employer – CI claim

    In case of Terminal Illness claim form

    • Application form

    • APS / Specialist certificate

    • Certificate of employer – TI claim

  2. Group Claim Intimation Form

    • Group Claim Information form

    • Affinity Group claim intimation form

    • COVID-19 Rider claim form

  3. Health Reimbursement claim form

    • Health Reimbursement claim form

How to Track Bandhan Term Insurance Claim?

Claims Enquiry is a section on the official website of Bandhan Term Insurance Claim that helps track your insurance claim status. Fill in the required information as given below:

  • Personal information like Name of the Life Assured, Policy number, Type of claim, DOB of Life Assured, DOB of Life Assured, Telephone number, mobile number, and e-mail.

  • Location details include the door number, street, place, city, country, and pin code of your residential address.

Insurance Claims Redressal and Appeal Mechanism

On the one hand, the beneficiary has to receive the claim fund at the right time. At the same time, it is also essential that the money does not fall into the wrong hands. Bandhan Term Insurance Claim has a Claims Review Committee to avoid such fraudulent cases.

The committee consists of experts in Claims, Operations, Legal, and Underwriting who decide to reject a fraudulent claim under strong and concrete evidence.

However, if the beneficiary is unhappy with the decision made by the Claims Review Committee, he/ she can appeal to the committee within 30 days of rejection of the claim.

In case of further disagreement with the review and the committee's decision, the claimant can further approach the Insurance Ombudsman of the region for redressal.

Some Guidelines to Follow

Bandhan Term Insurance is committed to providing the best service to its customers at all times, especially during tough ones. The clients must cooperate with them by following the below guidelines:

  • Check all the contents in the proposal form

  • Inform all the details of your health and lifestyle

  • Pay the premiums regularly and keep the policy alive

  • Be aware of all your product 'exclusions' and 'benefits'

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

FAQs

  • A lapsed policy would lead to no death coverage payable to the nominee. Regular payments keep the policy in force. Kindly refer to the terms & conditions of the policy mentioned in your policy document.
  • Such a claim is called an Open Title claim. In such a circumstance, a Succession Certificate or Probate of will is to be submitted by the claimant. A Succession Certificate is issued on application by a competent court on the question of the right to the property of the deceased.
    The Succession Certificate should specify the provision for disbursement of policy monies. If, however, the deceased has left a Will, probate is required along with a copy of the will.
    The insurer will hold the money until the proof is submitted if they have accepted the claim but are waiting for you to submit the issued proof certificate. They will pay interest as directed by the Insurance Regulatory and Development Authority of India.
  • The beneficiary amount gets divided based on the percent provided in the proposal to the nominees. In such a case, a joint discharge will have to be given.
  • The policyholder or the Life Assured must nominate another person as the beneficiary in place of the deceased under section 39 of the Insurance Act.
  • Most of the claim payments occur through direct bank transfers. However, electronic clearing services and cheques are also possible these days. Electronic Clearance System or ECS is the mode of money transfer where you transfer your money electronically from one bank account to another.
  • No, photocopies of the medical records are enough.
  • Unfortunately, you cannot. But you can submit claim documents after discharge and claim the money.
  • Ans: You can easily calculate the term insurance premium online by using the term insurance calculator online tool
  • Ans: Here are 4 common term insurance benefits:
    • Low premium rates
    • Tax Benefits
    • Death Benefit
    • Long term coverage

Premium By Age

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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