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HDFC Term Insurance is one of the most prominent and popular protection policies created and introduced by HDFC Life Insurance. HDFC Term Insurance Company is a joint scheme between Housing Development Finance Corporation Limited and abrdn plc (previously called Standard Life Aberdeen). HDFC Life is providing benefits to its customers from its increased presence across India with a wide channel of 372 offices and further tie-ups and partnerships.
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The Claim settlement ratio of HDFC Term Insurance company is 98.01% for 2020-21. HDFC Term Insurance claim process is simple and hassle-free and it also has a great claim payout. Read on to know more about the HDFC Term Insurance Claim process:
Note: Know more about what is term insurance first before reading about HDFC Term Insurance Claim Process.
Term Plans
HDFC Term Insurance provides financial security to the family of a policyholder in case of unfortunate events such as disability, death, terminal illness with the life assured. It is recommended to buy a term insurance policy from an insurance company that has a high (more than 95%) claim settlement ratio (CSR) with a smooth documentation process.
As discussed, the insurer has achieved a claim settlement of 98.01% for the financial year 2020-21 as per IRDAI Annual Report, which indicates that the company handles claims well. With HDFC Life, you can also settle your claims for the term policies you have bought online within a day i.e., in just 24 hours. In addition to this, the company has a committed claim settlement assistance team that is available 24X7 to resolve the queries of their customers.
The selection of the ideal term insurance plan from an insurance company having high CSR value is an important requirement when purchasing term insurance. The foremost purpose of an insurer is to ensure the settlement of death claims on time in return for the premium amounts paid by the life assured. HDFC Term Insurance claim process is user-friendly and the team is available 24X7 if bought online.
HDFC Term Insurance settles your death claim in just 4 quick steps. Let’s discuss each step involved in the HDFC Term Insurance claim process:
The nominee should inform the insurer about the claim in written form. The claim intimation process requires some basic information such as the insured’s name, death date, policy number, death cause, claimant’s name, etc. The nominee can get the intimation form by going to the nearest branch of the insurer or can also download the form from the official website of the insurer by visiting the Claim Settlement section and then clicking on the individual death claim section.
To get your claim settled quickly, the claimant is required to submit relevant documents to the insurer such as the claimant’s statement, death certificate, original policy documents, medical records from the treating doctor or hospital, etc.
After submitting all the documents, the claim assistance team will evaluate all your claim information. There might be some cases, in which a nominee may be required to submit additional information or documents to support the further claim process.
The claim assistance team will decide on approving or rejecting your claim application based on the documents submitted by you. If in case the claim is approved, the payment is made to the nominee’s bank account via ECS or by cheques. If the policy is purchased online the claim will be settled within 24 hours.
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This process involves 3 easy steps:
Verify the details of the policy
Submit the details of the policyholder
Submit the details of the nominee
Then, click on ‘Request a claim’ and start the HDFC Term Insurance claim process
Download and fill the claim application
Collect all the requested documents
Submit claim application and all the claim supporting documents
Below documents are required to initiate the HDFC term insurance claim process in case of”
Certificate of death issued by the local municipal authority or government
Documents of policy- Original
Death claim application
Claimant’s Address proof
Claimant’s PAN card
Medical documents or records
Certificate of death mentioning a medical cause of death
Cancelled cheque or Bank Passbook
Photograph of a claimant
Certificate of Death issued by the local municipal authority or government
Death claim application
Claimant’s Address proof
Claimant’s PAN card
Documents of policy- Original
Cancelled cheque or Bank Passbook
Police inquest, Panchanama, and FIR
Post-mortem Testimony
Annuity claim information
Photograph of a claimant
Certificate of Death issued by the local municipal authority or government
Death claim application
Policy documents – Original
Claimant’s Address proof
Claimant’s PAN card
Cancelled cheque or Bank Passbook
Photograph of a claimant
Application form for Critical Illness claim
Policy documents – Original
Medical records and reports like hospital records, diagnostic reports
Claimant’s Address proof
Claimant’s PAN card
Cancelled cheque or Bank Passbook
Photograph of a claimant
Claim Processing same-day option - Claims are processed within a day i.e., 24 hours for all claims over three years from the inception date
The Claim settlement ratio is 98.01% for FY 2020-21, indicating faster settlement of claims
24X7 availability of customer care team
The 24-hour claim settlement is only available in the following conditions:
If the policies have been bought online
Claims which do not require any investigation in the field
Policies in which the collective amount is not above Rs. 2 Cr.
Documents required for claim requests have been submitted by 3 pm (working day)
†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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