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A claim in term insurance refers to the process of requesting the death benefit after the policyholder’s death. This benefit is paid out to the nominee or beneficiary listed in the policy. Term insurance ensures that your family or loved ones are financially secure if something unfortunate happens to you.
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The claim process is an essential part of the insurance journey, and understanding how it works can help your loved ones receive the benefits smoothly during a difficult time. Let us take a look at the basics of the claim process, the types of claims, and how Policybazaar’s dedicated claim assistance program can help.
There are generally two types of claims in term insurance plans:
Death Claim: This is the most common type of claim in term insurance. It occurs when the policyholder passes away during the policy term. The nominee or beneficiary must file a claim to receive the death benefit. The insurance company will verify the claim and, if everything is in order, release the payout to the nominee.
Maturity Claim: In term insurance, there is typically no maturity benefit since it only provides coverage for death. However, some term plans, known as term return of premium plans, offer a maturity claim, where the premiums paid are returned if the policyholder survives the policy term.
Term Plans
Filing a claim involves several steps, but most insurance companies, including Policybazaar’s partner insurers, make the process as simple as possible. Here’s a general overview of how to file a death claim:
Notify the Insurance Company: The first step is to inform the life insurance company about the policyholder’s death. This can be done by calling the insurer’s customer care or by visiting their office. Most insurers also allow online claim intimation.
Submit the Required Documents: The nominee needs to submit several important documents, including:
The policyholder’s death certificate.
The original policy document.
Identity proof of the nominee.
Medical records (if applicable).
Any additional documents requested by the insurer.
Verification of Documents: Once the documents are submitted, the insurance company will review and verify them. This process may include contacting the hospital where the death occurred or confirming other relevant details.
Claim Approval and Payout: After the verification is completed, the insurer will approve the claim. The payout is usually made directly to the nominee’s bank account. The timeline for the payout can vary but is generally within 30 days of submitting all documents.
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Policybazaar offers a dedicated claim assistance program to help policyholders' families with the claim process. This service is especially helpful in guiding nominees through the steps and ensuring a smooth claim settlement. Here’s how Policybazaar claim assistance program can help you:
Personal Claim Assistance: Policybazaar assigns a dedicated relationship manager who guides the nominee through each step of the claim process. They will help gather the required documents and ensure everything is in order for the claim submission.
Claim Assistance Card: When you buy a term insurance, Policybazaar provides you with a claim assistance card on which the name, number, and ID of your Relationship manager would b listed. You can give your family the claim assistance card for them to use in the event of your untimely death.
Expert Advice: The claim handler provides expert advice and support in case of any delays or issues with the insurer. The relationship manager not only helps resolve any disputes or confusion related to the claim but also provide end-to-end support.
Hassle-Free Documentation: Policybazaar dedicated claim assistance program ensures that the nominee submits all the necessary documents correctly and on time, minimizing any chances of delays in the claim settlement.
Quick Updates: Policybazaar keeps the nominee updated on the status of the claim, providing regular updates until the payout is made. The on ground claim support teams available in the 85+ cities will help with the filing, documentation, and coordination of the claim request.
This dedicated service is a valuable resource for families who may feel overwhelmed by the claim process during an emotionally challenging time.
Accuracy of Information: Ensure that all the details in the life insurance policy are correct, including the nominee’s name and contact details. Incorrect information can lead to delays in claim settlement.
Timely Intimation: It’s important to notify the insurance company about the death of the policyholder as soon as possible. Delaying this may complicate the process.
Keep Documents Ready: Always keep the necessary documents, such as the original policy document, in a safe and accessible place. This will help the nominee file the term insurance claim without any unnecessary delays.
Honesty in the Application: When applying for term insurance, ensure all information provided is accurate and honest. Misrepresentation or hiding facts, such as medical conditions, could lead to claim rejection.
While most term insurance claims are settled without issues, there are cases where a claim may be rejected. Common reasons for life insurance claim rejection include:
Non-disclosure of important information by the policyholder (e.g., existing medical conditions).
The claim falling under a policy exclusion, such as death due to a hazardous activity that wasn’t covered.
Incorrect or incomplete documentation.
If a claim is rejected, the nominee can contact the insurance company for clarification or file an appeal. Policybazaar’s claim assistance program can also help in such cases by liaising with the insurance company on your behalf.
The claim process is a critical part of term insurance, ensuring that your loved ones receive the financial support they need after your passing. By understanding how to file a claim and taking advantage of services like Policybazaar’s dedicated claim assistance program, you can make the process smoother and less stressful for your family. With the right life insurance coverage and proper claim filing, you can provide peace of mind and financial security to those who depend on you
†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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