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    Term Insurance Claim Process

    There are many different steps involved while filing a claim on a term insurance plan. In case of the unfortunate death of the insurance holder, the dependents (family members) or beneficiaries under the term insurance policy should inform the insurer as soon as possible. In order to support the claim filed, it is necessary to submit all the required documents. However, prior to intimating the insurance company, the beneficiary should keep in mind some important facts.

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    Term Insurance Claim

    Buying a term insurance plan is a wise decision. All’s hunky-dory when you buy the policy. But at the time of claim, the real chaos begins and you’re not around to witness that. To avoid your family from going through the mess, here is what you need to know!

    The Right Method to Make a Claim

    Once the policy holder passes away, family members or the nominee under the policy can send a claim intimation to the insurance company as soon as possible. Although your family may be in sorrow, they must not delay in making the claim. This is to avoid any complications in the process. It is as simple as that!

    Contents of a Claim Intimation

    Critical details about the date, place, and cause of death is a must in the claim intimation made by the nominee. In their time of grief, we help the family members or nominee deal with the term insurance company and assist them in settling the claim.

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    If a claim is made within the 3years of policy issued, the insurer does an additional investigation in order to ensure it is a genuine claim. These are as following:

    • Check with the hospital whether the demised person was admitted in the hospital or not.
    • In case of confirmation of flight crash from the airline authorities, the insurer checks with the airlines whether the insurance holder was the passenger of the flight or not.
    • In the case of the death of the insured due to any critical illness, the insurance provider will ask the hospital to make available the details like medical records, doctor’s certificate, etc.

    Tips to a Smarter Claim

    The most significant tip to term insurance is –

    EDUCATE your family members/nominee about the policy you take!

    At the time of claim, you won’t be around to assist your members in fulfilling claim settlement formalities. Always inform them about the terms and conditions of your policy, the sum assured amount, and the steps to claiming it once you pass away. The more transparent you are to them, the more hassle-free claim settlement process they undergo!

    Also, several riders are associated with term plans. By paying a slightly higher premium, you get extra advantages.

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