The Central Government of India offers certain term insurance schemes, by way of which policyholders can safeguard their dependents financially. Let's have a look at them.
There are many different steps involved while filing a claim on a term insurance plan. In case of unfortunate death of the insurance holder, the dependents (family members) or beneficiary 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.
• The insurance policy should be in force and all the premiums should be paid
dully.
• The specific situation for which the claim is filed should be covered under
the term insurance.
• Policy exclusion.
Inform the Insurance Provider About the Claim In order to enable the insurer to start the process of claim, the nominee should inform the insurance company as soon as possible. The required details for the intimation of claim are the name of the policyholder, policy number, date of birth of the insured, place of death, the cause of death, the name of the beneficiary, etc. The beneficiary can avail the claim form either from the nearest branch of the insurance company or can even download it from the website of the insurance company. Moreover, the beneficiary can also fill the form online and file the claim.
Inform the Insurance Provider About the Claim In order to enable the insurer to start the process of claim, the nominee should inform the insurance company as soon as possible. The required details for the intimation of claim are the name of the policyholder, policy number, date of birth of the insured, place of death, the cause of death, the name of the beneficiary, etc. The beneficiary can avail the claim form either from the nearest branch of the insurance company or can even download it from the website of the insurance company. Moreover, the beneficiary can also fill the form online and file the claim.
The documents that should be kept handy while filing the claim are:
• Death certificate
• Age of the policyholder
• Original documents of policy
• Any other documents according to case related or according to the requirement of the particular insurance company 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 that whether the insurance holder was the passenger of the
flight or not.
• In the case of 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.
In case the insurance holder dies due to suicide, murder or accident then panchanama, police FIR report and post mortem report will be required. Submission of all the Important Documents for the Processing of Claim The beneficiary should submit all the required documents as early as possible to speed up the claim process and avoid any delay.
According to the Insurance Regulatory and Development Authority (IRDA) of India, it is mandatory for all the insurance companies to settle the claim within 30 days. The claim should be settled by the insurer from the date the beneficiary submits the claim form along with all the required documents. In case, the claim requires additional investigation then the insurer is obligated to complete the process within 6 months from the date of receiving the written intimation of the claim. Important Inclusion and Exclusion
Term insurance coverage is applicable to both unnatural and natural death. In the case of suicide, the claim is settled after one year of taking the policy. Inclusion and exclusion of the policy depend upon the risk factor of the policyholder. Thus, the benefit of non-smokers will be different in comparison to that of smokers. However, most of the benefits offered by term insurance plan remain the same in the different plan the term of coverage varies from plan to plan.
Documents Required for Term Insurance Claim Submission
• Thoroughly filled claim form ( provided by the insurer)
• Death certificate (original and attested copy issued by local municipal authority)
• Original policy documents
• Deeds of re-assignments/assignments if any
• Photo of the nominee, ID proof like PAN card, Aadhar card, passport, etc
• Last medical attendant physician certificate
• Medical records (admission notes, death/ discharge summary, test report, etc.)
• Post-mortem report, if any