1. Last 3 months salary slips or Income tax returns for the last 3 years.
2. Form 16 in case of salaried professionals and Form 16 A for
self-employed or freelancers.
3. One passport size photo.
4. Identity proof such as Aadhar card, Pan card, Driving license etc.
The basic idea of term insurance is to offer financial coverage to the claimant in return for a premium amount, which is directly linked with the age of the policyholder. That means, the older you opt for a term plan, the higher premium you have to pay. Let's understand this statement with the help of an example.
Just like every other thing in the market, term insurance comes with exclusions. Let's view it.
After you decide to purchase term insurance, the next question that comes in your mind is- how much coverage is sufficient for you? If we listen to the industry experts, a term cover must be 15-20 times of your annual income. For example, if your annual income is Rs.5 lakhs, your choice of minimum cover should be Rs.75 lakhs-1 crore.
In case of the demise of the policyholder, the nominee should inform the insurance company and share the required documents with them. Documents will vary in different scenarios and they are bifurcated below-
• Policy document in original.
• Claim form issued by the insurance company.
• Application from the claimant.
• Any other documents required by the insurance company.
• Post Morterm report of the accident.
• FIR report of the police.
• Claim form issued by the insurance company.
• Statement of attending doctor or certificate of medical attendance.
• Discharge summary from the hospital in the original.
• Supporting medical reports.
• Claim form issued by the insurance company.
• Application from the claimant.
• Any other documents required by the insurance company.
• Proof of reason of death in case of natural calamity- the evidence of his
name in the death list should be included.
• Claim form issued by the insurance company.
• Detailed application from the claimant.
In such cases, the legal heir of the claimant becomes the beneficiary. The legal heir can get the benefits only after attaining the age of 18. But his guardian must immediately inform the insurance company. The age criteria may depend completely on the provisions of the insurance companies or IRDA.
When a nominee dies before the policyholder, it's the responsibility of the insured to nominate other beneficiaries. This can be done either online or by informing the customer care. Note: Once the insurance provider accepts the claim, it will release the pay-out. If the claim is rejected, the reasons for the same will be communicated to the claimant.
In India, normally all existing life insurance policyholders are covered under term insurance. While a few life insurance policies have exclusions for a specific cause of death, coronavirus will be covered if you already have an existing life insurance policy. However, it is advisable to pay attention to the guidelines of life insurance and add-on plans, whose benefit will be paid if the claim is approved by the insurance company.
For all the new applications of term insurance during COVID times, insurance companies will calculate the premium of the policy based on medical history and the health of the customers. Hence, the pandemic may have an impact on the term insurance premium and the acceptance of the policy as well. It is important to keep in mind that if the buyer's application is in process and (s)he gets diagnosed with COVID, then the company might reject or hold the policy. The buyer should make sure that (s)he is sharing all the information with the insurer whether it is related to COVID or not. This will prove to be useful at the time of filing a claim.
• Inform the respective insurance provider about the death at the earliest.
• You must collect the claim form the official website of the company or the
nearest branch.
• Collect all the documents from the hospital (if the death has occurred in the
hospital). Don't forget to collect the death certificate from the municipal
corporation office
• Submit the claim form, death certificate, hospital and KYC documents of the
insured and the nominee.
• Submit the bank details
• Once the nominee fulfils all the requirements, the company will analyse the
documents and process the same further.
• If it gets approved, the nominee will receive the amount in the registered
bank account. In case of rejection, the company will inform the same
through a message, call or letter.
Note: The claim process varies from insurer to insurer. You must check with your provider about the same as many companies have started claim services over WhatsApp as well. Additional Documents Required To File A Claim Based On The Cause Of Death Due To Coronavirus.
