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Term Insurance Claim Process

It is important to understand term insurance claim process once you decide to buy a term plan. Click here to know how to claim term insurance and documents required to claim term insurance.

  • Sep 30, 2019
  • 8,432 Views

Term insurance is a pure form of a life insurance policy. It offers death benefits to the nominees of the policyholder in case of his or her untimely demise. If you decide to buy a term plan online, you need to learn about the term insurance claim process. More importantly, you must help your nominees to understand it better, as they will need it only when you are not present. Any mistake made during the claim process might result in a denial. This will only add to the misfortune of your loved ones.

This article will help you know the important aspects of the claim process.

The right method to make a term insurance claim

The nominees of the policyholder need to file for a claim immediately after the policyholder passes away. It will be difficult for your loved ones to handle your absence. However, there must be no delay, and the process is completed accurately.

If you want to learn how to claim term insurance, you need to first know about the contents of the insurance plan. The nominees need to provide information regarding the cause, place, and date of death. However, the insurer will ask for more documentation to complete the claim process.

Documents Required to Claim Term Insurance

  • The claim form filled-up with the correct information
  • Death certificate
  • Policy documents
  • Deeds of assignments or re-assignments
  • The discharge form, witnessed and executed
  • A certificate from the last medical attendant
  • The post mortem report

If the death occurs within three years of buying the policy, the insurance company might ask for additional documents such as the hospital certificate, police report, and employer’s certificate.

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Important inclusions and exclusions term insurance claim process:

Before starting the insurance claim process, the nominees need to be aware of the inclusions and exclusions. The term policy provides death benefits in case of both natural and unnatural deaths. However, certain clauses are applicable depending on the cause of death. For example, only some insurers pay the death benefit for suicide or return the premium, that too if it occurs within a year from the policy initiation date. Most insurance companies return only a percentage of the premium.

The insurance industry functions on risk assessment. This means that the death benefits depend on the policyholder’s risk category. Policyholders belonging to the high-risk category such as smokers or alcohol consumers get different benefits compared to the people who do not have any such habit.

The rules are more or less similar for every insurance company. The simplest way to know about the specific inclusions and exclusions of your term plan is to check the policy document. You can also contact the insurer’s helpline to get the information. Once you have the data, you can act accordingly.

Special plans for terminal illnesses

While making a claim, the nominees need to know if the term plan includes the particular cause of death associated with the policyholder. Certain terminal illnesses are not
included in the general plans, and you need to opt for an exclusive cover to get death benefits for the same. For example, AIDS and cancer may not be included in your term policy. Some policies even offer a certain percentage of the sum assured to the policyholder when they are still alive in case they are in the last stages of the illness. The remaining of the lump sum is paid to the nominees after the demise of the policyholder.

You must get in touch with your insurance company as soon as you are diagnosed to make the claim. The insurer will need to check the documents to verify the illness.

Formalities for maturity claim

There are special term policies, which offer some maturity benefits. You need to follow certain formalities regarding the term insurance claim process. About three months before the maturity date of your policy, the insurance company sends you a notice and a discharge voucher. They also inform you about the lump sum that you will receive.

You need to sign the voucher and send it back to the insurer. You also need to include the policy documents. Once they receive the documents and process it, the maturity benefit is transferred to the assigned nominee. Some insurance companies offer the Return of Premium (ROP) benefit. They return you the premium if you survive the policy tenure. Contact your insurance company to know if it is included in your policy.

Tips to make a smarter claim

If you opt for the term plan online, you will have the facility to manage your policy through the Internet and make the claim in a few minutes. You can do certain tasks to ensure that your claim is approved. The most important thing to do is to educate yourself and your family on how the claim process works.

Remember that it is most likely that you will not be present in the time of filing the insurance claim. Hence, you need to inform your nominees regarding all the important information about the policy. This includes the sum assured, claim process, terms and conditions, and any other aspect of the policy.

One thing that should be mentioned here is that if you have any add-on riders with your policy, you must tell your nominees about their benefits as well. You surely do not want your loved ones to miss out of any benefit while making a term insurance claim.

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