Term Insurance Claim Process
Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term Plan

Protect Your family’s financial future with Kotak e-Term Plan. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more

Kotak Health Shield

Insurance against medical expenses related to heart, brain, liver and Cancer. Know more

Term Insurance Claim Process

Term Insurance Claim Process
  • 30th Sep 2019 |
  • 7,984

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.

Buy Life Insurance Now

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.

Invest in Term Insurance Now to Secure your Family

Kotak e-Term Plan

Download Brochure

Features

  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492

T&C

Browse our library of resources

- A Consumer Education Initiative series by Kotak Life

Similar Articles

Health Insurance VS Life Insurance

How Much Life Insurance Do You Need?

What Is Financial Planning?

Why You Should Never Cancel Life Insurance Policy

Life Insurance Plans for Women

Is it Worth Buying Disability Rider on Term Insurance?

4 Benefits of Gifting Life Insurance Cover to Your Spouse

Difference Between ULIP and Endowment Plan?

How to Select a Perfect Life Insurance Policy in India to Protect Your Future?

What Is Insurance Coverage?

Insurance Vs Investment - A Guide to Your Financial Goals

Choosing the Right Life Insurance

How Do Term Insurance Plans Differ for Smokers?

How to Choose Life Insurance for All Ages?

Important Life Insurance Terms You Must Know

Nominee in insurance - A Complete Guide on nomination in insurance

How to Calculate Human Life Value(HLV)?

Terms and Conditions of Term Insurance Plans

What Is Social Impact Investing and How Does It Benefit Society?

What Should One Consider Buying: Term Insurance or Traditional Life Insurance

When Should You Review Term Life Insurance of Yours?

Everything You Must Know About ULIP Riders

Types of Life Insurance Policies in India

When are Millennials required to take out a life insurance policy?

Do Life Insurance Premiums Increase Every Year?

Term Insurance Vs Life insurance: Small Details, Big Differences

What is Life Insurance?

Compare Different Life Insurance Products Offered By Kotak Life

Should you buy a Renewable Term Life Policy?

5 Common Life Insurance FAQs and Answers

What are robo-advisors in insurance?

Most Common Life Insurance Riders to Enhance Your Existing Policy

Life Insurance for Overweight Applicants

6 Things You May Not Know about Life Insurance

Is Life Insurance For Millennials Really Needed?

5 Reasons Why You Need Life Insurance in College

6 Different Types of Insurance Policies

Unit-Linked Life Insurance (ULIPs) vs. Term Insurance

How to Buy a Term Life Insurance Online

Comparing low premium term insurance Is Not the Only Factor While Buying Life Insurance

Choose the Nominee of a Term Life Insurance Plan Wisely

Is It Advisable To Have Multiple Life Insurance Policies?

Voluntary Life Insurance Policy Vs Group Life Insurance

How Much Life Insurance Costs and How Much Insurance Cover You Need?

Does Life Insurance Pay for Suicidal Death?

Is Voluntary Life Insurance the Same as Basic Life Insurance?

What Happens If I Stop Paying My Life Insurance Premium?

How to Find the Best Term Insurance Plan in Seven Steps

Is It Time to Review Life Insurance Policy of Yours?

All about IRDAI

Details Required To Be Filled In A Life Insurance Form

All about Your Rights and Duties While Buying Life Insurance Policy

How to Customize Your Life Insurance Policy with Riders

What Should One Expect During the Medical Evaluation for Life Insurance?

5 Things to Keep in Mind While Buying Life Insurance Policy

What is the Current Trend in Term Insurance?

NRI Premium Payment Options

5 Easy Steps to Buying A Policy

Can You Apply For A Life Insurance After Getting Heart Attack? Here is Everything You Need To Know

All About Life Insurance and How It Works?

Does Family History Affects your Term Life Insurance Rates?

Can You Transfer Life Insurance Policies to Another Company in India?

What is Underinsurance & The Dangers of Being Underinsured

Insurance Changes You Need to Make Post Marriage

Difference Between Money Back and Endowment Policy

Difference Between Insurance and Assurance?

What Is Insurance Rider and It’s Benefits?

Sabse Pehle Life Insurance

What are the Benefits of Endowment Policy?

7 Superficial Reasons People Avoid Buying Insurance Online

In India, should NRIs purchase life insurance?

All About Backdating in Life Insurance

What is the Difference Between Limited and Regular Pay Insurance Plan?

Life Insurance vs Mutual Funds

All about Life Insurance Calculators

What Is The Life Insurance Penetration In India And How Does It Compare Globally?

Term Life Insurance Vs Money Back Life Insurance

Why do I Need Life Insurance?

What Is Staggered Payment Option Under Term Insurance Policy?

Loan Against Life Insurance Policy

Life Insurance Beneficiary

Important Terminologies of Life Insurance

1 CR Term Insurance Plan: How to Pick the Best 1 CR Term Plan

5 Things to Consider Before You Buy Life Insurance

What is a Single Premium Term Plan and its Tax Benefit?

How to Make Death Claims on Life Insurance?

Kotak Life Claim Settlement Ratio

What is Minimum Life Insurance Policy?

Biggest Life Insurance Myths

Staying Insured While Investing

A Step-by-Step Guide: How To Make An Investment Plan?

Why Buying a Term Insurance is Important for all Parents

What is Sum Assured in Endowment Policy?

Guide for Buying Online Term Insurance Plans for Senior Citizens

Benefits of Term Insurance with Critical Illness Rider

9 Most Important Things You Must Learn About Paying Life Insurance Premium

Savings cum Protection Plans Secures Your Family from Unforeseen Events

What is Human Life value and a Human Life Value Calculator?

Term Insurance Vs Car Insurance: A Budgetary Choice You'll Regret

How Does Life Insurance Work?

भारत में जीवन बीमा पॉलिसियों के प्रकार

What is Group Insurance?

Why You Should Buy Term Insurance under the MWP Act (Married Women’s Property Act)?

Important Factors to Consider While Choosing the Right Term Period for Your Term Insurance Plan

How Many Insurances Should I Have?

ULIPs: Suitable for all

Why Term Insurance for Women is Important?

What Is the Procedure to choose a nomination in life insurance policy?

Life Insurance for Overweight Applicants

Role of IRDAI in the Insurance Sector

Who Is A Nominee In A Life Insurance Plan?

Life Insurance vs Health Insurance

Does Life Insurance Cover Terminal Illness?

5 Reasons Why a Women Should Buy a Life Insurance

Importance of Checking Claim Settlement Ratio before Buying Life Insurance

Why is Medical Test Important While Buying a Term Insurance?

Why Life Insurance Is Always a Smart Decision

What Is Surrender Value (Cash Surrender Value) in Insurance and how is it calculated?

Reasons Why Term Insurance Claims Get Rejected

Important Features of a Term Insurance Plan

“Life” Insurance or “Death” Insurance?

Can a Term Plan be the Substitute for a Retirement Plan?

Guidelines for Linking Aadhar and PAN to Insurance Policies

Choosing a Life Insurance Beneficiary

5 Ways to ensure faster settlement of claims

Term Life Insurance vs. Accidental Death Insurance

Is Return-of-Premium (ROP) in Life Insurance Worth It?

5 Advantages of Life Insurance Going Digital

Why Your Family Should Know About Your Life Insurance Policy?

How to Buy a Life Insurance Plan?

Customer Awareness on Information Security

Does Life Insurance Policy Cover Covid Death?

Life Insurance for Millennials

Can An Individual Buy Multiple Term Insurance Plans?

Life Insurance with Money Back vs Without Money Back

Why do most Indians choose the wrong way to buy life insurance?

Why Do Life Insurance Agents Avoid Selling Term Plans?

How to Revive the Lapsed Life Insurance Policy?

Best Insurance Plans in India

Term Insurance Tips for NRIs in India

All You Need to Know About Life Insurance - Its Benefits, Features, and Types of Life Insurance

A Term Insurance Guide for Disabled People

Life Insurance and Retirement Planning

First Job? Here’s Some Tips on How to Manage Finances

Life Insurance Vs. Mutual Funds Investment

Term Insurance for Home Loan: How Term Plan Helps in Paying Off Home Loan?

Think About Life Insurance Sooner than Later

Types of Insurance You Must Invest in for Secure Future

Life Insurance Policy Closure

Various Term Insurance Premium Payment Options Available in India

5 Smart Steps to keep in mind while buying term policies

Difference Between Term Insurance and Endowment Plan

Can NRI Buy Life Insurance in India?

Always keep your Nominee informed

Why Renewal of Term Insurance Plan is Important

Life Insurance and Millennials

How Much Life Insurance Cover Do I Need?

FAQs on Life Insurance

Why Online Term Insurance Plans Cheap?

Process of Filing A Claim For Life Insurance

Digital Life Certificate for Pensioners Seeking Pension

Are Deaths Due To Coronavirus Covered by Kotak E-Term Plan?

How to Choose the Right Life Insurance Policy for Your Age?

How to Choose a Life Insurance Policy

Key Things to Review in Your Life Insurance Policy Document

Different Kind of Deaths that are Not Covered in a Term Insurance Plan

Choosing Between Short-Term & Long-Term Insurance Plans

Why One Must Buy Term Insurance before 25 Years

Take 100% Responsibility of Your Family with Term Life Insurance

What Is Investment Insurance?

Top 5 Common Life Insurance Myths and Facts

How Often You Must Review Your Life Insurance Policy?

Different Types of Insurance Policies in India

What is a savings plan?

Different Types Of Life Insurance In India

What is an Endowment Plan?

Is it Possible to Reduce Life Insurance Premium without Affecting Sum Assured?

What Is a Whole Life Insurance Plan?

Benefits of Buying Term Insurance Plan for Senior Citizens in India

Is it Possible to Make Changes in a Term Plan’s Specification Post Purchase?

10 Most Frequently Asked Questions - FAQs on Term Insurance

Adding A Child to Your Life Insurance Policy?

How To Use Different Types Of Life Insurance For Retirement Planning?

Is Life Insurance an Investment?

Types of Life Insurance Or One Investment, Many Options

Beware of Phishing & Fraud Insurance Calls

Do Your Financial Planning with Life Insurance!