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Afraid of term insurance claim rejection? Know common reasons why term insurance claims get rejected and how to prevent it. Visit now!
Life insurance, term insurance, insurance policy - these are all terms that you hear growing up or, more so, as a grown-up. Although you may not know the nitty-gritty of the policies, you are not entirely alien to the terms. As you come closer to buying insurance, you might actively start taking interest in knowing all the details to make the best choice for yourself and your loved ones. One of the most critical factors in making this decision is claim settlement.
Claim settlement in life insurance is the payout money that the nominee/ family member can claim in case of the demise of the policyholder. While buying term insurance, it is important to ensure that you understand the claiming process clearly, so that your loved ones can claim the settlement amount without any hiccups. To understand this better, it might be a good idea to look at the term insurance claim settlement ratio of the companies that you have shortlisted to buy your insurance. This ratio is the percentage of claims that the insurance company has settled in the year out of the total number of claims that had been filed. It will help you gauge how trustworthy the said company is because the term insurance settlement ratio of a company is directly proportional to its reliability when it comes to ensuring financial stability for your loved ones after you.
Now you must be wondering how to claim term insurance after death. To accomplish claim settlement in life insurance, the first step would be to inform your insurer as soon as possible about the demise and the cause for the same. Along with this, you will have to present certain documents, which include:
After document submission, the insurance company investigates further to confirm the facts to initiate term insurance settlement. Once the data is verified, the insurer settles the claim, providing the payouts.
Having understood how to claim term insurance after death, it is important for you to know that there are instances where the claims are rejected, wherein you may not reap the benefits despite paying the premiums on time.
Some term insurance claim rejection reasons include:
Now that we know about the importance of term insurance claim settlement ratio and some term insurance claim rejection reasons, we should be careful while filling the insurance form and keeping the company updated through the course of our insurance to get guaranteed claims. Claim settlement thus becomes one of the most important things to consider while buying term insurance and securing your loved ones!
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Ref. No. KLI/22-23/E-BB/2435