What is a Term Insurance Claim?
A term insurance claim is a formal request made by the policy nominee or beneficiary to the insurance company to receive the death benefit after the policyholder’s demise. The claim ensures that the insured’s family receives the promised financial protection during difficult times.
Types of Term Insurance Claims
- Death Claim – Raised in case of the policyholder’s death during the policy term.
- Maturity Claim – Applicable only if the term plan offers a return of premium at the end of the policy term.
- Rider Claim – Related to additional riders like accidental death benefit, critical illness cover, etc.
Documents Required for a Term Insurance Claim
To process the claim smoothly, the nominee should submit:
- Duly filled claim form
- Original policy document
- Death certificate of the policyholder
- Identity and address proof of the nominee
- Hospital records (if applicable)
- FIR or post-mortem report (in case of accidental death)
- Bank account details for payment
Step-by-Step Process to File a Term Insurance Claim
- Notify the Insurance Company
Inform the insurer as soon as possible after the policyholder’s death. This can be done online or through a branch office. - Submit Required Documents
Provide all necessary documents to support the claim request. - Claim Verification
The insurer will verify the claim details and authenticity of the documents. - Claim Settlement
Once approved, the insurer will release the payment to the nominee’s bank account.
Tips for a Hassle-Free Claim Settlement
- Ensure the nominee’s details are updated in the policy records.
- Disclose all medical and lifestyle details honestly at the time of buying the policy.
- Pay premiums regularly to keep the policy active.
- Keep all policy-related documents in a safe and accessible place.
Claim Settlement Ratio (CSR) – Why it Matters
The Claim Settlement Ratio indicates the percentage of claims settled by the insurer during a financial year. Always choose an insurance provider with a high CSR to increase the chances of a smooth claim process.
👉 Why Timely Filing is Important
Delaying the claim intimation may lead to unnecessary verification delays or even rejection. Inform the insurer as early as possible to ensure quick settlement.
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