9 Tips To Ensure A Hassle-Free Claim Settlement

IRDAI reports show that on an average, a significant percentage of life insurance claims remain pending for over 12 months before final settlement. Despite the fact that claim settlement ratios in the last three years have been above 90% on an average, a lingering matter of concern is the long waiting period for claims. This defeats the core purpose of life insurance, i.e. timely disbursement of the death benefit to the insured’s family when the need arises.

Read more
51 Partners Insurance Partners
10.5 Crore Registered Consumer
5.3 Crore Policies Sold
We are rated ++ rating
₹1 Crore Life cover starting from ₹478/month+
Lowest Price Guarantee ˜
Check Your Premium Now
Please wait. We Are Processing..
Term Insurance
Get Updates on WhatsApp
×

Policyholders and beneficiaries often have to battle obstacles in the smooth settlement of life insurance claims. Though it is true that the final responsibility of claim settlement lies with the insurance provider, it is also true that policyholders too can do their part to simplify and expedite matters.

These simple tips can guide you towards a quick and hassle-free claim settlement process:

  1. Avoid Ambiguity  

    Be completely honest, give accurate and complete details, and never withhold essential details while filling your insurance form. After filling all details, crosscheck to ensure that you have left no room for ambiguity and errors. Be upfront about past and existing health conditions, and lifestyle-associated factors like drinking habits, smoking, etc. Also make sure that you always fill the policy application form yourself – do not make the mistake of allowing your insurance agent to fill it on your behalf. The smallest error or incorrect fact in the insurance policy application form can cause major problems during claim settlement.

    one crore term plan
    plus

    Term Plans

    ₹1
    Crore

    Life Cover

    @ Starting from ₹ 16/day+

    ₹50
    LAKH

    Life Cover

    @ Starting from ₹ 8/day+

    ₹75
    LAKH

    Life Cover

    @ Starting from ₹ 12/day+

  2. Know Your Policy Inside Out

    It is very important to read the life insurance policy document thoroughly. Along with giving you a sound understanding of its features, clauses, inclusions, and exclusions, this will also familiarise you with the formalities and pre-requisites to file claims. It is also crucial to know the beneficiary’s rights and stay informed about the redressal mechanism at your disposal.

  3. Update Regularly

    After buying an insurance policy, it is important to keep updating it regularly (if required), so that it reflects latest details like changed contact numbers, address, names etc. If there is a change in the beneficiary, make sure you notify your insurance company about it. Keep proofs for all the modified/additional details of the policy. This will allow the insurance company to contact you easily, ensuring you do not face hassles during the claim settlement process and otherwise too.

    one crore term plan

    Secure Your Family Future Today

    ₹1 CRORE

    Term Plan Starting @

    Get an online discount of upto 15%#

    Compare 40+ plans from 15 Insurers

    +Standard T&C Applied

  4. Understand the Claim Settlement Process

    You as a policyholder and all members of your family must know the claim settlement process and the documentation, formalities and all other associated requirements therein. Being prepared in advance aids in smooth execution of the claim settlement process when the time arrives.

  5. Educate the Beneficiary

    After you, as the policyholder, have gained a sound understanding of the insurance policy and claim settlement procedure, you need to educate the beneficiary as well. The beneficiary must understand all details of the policy, know the sum assured, and be aware of the claim procedure, clauses and exclusions therein.

    The beneficiary should also know where the policy documents are kept. It is best to categorise them and have appropriate labels so the beneficiary has no difficulty finding them when required.

  6. Ensure Timely Intimation

    Before filing a claim, you are required to make an application to intimate the insurance company so they can initiate the claim settlement process. You can download the latest claim intimation form from the insurer’s website, and in the absence of the online option, you need to visit the insurance company’s office to obtain the form.

  7. Keep Documents Handy

    Keep your insurance policy and claim-related documents organized, safe, and always at your disposal. When making a claim, submit the claim documents well in advance, as last-minute paperwork poses problems and causes delay. If any documents go missing during the claim filing process, it adds to the tediousness and leads to wasted time. Also ensure you submit the documents in line with the kind of life insurance claim being made – death, maturity, or rider. 

    Life insurance companies typically require policy documents, age proof, and death certificate – additional documents may be needed as per the insurance company you are dealing with. Being fully aware of the documents required ensures a smooth claim settlement process.

  8. Take Timely Action

    IRDA has made it mandatory for insurance companies to settle claims within 30 days of receiving all the necessary documents. Within six months of getting the written intimation, all formalities required by the insurer should be completed. If all goes well, the policyholder receives the claim within the promised 30 days, which is usually via Electronic Fund Transfer (EFT) these days.

  9. Get an e-Insurance Account

    Opting for an e-insurance account is a good idea as it minimises paperwork and keeps your policy documents and information streamlined along with easy, 24/7 access.

    Claim settlement is an integral aspect of life insurance - follow these simple tips and make it smooth sailing.

Note: It is suggested to calculate the term plan premium on the term insurance premium calculator online tool by Policybazaar before buying.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

Life Insurer Details


Premium By Age

˜Top plans are based on annualized premium, for bookings made through https://www.policybazaar.com in FY 25.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

© Copyright 2008-2025 policybazaar.com. All Rights Reserved

+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.

˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.

Choose Term Insurance Plan as per you need

Plans starting from @ ₹473/Month*
Term Insurance
1 Crore Term Insurance
Term Insurance
2 Crore Term Insurance
Term Insurance
4 Crore Term Insurance
Term Insurance
5 Crore Term Insurance
Term Insurance
6 Crore Term Insurance
Term Insurance
7 Crore Term Insurance
Term Insurance
7.5 Crore Term Insurance
Term Insurance
8 Crore Term Insurance
Term Insurance
9 Crore Term Insurance
Term Insurance
15 Crore Term Insurance
Term Insurance
20 Crore Term Insurance
Term Insurance
25 Crore Term Insurance
Term Insurance
30 Crore Term Insurance
Term Insurance
15 Lakh Term Insurance
Term Insurance
60 Lakh Term Insurance

Life Insurance Articles

  • Recent Article
  • Popular Articles
24 Apr 2024

Most Common Life Insurance Frauds in India

Life insurance fraud is a serious financial crime in India

Read more
09 Aug 2023

What High Net Worth Individuals (HNIs) Do To...

High net worth individuals often opt for life insurance plans to

Read more
28 Jun 2023

A Review Of ICICI Prudential Life Insurance

“Policy Bazaar insurance clarified the term policy for me, so

Read more
27 Jun 2023

A Review Of HDFC Life Insurance

“I recently bought an HDFC term plan and it is the best

Read more
20 Jun 2023

Life Insurance Policy in India with High Returns

The life insurance policy in India is a type of life insurance

Read more

Axis Max Life Insurance Login

Axis Max Life Insurance has been around for over a decade and maintains a strong claim settlement ratio of 99.34%

Read more

Axis Max Life Insurance Policy Status Check

To check your Axis Max Life Insurance policy status, you can use various convenient online and offline methods

Read more

SBI Life Insurance 50,000 per year Plan for 5...

SBI Life Insurance provides limited premium payment plans where you pay ₹50,000 annually for just 5 years. These

Read more

Post Office Gram Suraksha Scheme Calculator

A Post Office Gram Suraksha Yojana Calculator is a free online tool that helps you estimate your premium based on

Read more

SBI Life Insurance Policy Surrender Value...

The SBI Life Insurance Policy Surrender Value Calculator is an online tool that helps you estimate how much money

Read more
Get Call Back Now
Claude
top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL