Income Protection Claim

The income protection claim is a formal application for benefits from an insurance scheme that pays a monthly income in case of an unfortunate incident. This helps replace part of your lost income and helps you meet your daily expenses as you recover. This benefit is very important as it ensures that the nominee gets their monthly income in the form of installments and not as a lump sum payment. Now, let’s discuss in detail the income protection claim:

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What Is an Income Protection Claim?

An income protection claim is raised by the nominee after the death of the life assured during the active policy term. A salary protection insurance claim is a request by the policyholder to have part of their income (usually 50% to 70%) replaced if they are unable to work due to illness, injury, or death. It gives you a tax-free monthly payment to help you cover basic living costs and your mortgage while you are recovering. Your family can use this term insurance payout to pay for their monthly needs, pay off any loans they still owe, and pay for the child's college costs.

In short, an income protection claim ensures that instead of receiving one large lump sum, the nominee gets a fixed monthly income for a defined period. It works like a salary replacement for the family.

Term Plans

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Crore

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₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

When Can an Income Protection Claim Be Made?

A claim can be filed under the life insurance policy if the life assured passes away during the policy term and the plan is active.

The life assured passes away during the policy term
The policy is active
Premiums were paid on time

Once the insurer verifies the documents and approves the claim, the monthly income begins as per the agreed schedule. This payout option is especially useful for families who depend on one person’s regular monthly earnings.

Key Features of Income Protection Payouts

Here are some important features of an income protection term plan:

A monthly payment instead of a lump sum
Instead of getting the full amount all at once, the nominee gets a set amount each month. It acts like a second salary, helping the family pay for everyday things without feeling too stressed.
Steady and reliable cash flow
It's easier to plan household budgets when the money comes in on a set schedule. You can pay your bills, school fees, and EMIs without worrying about how long the money will last.
Flexible Payout Duration
You can decide how long the money should keep coming in. Some families may only need help for 10 years, while others may need it for 20 or more. The length can be set to match important obligations like paying off a loan or sending a child to school.
A combination of a lump sum and monthly payments
A lot of plans let you mix. You get part of the benefit right away to pay for things that need to be paid for right away, and the rest is sent out every month for ongoing needs.

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Income Protection Claim Process

Inform the Insurance Company

To file a term insurance claim, the nominee should notify the insurer through customer care, email, online portal, or branch visit.

Submit Required Documents

These are the documents that are often needed:
The original policy document
Certificate of death
Form for making a claim
Proof of the nominee's ID and address
Information about your bank account
Medical records (if necessary) and a FIR or post-mortem report in case of an accidental death

Claim Review

The insurer checks policy status, cause of death, and nominee details.

Approval and Payout

Once approved, the nominee's bank account will begin receiving monthly payments for the selected period.

Wrapping it Up!

Making a claim for a Salary protection insurance plan can be hard, especially when you're already stressed out. But it can be much easier if you know how the claim process works, have all the necessary documents ready, and act quickly. Income protection is an important safety net for freelancers, employees, and gig workers. It lets you focus on getting better while your bills are paid. It lets you focus on getting better while still paying your bills. If you're considering income protection or reviewing your current policy, it's a good idea to check the claim conditions, waiting period, and payment terms to ensure they meet your needs.

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FAQs

Q. What is the process for making a claim for income protection?

Ans: If the person covered by the policy dies while it is still in effect, the nominee must notify the insurance company and submit the necessary paperwork, including the policy details and the death certificate.
The insurance company will not send a single payment after they have reviewed everything and agreed to the claim. Instead, it is paid out in a fixed amount every month for a fixed period of time. This helps your family keep up their way of life.
Q. Can I get tax credits for income protection?

Ans: Yes, the premium paid towards an income protection term are eligible for tax decutions as per the Income Tax Act.
Q. When can I make a claim on my income protection?

Ans: You can only make a claim if the person whose life is insured dies while the policy is still in effect. That means the premiums had to be paid on time and the policy couldn't have expired.
The nominee can start the claim right after the death. The sooner you tell the insurance company, the easier the process will be. Most of the time, delays happen when paperwork isn't complete or the information doesn't match what's in the policy records.

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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

Rs. 400/month 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 30 years of age, rounded off to nearest 10.

Rs. 400/month (Rs.13/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 30 years of age.

+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. ₹361/month is the starting price for a ₹1 crore loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.679/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 30 years of age.

+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/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 30 years of age.

+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

Women

+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 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.

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