Prices Increasing soon Prices Increasing Soon

Know the Claim Settlement Process of a Term Plan Before Zeroing in on One

In today’s day and age, it is imperative to have a term insurance plan in order to provide a financially secured future to the family. However, as important as it is to purchase a term insurance plan, knowing the claim settlement process of a term plan is equally important.

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
+91
Secure
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

A term insurance claim is a request filed by the beneficiary of the policy to the insurer in order to avail death benefit in case of the unfortunate demise of the insured during the policy tenure. Most of the insurance companies offer a hassle-free claim settlement process so that the nominee can file a claim and get insurance coverage without any hassle.

Let’s take a look at the claim settlement process of the term insurance plan, before zeroing in on one.

Term Insurance Plan Claim Process

There are various steps involved in the process of filing a claim on a term insurance plan. If the insured person dies an unfortunate death, then the beneficiary or dependent (family member) of the term insurance plan should inform the insurance company immediately. Moreover, while filling the claim, it is also important to keep all the required documents handy. Besides this, before informing the insurance company there certain things that the beneficiary should keep in mind.

  • The term insurance plan should be effective and all the premiums should be paid regularly.
  • The beneficiary of the policy should keep in mind the policy exclusions.
  • The exact situation for which the claim is made should be covered under the policy.

Step by Step Claim Settlement Process of a Term Insurance Plan

Inform the Insurer About the Claim

In order to allow the insurance company to start the claim process, the beneficiary should inform the insurer as soon as possible. The documents that are required for the initiation of the claim are the policyholder’s name, insured’s date of birth, policy number, cause of the death, place of death, name of the nominee, etc. The nominee of the policy can either download the claim form from the insurance company’s website or can get it from the nearest branch office.

Important Documents to Keep Handy

There are some important documents that the beneficiary should keep while filing the claim. These are as following:

  • Age proof of policyholder
  • Death certificate
  • Policy documents (original).
  • Any other documents as per the requirement of the insurance company or related to the case.

In case the claim is filed within the 3 years of policy initiation, the insurance company does extra investigation in order to guarantee that it is a genuine claim. Let’s take a look at it.

  • Enquire with the hospital that the deceased person was admitted in the hospital or not.
  • In case of demise of the insured person due to any critical illness, the insurer will ask the hospital to provide the details such as the doctor’s certificate, medical record, etc.
  • In case the airline's authorities confirm any flight crash then the insurance company check with the airline that whether or not the policyholder was the passenger of the flight.

Submission of the Required Documents for the Claim Processing

In order to fasten the process of the claim settlement and to avoid any type of delay, the nominee should submit all the important documents as soon as possible. The documents that are required at the time of claim processing are:

  • Properly filled claim form.
  • Original death certificate along with attested copy issued by the local municipal authority.
  • Original policy documents.
  • Passport size photograph of the beneficiary.
  • Identity proof of beneficiary such as Aadhaar card, PAN card, passport, etc.
  • Deeds of assignment/re-assignment if any.
  • Post-mortem report, if any.
  • Medical records (test report, admission note, discharge/death summary)
  • Last medical attendant certificate by the physician.
Best term Insurance Plans in India

Settlement of Claim

As per the Insurance Regulatory and Development Authority of India (IRDAI), the claim within 30 days. The insurer should settle the claim from the date the nominee submits the claim form along with all the important documents. If the claim requires some extra investigation then it is mandatory for an insurance company to complete the claim settlement process within 6 months from the date of receiving the written intimation of the claim.

Important Exclusions and Inclusions

The insurance coverage of the term plan is applicable to both natural and unnatural death. In case of demise of the insured person by committing suicide, the claim is settled after 1 year of policy initiation. The exclusion and inclusion of the policy depend on the risk factor of the insured person. Thus, the benefit offered to the non-smokers will differ as compared to a smoker. Generally,  most of the benefits offered by term plans are same. However, the coverage of the policy varies from plan to plan.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Wrapping it Up!

Knowing the claim settlement process of an insurance company is very important. The higher the claim settlement ratio of the insurance company is, the more reliable it is to purchase a term insurance plan. Thus, before purchasing a term insurance policy check the claim settlement ratio of the insurance company and keep in mind the process of claim settlement.

While it is important to check the claim settlement ratio of the insurance company, it is equally important to do a proper medical test before purchasing the policy. A medical test gives a clear idea to the insurance company about the health of the policyholder and helps them to determine the premium amount of the policy.

While most of the term insurance policies demand medical tests from the insured, there are many other online term plans without medical tests. This also depends on the age of the policyholder and the sum assured amount chosen by them. Some insurance companies offer online term plans without a medical test if the maximum sum assured of the policy is above Rs.50 lakh.

Different types of Plans


Premium By Age

Term insurance articles

Recent Articles
Popular Articles
Long Term Disability Insurance for Income Replacement

08 Dec 2023

Long-term disability insurance for income replacement is a
Read more
Term Insurance for Below Poverty Line (BPL)

07 Dec 2023

In the world of making sure everyone can get important services
Read more
Income Replacement Insurance For Self Employed

07 Dec 2023

Income Replacement Insurance for self-employed is the term
Read more
Edelweiss Tokio Income Replacement Insurance Plan

07 Dec 2023

Edelweiss Tokio Income Replacement Insurance Plan is a
Read more
Income Replacement Insurance for HNIs (High Net-worth Individuals)

07 Dec 2023

An income replacement plan designed for High Net Worth
Read more
Best Term Insurance Companies in India 2023
Buying term insurance is a great way to protect your loved ones financially in the unfortunate event of your
Read more
What Are The Medical Tests Done For Term Insurance
Term insurance offers a sum assured to the beneficiary of the policyholder upon their death that can help them
Read more
LIC Term Insurance 1 Crore
LIC of India offers various plans to help you secure the financial future of your loved ones. In order to make
Read more
Term Insurance for Women in India
Term insurance for women is a type of life insurance specifically designed for fulfilling women’s needs and
Read more
What Kind Of Deaths Are Not Covered In A Term Insurance Plan
A term insurance plan is the best way to ensure the financial well-being of your family members in case of any
Read more

top
View Plans
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL