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Aditya Birla Term Insurance Claim Process

Aditya Birla Sun Life Insurance Company Ltd. is a partnership between the Aditya Birla Group and Sun Life Financial Inc. a renowned Canadian international financial services company. The company provides a smooth and easy claim settlement process for their clients. The insurer takes care that their customers do not have to go through problems during the whole procedure. The company currently has a claim settlement ratio of 98.07%,in the FY 2020-21. Under this, beneficiaries can receive the claim amount shortly after document submission and verification, which is done by the company to legitimize the request.

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This article highlights the Aditya Birla term insurance policy and claim process in detail: , and their claim process is known to be quick and easy.

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What is the Aditya Birla Term Insurance Claim Process?

You need to follow the following steps to make Aditya Birla Term Insurance Claim:

  1. Step 1: Intimate the claim

    You need to inform the insurer about the death of the policyholder. Next, you will have to submit the Death Claim Form to the head office/bank branches/nearest offices or through online mode, along with your ID/address proofs. The sooner you intimate the claim process, the better, as the insurer will want to verify all the formalities regarding the policyholder's death. This ensures the insurer that there was no foul play in the death. It also eases the way for the beneficiary or nominee to get the death benefit.

  2. Step 2: Document Submission

    When you submit the form and identification and address proofs, you also have to submit the documents that are required to verify the death of the policyholder. The documents required to claim death benefits include original policy documents, ID and address proofs of the nominee, death certificate of the policyholder etc.

  3. Step 3: Settling the claim

    Aditya Birla Term Insurance ensures that the claims are settled within 30 days of document submission.

    In death claims, it may take longer sometimes if the nature of the death is not natural. You can check with the Claims team for the time taken to settle the claim.

*Note: You can claim the sum assured online by downloading the form and submitting it, along with the documents, to the website.

Aditya Birla Claim Process For Offline Mode
Aditya Birla Term Insurance Death Claim Aditya Birla Term Insurance Rider Claim
Step 1: Fill up and submit the claim form Step 1: Fill up and submit the rider form
Step 2: Submit all the original documents to support your death claim Step 2: Submit all the original documents to support your rider claim
Step 3: Wait until your documents are verified; the company will contact you once the claim is ready to be settled Step 3: Wait until your documents are verified; the company will contact you once the claim is ready to be settled
Aditya Birla Claim Process For Online Mode
Aditya Birla Term Insurance Death Claim Aditya Birla Term Insurance Rider Claim
Step 1: Visit the insurer’s official website and visit the ‘Manage Claims’ page Step 1: Visit the insurer’s official website and visit the ‘Manage Claims’ page
Step 2: Click on the ‘File Claim’ option and choose the type of claim you are filing Step 2: Click on the ‘File Claim’ option and choose the type of claim you are filing
Step 3: Submit all correct policy details and cause of death Step 3: Submit all correct policy and event details
Step 4: Submit relevant and original documents to support your claim Step 4: Submit relevant and original documents to support your claim
Step 5: Wait until your documents are verified; the company will contact you once the claim is ready to be settled Step 5: Wait until your documents are verified; the company will contact you once the claim is ready to be settled

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What Are The Documents Required to Claim Term Insurance?

Following documents are required for making a term insurance claim:

  • Claim insurance form duly filled

  • Original policy documents (For both maturity and death claim)

  • Original/attested copy of death certificate issued by local municipal authority (In case of death claim)

  • Bank Passbook with a photograph or cancelled cheque with the bank's name on it

  • Medical attendant’s certificate (If any)

  • Policyholder’s identification details provided at the time of drawing of the insurance policy (In case of maturity claim)

  • Claimant’s statement from (For making a death claim)

  • Nominee's or beneficiary’s identity proof (In case of death claim)

    • Passport

    • PAN card

    • Voter identity card

    • Aadhar (UID) card

    • Relationship proof

  • Additional documents are required for making a death claim

    • FIR report or Final Police closure report

    • Post mortem report

    • Inquest panchanama

What are the Reasons for Rejecting Aditya Birla Term Insurance Claim?

The Aditya Birla term insurance can be rejected if the policyholder has not provided the correct information in the claim application or failed to submit the required documents. Other reasons for rejecting term insurance claims can be not updating information of the nominee and the plan being lapsed due to non-payment of premium amounts. Hiding information such as not disclosing the medical history, or hiding lifestyle practices such as alcohol or tobacco consumption, can be another type of reason for rejecting a term insurance claim.

Why Must You Never Premium Payments?

If you miss one or two payments on your term insurance policy, it will not be canceled. Insurance companies will provide you with a grace period during which you can pay the required payment.

After the grace period is over, the insurance company will assess the situation again and take appropriate action. This includes the policy's termination as one of the options.

If the insurance is canceled after the grace period, the policyholder will get a refund of the premium paid, minus the amount of penalties for late payments.

Claimants will still get the death benefit if the policyholder dies away during the grace period. Insurers sometimes deduct the unpaid amount from the death benefit.

So, if the policyholder passes away in the grace period, claimants will receive the death benefit minus the penalty amount. Aditya Birla Term Insurance offers a 30 days grace period as per the Insurance Regulatory and Development Authority of India (IRDAI).

In Conclusion

Filing an insurance claim is an essential procedure that must be carried out carefully. A properly filed claim expedites the claim process and provides the financial aid the family receives in the situation of an eventuality or upon plan maturity.

It is always advised to understand the claim settlement ratio of the insurer as well as the whole procedure before purchasing an insurance policy to get the best results from your purchase.

FAQs

  • Yes, you can get a tax return on your insurance coverage when you file a tax return. Sections 80 C and 80 D of the Income Tax Act of 1961 allow you to claim tax deductions on the insurance premiums that you paid in the given financial year.
    You can claim up to Rs. 1.5 lacs under section 80 C and up to Rs. 25,000 under section 80 D. To qualify for a tax credit under Section 80 D, you must add a critical illness rider in addition to your insurance policy.
  • Add-on riders are advantages that come with your term life insurance policy. It helps you customize your term insurance plan as per your needs. Riders include accidental death coverage, accidental disability coverage, critical illness coverage, and premium waiver coverage.
    These riders may slightly raise your rates, but they will provide you with additional coverage under your term life insurance policy.
  • Insurance claims are settled after a thorough examination of the pay-out criteria. This procedure takes between 30 days to 120 days after the date of receiving the claim request.
    If the claim is disputed or if there are discrepancies in the claim, then it takes longer than that period.
  • An insurance policy is a form of contract between the insurer and the policyholder. While purchasing the policy, the policyholder will have to declare the information about him/her on which the policy will be drawn. If during claim verification the insurer finds out any false information, they hold all the rights to deny the policy claim.

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