Aditya Birla Term Insurance Claim Process

Term policy claim is generally made when the policy has matured or its policyholder is no more. Aditya Birla term insurance claim is quick and easy. Beneficiaries can receive the claim amount shortly after document submission and verification. It is done to legitimise the request. This article explores Aditya Birla term insurance policy and claim process in detail.

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Types of claims

There are two types of Aditya Birla term insurance claims:

  1. Maturity claim

    A maturity claim is claimed when the policyholder outlives the insurance policy tenure. You don't get the death benefit when you claim for the maturity claim. 

  2. Death claim

    Death claim is claimed by the nominee or the policyholder's beneficiary after the policyholder’s death during the tenure of the insurance policy. 

Both term insurance claims follow a similar procedure to file the insurance claim. Documents required in both claims are different. Also, settling the death claim may take longer than the maturity claim as the insurer will want to verify all submitted documents before disbursing money. 

Aditya Birla Term Insurance Claim Process

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

  1. Step One: Notify the insurer

    You need to inform the insurer about the maturity date for maturity claims. You will receive the maturity claim form from the insurance company. 

    You need to first inform the insurer about the policyholder’s death in case of an eventuality. Provide all the details with the relevant documents and records with complete information. The sooner you do it, 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 Two: Claim insurance form

    After you notify the insurance company about the death or the term tenure maturity date, the company will provide you with the insurance claim form. You submit that form to the insurer along with all the required documents. 

    You can submit the form along with the document to the nearest branch, or you can courier it. 

  3. Step Three: Settlement of the claim

    Aditya Birla Term Insurance ensures that the claims are generally 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.

Documents to be submitted

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

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Why Must You Never Premium Payments?

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

After the grace period has passed, 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 cancelled 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 30 days grace period as per the Insurance Regulatory Authority of India (IRAI).

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.

FAQ's

  • 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 sickness 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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