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Bajaj Term Insurance Claim Process

Bajaj Allianz Life Insurance started its operations in 2001, is one of the leading insurers in India. The insurance company is a partnership between Bajaj Finserv Ltd. and Allianz SE. It serves millions of insurance buyers through its 116000+ agents, 509 branches, and via its online sales channel. The death claim payout of the company is good with the CSR of 98.48% and offers a simple and hassle-free claim experience.

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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.
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Note: Know more about what is term insurance first before reading this article.

Read on to know more about the Bajaj term insurance claim process and the documents required: 

Bajaj Term Insurance Claim Process

Term insurance claims are raised by the beneficiaries of the policyholder when the latter is no longer around, owing to unfortunate events. Term insurance plans offer a smooth procedure wherein the nominee can avail of the death payout without having to undergo any difficulties or hassles even as they recover from their loved one’s demise. 

Bajaj Allianz Life Insurance company has a fast and easy claim settlement process. The insurer has achieved a claim settlement ratio of 98.48% in FY 2020-21, indicating the fast settlement of claims. Bajaj Term Insurance attempts to approve all the death claims in 1 day after receiving the intimation of the claim if the claim does not need any kind of further investigation. 

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Steps Involved in Bajaj Term Insurance Claim Process 

The Bajaj Term Insurance Claim Process is completed in 4 quick steps as given below: 

  1. Step 1: Claim Intimation

    In order for the insurance company to process your death claim at the soonest, it is important to inform them about the policyholder’s demise as early as possible. You can either receive a claim application form from the insurance provider's nearest office or submit it after filling in all the information, or you can also download the form by visiting their official website and thus submit your claim. You can intimate claims to the insurer by following ways: 

    • Visit the claims section on the Bajaj Allianz’s official website

    • Visiting Bajaj Allianz nearest branch 

    • Calling on their 24X7 available (on working days) helpline number – 1800-209-7272 

    • Email at customercare@bajajallianz.co.in 

  2. Step 2: Submission of Documents 

    While registering the claim, you are required to submit certain documents to fill out the claim in the fastest way possible. All these documents are generally mandated by the company that you are seeking the claim application. The documents required involve the death certificate of the policyholder and the original documents of the policy. 

  3. Step 3: Claim Reviewing  

    If you raise the claim within 3 years of policy has been availed, the company, in most scenarios will conduct their own investigation process regarding the death circumstances. If in case the death occurred because of a critical illness, the hospital will be required to provide the medical history of the policyholder to the insurance company. If the policyholder dies due to suicide or murder, then you will have to submit the post-mortem report and FIR also. 

  4. Step 4: Claim Settlement

    The IRDAI (Insurance Regulatory and Development Authority) has mandated for every insurer to pay claims within 30 days from receiving the receipt of the last document submission. If there is a requirement for additional examination, then the company must complete the process of investigation within 60 to 90 days of receiving the claim intimation and settle the claims within 30 days afterward, failing which the company has to pay penal interest. 

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Documents Required For Completing Bajaj Term Insurance Claim Process 

Following are the list of documents required to be submitted while filing a claim: 

  • Claim application form 

  • Attested copy of Death Certificate issued the government authorities 

  • Original documents of the policy 

  • Any deeds of reassignments or assignments, if applicable 

  • Nominee’s ID proofs such as PAN card, Aadhar card

  • Passport photographs 

  • Medical reports of the life assured such as admission notes, medical treatment records, death/discharge summary, and test reports 

  • Death certificate by the last attending doctor 

  • Bank account details of the nominee 

  • Additional documents are required if the life assured died because of murder or suicide or accidental death, then the Panchanama, FIR, Autopsy report, and police inquest has to be provided

Points to Remember before Making Bajaj Term Insurance Claim

  • Inform the insurance company as early as possible regarding the demise of the policyholder.

  • Ensure that the information filled in the claim application form is correct and accurate as it can result in claim rejection. 

  • Before filing a death claim, make sure that the policyholder’s death cause was not listed as an exclusion under the term insurance policy 

  • Before filing for the term insurance claim, check that the event under which the life assured died is covered within the T&Cs of the term policy.

FAQs

  • What should I do to avoid my Bajaj Term Insurance claim being rejected? 

    Along with providing correct details, you should be aware of the exclusions part of your term insurance policy. Exclusions are the conditions under which your death payout will not be provided. For example, the insurer does not pay any death payout in case of death because of consuming narcotics or suicide. 
  • How will I receive the claim amount? 

    Insurers generally process claims within 10 -30 days. The claim payout comes mainly via NEFT into the bank account provided. In some cases, the amount is also sent by cheques.
  • How to calculate the term insurance premium online?

    Ans: You can easily calculate the term insurance premium online by using the term insurance calculator online tool
  • What are the benefits of term life insurance?

    Ans: Here are 4 common term insurance benefits:
    • Low premium rates
    • Tax Benefits
    • Death Benefit
    • Long term coverage

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