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.Read more
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Read on to know more about the Bajaj term insurance claim process and the documents required:
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.
The Bajaj Term Insurance Claim Process is completed in 4 quick steps as given below:
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 firstname.lastname@example.org
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.
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.
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.
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
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
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.
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