Bharti Axa Term Insurance Claim Process

Term insurance offers a financial safety net to the beneficiary of the policyholder after their sudden demise. Term plans offered by Bharti Axa Life comprehensively cover death due to critical illness, accident, or natural causes. Its claim process is equally easy as buying the Bharti Axa Term insurance policy itself. This article explores different elements of the policy, including its claim process.

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Initiating the Bharti Axa Term Insurance Claim Process

Bharti Axa’s claim philosophy is designed for a three-step resolution. Here’s what anyone can expect the claim process to look like:

  • Claim intimation is the first step in the settlement process, followed by collecting the claim form physically or downloading it at their official portal. The required inputs in the claim form are the beneficiary’s details, besides the policy number, date, cause, and location of demise. 

  • Next, get all the supporting documents ready to submit a flawless claim for quick disposal. The essential documents include the policyholder’s death certificate, among others, to register the claim.

  • In the final step, the claim is processed after evaluating the submitted form and the supporting documents within 30 days. However, claims lodged within 3 years from the purchase date entail additional investigation, including inspecting the treating hospital before the policyholder’s expiry. 

Summarizing the Bharti Axa Claim Process

The broadly described claim settlement procedure at Bharti Axa Life is structured in the three steps assigned with specific functions. Let us study them in detail:

  1. Claim Registration

    The intimation is only the beginning of claim registration. The company provides multiple options to intimate the claim. So what are the ways to intimate?

    • Walk to any of the 263 Bharti Axa branches near you, and submit the claim along with the mandatory supporting documents. 

    • Request a call back from a company representative by submitting inputs like name, date of birth, purpose, and contact details. 

    • Shoot an email at the company’s dedicated claim address lifeclaims@bhartiaxa.com, detailing the particulars and soft copies of the required documents.  

    • Call the insurer’s toll-free number 1800-102-4444. However, intimation through the channel is considered verbal. The claim is formally registered on receipt of a written intimation only.

  2. Claim Evaluation

    After the claim registration, the Bharti Axa’s claim specialist starts assessing the claim. Then, the company reaches through SMS, phone call, or a letter seeking other information or additional documents. 

  3. Claim Settlement

    In the final step, the fate of the claim is decided. Bharti Axa has set a five-day target for arriving at the final decision. However, additional investigation delays the decision by up to 4 months per the IRDAI rules. The settlement value is disbursed once the claim is approved by electronically crediting the claimant’s bank account. 

Bharti Axa Claim Process Documentation

Proper documentation is critical to quickly settle a claim. The list of mandatory documents is described below for individual claims.

  1. Death Claim

    • Completed and duly signed claim form

    • Original policy bond

    • Claimant’s statement form

    • Self-attested copy of the Death Certificate issued by the local authority

    • Copy of the photo ID and address proof

    • Copy of the claimant’s bank passbook and a cancelled cheque

  2. Non-accidental Death (Additional)

    • A certificate stating the medico-legal cause of death

    • Copies of hospital medical records, including the Admission Notes, Discharge Summary, Test Reports, and previous records

    • Treating Doctor’s Certificate

    • Employer’s Certificate

    • Family Physician’s Certificate

  3. Accidental/ Unnatural Death (Additional)

    • Copy of the FIR

    • Post Mortem Report

  4. Rider Claim

    Riders are opted to augment coverage against an additional premium at the policy inception. Since the coverage is based on the chosen rider, the documentation may differ from a typical death claim.

    • Completed and duly signed claim form

    • Original policy bond

    • Claimant’s statement form

    • Copy of the claimant’s bank passbook and a cancelled cheque

    • Copies of hospital medical records, including the Admission Notes, Discharge Summary, Test Reports, and previous records

    • Treating Doctor’s Certificate

    • Family Physician’s Certificate

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Bharti Axa Claim Express

The unique facility to settle death claims within one working day exemplifies Bharti Axa’s commitment to a “customer first” approach. However, the express claim settlement guarantee under the scheme is subject to the following conditions.

  • It applies to death claims in the retail insurance business.

  • The policy must be active for three consecutive years before the claim is lodged. 

  • The documents must reach the nearest branch office before 3 PM on a working day. 

  • The day is counted after receipt of all the required documents. 

  • The claim amount must not exceed Rs.50 Lac. 

  • The guarantee is valid for non-investigative claims.

  • The guarantee does not apply to documents submitted during the first six working days in a month. 

Tips for a Seamless Bharti Axa Claim Experience

Bharti Axa Life offers a seamless claim experience to its term insurance policyholders. Here are a few tips for you to follow:

  • Always share accurate information while buying the policy of your choice.

  • Share your harmful habits like smoking and indulgence in hazardous sports with the insurer. 

  • Share your insurance features with the beneficiaries and, if minor, with the trustworthy adult guardian. 

  • Educate your near and dear ones with the tips to file a claim when the disaster strikes.

  • Pay your insurance always in time to avoid default. 

Five things to know before buying Term Plan Five things to know before buying Term Plan

In Conclusion

Bharti Axa’s claim settlement mechanism is one of the most elaborate. It is a symbol of their commitment towards their customers that manifests in a stellar claim settlement ratio and meagre claim repudiation. 

In addition, they render pioneering services through the Claim Express and Grief Support Program. In all, their claim centre supports their product bouquet to the hilt, ensuring a value-for-money experience.

FAQ's

  • Any delay in claim settlement distresses the beneficiary, especially if the deceased policyholder was the only breadwinner. Accordingly, the company pays a daily penal interest for delayed disbursement of the claim settlement amount beyond one day.  
  • Losing the policyholder is devastating for the family. To cope with the financial loss, in addition, is traumatic. Therefore, Bharti Axa experts provide the following services to the beneficiaries.
    • Trained professional counsellors conduct emotional counselling sessions to help the beneficiaries overcome stress, anxiety, and grief.
    • Certified financial planners help the beneficiaries chart future financial goals to emerge from the irreplaceable loss. 
    • Certified legal practitioners assist the beneficiaries in dealing with legal issues arising from the unfortunate demise of the breadwinner and thrashing out the loose ends plaguing financial and property issues. 
  • The policyholder can design the death benefit disbursement aligned to the family’s specific needs. Accordingly, the available three options are:
    • Payout in a lump sum
    • Payout in monthly instalments spread over ten years
    • Payout of 50% of the benefit in a lump sum and the remaining 50% in monthly instalments spread over five years
  • Yes, the beneficiary can convert the monthly-income death benefit into a lump-sum payment calculated at a discounted rate. 
  • The claim can be rejected for several reasons. Some of the most common are:
    • Incorrect age
    • Incorrect  income disclosure
    • Non-disclosure of previous insurance cover
    • Fraudulent claims

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