Edelweiss Tokio provides term covers for today’s quick-paced consumers. They also offer an easy term insurance claim process. Before you delve deeper into it, an insight into their term insurance product will enlighten you about what and where to claim.
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Zindagi Plus is their flagship pure-risk term plan offering inventive features to protect your family from financial ruin in the face of devastating events. Thus, you can choose the Better Half Benefit for an umbrella in the breadwinner’s absence, Waiver of Premium against critical illnesses, Top-up, and four riders to augment your coverage.
Besides, you can tailor how the death benefit is disbursed. But, like typical term insurance, Zindagi plus offers no maturity benefit. Therefore, grasping the import of their claim process assumes greater significance. So, let us dig deeper now.
An essential indicator of the claim process is the claim settlement ratio endorsed by the ITDAI. Accordingly, Edelweiss Tokio’s claim settlement ratio for 2021 is an impressive 97.01%. The claim settlement process aims to mitigate the claimant’s trauma through a seamless experience.
The company’s philosophy for the claim process is to reach out with the intimation, complete the paperwork, submit the required documents, and await the settlement post validation. Accordingly, grasp the following claim scenarios.
Death Claim: Zindagi Plus death benefit surfaces on the policyholder’s demise during the policy term, regardless of the chosen variant – level or decreasing sum assured. In addition, you can choose from a lump-sum payment or staggering income from the death benefit.
Rider Claim: The four riders in Zindagi Plus augment your cover substantially against an additional premium. The riders on offer are:
ETL – Accidental Death Benefit Rider: The benefit is payable in a lump sum upon accidental death.
ETL – Accidental Total Permanent Disability Rider: Covers for your emergent financial needs compensating for income loss through a lump sum payment.
ETL – Hospital Cash Benefit Rider: Provides daily cash allowance and post-hospitalization benefits.
ETL – Critical Illness Rider: The life insured gets a lump-sum payment upon diagnosis of any of the thirty-five listed critical illnesses.
We have understood that the claim settlement process in the company is a three-step affair. Let us first look at the simp0lified online option for raising a claim. Then, visit the ETL website and complete the below-mentioned steps.
Claim Intimation: The first rung in the ladder for claim settlement where your choice is online or offline. Whatever be the mode, the essential information includes the nominee’s name, the nominee’s phone number, and policy number.
Documentation: The ETL claim officer first assesses the claim and intimates the claimant the list of documents to submit. You can choose to courier the documents asked for or submit them in person.
Claim Decision: The claim is validated on receipt of the documents. The usual time taken for ETL to decide on the claim is 24 hours. The claim amount is settled electronically to the claimant’s bank account credit.
Alternatively, you can opt for the offline claim settlement process. The procedure is as simple as the online. First, you must call ETL’s dedicated toll-free number. The other options are calling their dedicated claim mobile number, email, or visiting the nearby branch office. ETL has a presence in 198 offices spread across 93 Indian cities.
You can directly submit the claim at their registered office to initiate the claim process. Document submission, claim decision, and settlement follows the claim registration, similar to the online mode.
Whether online or offline, you must be aware of ETL’s contact details for a seamless claim experience rather than groping in the dark.
Registered Office: Edelweiss Tokio Life Insurance Co. Ltd, Claims Team, Tower 3, 6th Floor, Kohinoor City Wing “B,” Kiriol Road, Kurla West, Mumbai – 400070.
Toll-Free Number: 1800-121-1212
Mobile Number: 8879688110
Email Address: email@example.com
Meticulous adherence to documentation is critical for a seamless claim settlement. Accordingly, thoroughly understand the need for documents in each case scenario so that your claim is settled without much ado. Let us study the different situations.
You raise a claim for the policyholder’s death during the policy term, whether natural, accidental, or even Covid-19. You must submit the following indicative documents.
Original policy document.
Claimant’s KYC credentials comprising ID and address proof.
The claimant’s statement narrates the death.
Claimant’s bank account details for electronic settlement
Copy of the death certificate from the local authorities.
Copy describing the cause of death
Medical records if hospitalized, covering Indoor Case Papers, Test Reports, Discharge, and Death Summary.
Certificate from the hospital if admitted
Employer’s certificate if the policyholder is salaried
Treating Doctor’s Certificate
Driving License if death occurred while driving. Applicable to claims for Accidental Death or Permanent Disability Rider.
If police case registered – FIR/ Police Report. Panchnama/ Inquest Report
Post mortem report if conducted
For all the claims under this category, you must submit the documents described above from a to j. In addition, for critical illness, you need an additional document with prognosis details as the Waiver of Premium is subject to a 30-day survival.
The claim is for seeking compensation in a lump sum for income loss due to disability from an accident. Submit all the documents described for the death claim from a to l.
You must understand that the documents described above are only indicative, and ETL may ask for additional documents to settle the claim.
Besides offering multiple term cover choices, Edelweiss Tokio also has a quick and easy term insurance claim process. Additional benefits include rider options and no claim bonus. Accordingly, educate your beneficiaries of the claim process to be prepared for unfortunate eventualities during the policy term.
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