HDFC Term Insurance Claim Process

HDFC Term Insurance is one of the most prominent and popular protection policies created and introduced by HDFC Life Insurance. HDFC Term Insurance Company is a joint scheme between Housing Development Finance Corporation Limited and abrdn plc (previously called Standard Life Aberdeen). HDFC Life is providing benefits to its customers from its increased presence across India with a wide channel of 372 offices and further tie-ups and partnerships.

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The Claim settlement ratio of HDFC Term Insurance company is 98.01% for 2020-21. HDFC Term Insurance claim process is simple and hassle-free and it also has a great claim payout. Read on to know more about the HDFC Term Insurance Claim process: 

HDFC Term Insurance Claim Process 

HDFC Term Insurance provides financial security to the family of a policyholder in case of unfortunate events such as disability, death, terminal illness with the life assured. It is recommended to buy a term insurance policy from an insurance company that has a high (more than 95%) claim settlement ratio (CSR) with a smooth documentation process. 

As discussed, the insurer has achieved a claim settlement of 98.01% for the financial year 2020-21 as per IRDAI Annual Report, which indicates that the company handles claims well. With HDFC Life, you can also settle your claims for the term policies you have bought online within a day i.e., in just 24 hours. In addition to this, the company has a committed claim settlement assistance team that is available 24X7 to resolve the queries of their customers.

The selection of the ideal term insurance plan from an insurance company having high CSR value is an important requirement when purchasing term insurance. The foremost purpose of an insurer is to ensure the settlement of death claims on time in return for the premium amounts paid by the life assured. HDFC Term Insurance claim process is user-friendly and the team is available 24X7 if bought online. 

Steps Involved in HDFC Term Insurance Claim Process 

HDFC Term Insurance settles your death claim in just 4 quick steps. Let’s discuss each step involved in the HDFC Term Insurance claim process: 

  1. Reporting of Claim 

    The nominee should inform the insurer about the claim in written form. The claim intimation process requires some basic information such as the insured’s name, death date, policy number, death cause, claimant’s name, etc. The nominee can get the intimation form by going to the nearest branch of the insurer or can also download the form from the official website of the insurer by visiting the Claim Settlement section and then clicking on the individual death claim section. 

  2. Documents Required for processing claim 

    To get your claim settled quickly, the claimant is required to submit relevant documents to the insurer such as the claimant’s statement, death certificate, original policy documents, medical records from the treating doctor or hospital, etc. 

  3. Claim Evaluation 

    After submitting all the documents, the claim assistance team will evaluate all your claim information. There might be some cases, in which a nominee may be required to submit additional information or documents to support the further claim process. 

  4. Settlement of Claim 

    The claim assistance team will decide on approving or rejecting your claim application based on the documents submitted by you. If in case the claim is approved, the payment is made to the nominee’s bank account via ECS or by cheques. If the policy is purchased online the claim will be settled within 24 hours. 

How to File HDFC Term Insurance Death Claim? 

  1. HDFC Term Insurance Claim Process Online 

    This process involves 3 easy steps: 

    • Verify the details of the policy 

    • Submit the details of the policyholder 

    • Submit the details of the nominee 

    Then, click on ‘Request a claim’ and start the HDFC Term Insurance claim process 

  2. HDFC Term Insurance Claim Process Online 

    • Download and fill the claim application 

    • Collect all the requested documents 

    • Submit claim application and all the claim supporting documents 

Documents Required in HDFC Term Insurance Claim Process 

Below documents are required to initiate the HDFC term insurance claim process in case of” 

  1. Natural Death Claim

    • Certificate of death issued by the local municipal authority or government 

    • Documents of policy- Original 

    • Death claim application 

    • Claimant’s Address proof 

    • Claimant’s PAN card

    • Medical documents or records 

    • Certificate of death mentioning a medical cause of death 

    • Cancelled cheque or Bank Passbook 

    • Photograph of a claimant 

  2. Accidental Death such as suicide, murder unnatural death

    • Certificate of Death issued by the local municipal authority or government 

    • Death claim application 

    • Claimant’s Address proof 

    • Claimant’s PAN card

    • Documents of policy- Original 

    • Cancelled cheque or Bank Passbook 

    • Police inquest, Panchanama, and FIR

    • Post-mortem Testimony

    • Annuity claim information 

    • Photograph of a claimant 

  3. Natural Calamity/Disaster claims

    • Certificate of Death issued by the local municipal authority or government 

    • Death claim application 

    • Policy documents – Original 

    • Claimant’s Address proof 

    • Claimant’s PAN card

    • Cancelled cheque or Bank Passbook

    • Photograph of a claimant 

  4. Critical illness claim

    • Application form for Critical Illness claim 

    • Policy documents – Original 

    • Medical records and reports like hospital records, diagnostic reports

    • Claimant’s Address proof 

    • Claimant’s PAN card

    • Cancelled cheque or Bank Passbook 

    • Photograph of a claimant 

Why HDFC Term Insurance Claim Process is Unique? 

  • Claim Processing same-day option - Claims are processed within a day i.e., 24 hours for all claims over three years from the inception date 

  • The Claim settlement ratio is 98.01% for FY 2020-21, indicating faster settlement of claims

  • 24X7 availability of customer care team 

Terms and conditions for HDFC Term Insurance Claim Process Settlement on Same Day 

  • The 24-hour claim settlement is only available in the following conditions: 

  • If the policies have been bought online 

  • Claims which do not require any investigation in the field

  • Policies in which the collective amount is not above Rs. 2 Cr. 

  • Documents required for claim requests have been submitted by 3 pm (working day)

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