Term insurance plans are essential for everyone as they help you protect your family in case of your unfortunate death during the policy term. This payout can help your family maintain their current quality of life, pay their rent, pay for child’s fees, and take care of any other financial responsibilities. However, the entire benefit amount can only be useful if the death benefit is paid to your family in times of need. You need to make sure that you buy term plan from an insurer that won't reject your family’s claim.Read more
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Let us see the term insurance claim rejection reasons and how to ensure that your claim is not rejected.
Here is a list of the various reasons for rejection of term insurance claims:
Your claim may be rejected if there are any errors on the application form. Mistakes in your name spelling, age, gender, income, occupation, address, or phone number can get your term insurance claim rejected.
Giving false or missing important information regarding health conditions and medical history is one of the main term insurance claim rejection reasons.
You need to make sure to go through the policy T&Cs thoroughly to avoid any confusion during claim submission.
Not paying premiums on time or before the end of the grace period can be one of the reasons for rejection of term insurance claims as the policy gets canceled when premiums are not paid in due time.
If the nominee or the beneficiary of the term insurance is not properly named, details are not provided, or if incorrect details of the nominee are provided, your term insurance claim can be rejected.
You need to make sure that the insurer is aware of your lifestyle like smoking or drinking alcohol habits, participating in risky sports activities, or being involved in any criminal activities can get your term insurance claims rejected.
Let us take a look at how you can avoid your term insurance claim from being rejected
Disclose Accurate Information: You should make sure to give accurate information to your insurer while filling out the application form to the best of your knowledge to ensure that your term insurance claim is not rejected.
Fill out the form carefully: Always fill out the application form yourself to avoid any mistakes in names, contact details, age, gender, occupation, and annual income.
Pay the premiums on time: You need to pay the premiums on time before the due date or within the grace period as missing paying premiums will lapse the policy.
Keep the Nominee Details Updated: Make sure to keep the nominee’s details updated in your term plan as your nominee will be contacted on the information provided by you.
Comprehensive Life Cover: When you buy term plan make sure to buy the policy with the most comprehensive life cover that provides coverage against death due to various reasons.
Buy Term plans from insurers with high CSR: Always make sure to compare the Claim Settlement Ratio of term insurance before buying. You should buy a term plan from an insurance company with a CSR of more than 95% as the company with a consistently high CSR has a better chance of settling your claims.
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Here is a list of all the points you need to remember while submitting the term insurance claim form.
Fill out the Claim Form Accurately
The form should be accurately filled to the best of your knowledge without any errors.
Attach all the required documents
Make sure to attach all the mandatory documents to get your claim settled at the earliest.
Contact the insurer immediately
You must inform the insurance company about the death of the policyholder to get the claim settled as soon as possible.
Let us take a look at some of the Documents required to file for term insurance claims:
Original policy documents
Accurately filled claims form
Original and copy of death certificate
Hospital and medical records of the death
Nominee’s identity and address proof
Bank passbook details
There may be some reasons for rejection of term insurance claims, but the best way to ensure that your claim does not get rejected is to provide all the correct documentation and accurate information. You can submit your claims form both online and offline.
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