Kotak Term Insurance Claim Process

Kotak Term Insurance claim process is quick and easy. Once you initiate the claim process, the insurer will verify the details to settle the claim. Typically, the term insurance claim settlement takes up to 30 days from the date of making a claim. Missing or incorrect information in a claim can result in rejection or denial. So, it becomes imperative to consider the essential aspects of a term insurance claim process.

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When to File a Term Insurance Claim?

If the policyholder survives the term, he/she can file the claim after the policy maturity. In case the policyholder passes away during the policy term, his/her nominees should file a claim immediately after his/her demise. 

For this, they need to be aware of the terms and conditions beforehand. There must be no delay in filing the claim.

The nominees must know accurate details of the term insurance plan. They should file the correct information regarding the cause, place, and date of death. It should also be supported by relevant documents like death certificate, police FIR, and hospital discharge slip. The insurer can ask for more documentation to support your claim.

Inclusions and Exclusions of the Term Insurance Claim Process

The simplest way to know about term plan inclusions and exclusions is to check the policy documents. Nominees can also contact their insurer’s helpline or customer care centre to get the information. Once they get the information, they can proceed with the claim process.

Death Claims

  1. Cause of Death

    A term policy provides death benefits in both natural and unnatural deaths. However, depending on the cause of death, various clauses are applicable. For example, the death benefits for suicide or return the premium only when it occurs within a year from the policy initiation date. Otherwise, the nominee will get a specified percentage of the premium.

  2. Death in case of Term Plan for Critical or Special Illnesses

    Before making a claim, the nominee should also be aware of whether the term plan includes any special terms for death due to critical illnesses or special illnesses or accidents. If your term plan does not include terminal illness cover, the policy will not have an exclusive cover for its death benefits due to illness. 

    In case of death by a critical illness, you must get in touch with Kotak Insurance Company with the necessary documents. 

Documents for a Death Claim

In case of the unfortunate event of death of the life insured, you need to submit the following standard documents to the Claims Department as part of the claims procedure:

  1. Mandatory Documents

    • Claim Intimation Form for death, duly-filled 

    • Original policy documents

    • Death certificate issued by municipality/equivalent authority, in original

    • Deeds of assignments or re-assignments

    • Claimant’s photo ID proof, current address proof, and photographs

    • Settlement Option, if applicable

  2. Supporting Documents

    • Claimant’s bank account statement or bank passbook copy

    • Medical certificate with cause of death stated

    • Medical records (admission and consultation notes, treatment records, hospital papers, and investigation reports)

    • Hospital discharge form or death summary, witnessed and executed

    • Medical questionnaire form (in case of natural death)

    For accidental or unnatural death, all the above documents plus the following documents have to be submitted:

    • Certified FIR/ Panchnama /inquest copy (needs to be translated if it is in any state language)

    • Certified post-mortem report copy or visceral chemical analysis report copy ( if post mortem is conducted)

    • Copy of the insured’s driving license (in case he was driving the vehicle at the time of the accident)

    You can visit the Kotak Insurance website and download the claims form.

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

Maturity Claim

In case you are filing a claim if your term policy has matured, you need to follow certain formalities regarding the claim process. Generally, the insurer will send you a notice and a discharge voucher about three months before the maturity date of your policy. They also provide you with information about the lump sum you will receive on maturity.

The policyholder needs to sign the voucher and send it back to the insurer along with the policy documents. Once the insurer receives the documents, they will start the process and transfer the maturity benefit to your assigned account. 

If your policy has a Return of Premium (ROP) benefit option, the insurance company will return the premium if you survive the policy tenure. 

Additional Information

Here are some things you must keep in mind:

  • All documents need to be submitted in the original or photocopies. They need to be attested by a gazetted officer, magistrate, or a local government officer.

  • The attending physician should issue all medical reports, documents and certifications submitted. He/she should be qualified to provide certification according to the laws of India.

  • Kotak Life Insurance reserves the right to request additional documents based on the available facts and circumstances of the claim.

  • Kotak Life Insurance has the right to conduct an independent inquiry or investigation to check the authenticity of any claim wherever necessary.

Note: The documents listed above are primary documents that you need to submit for each claim to assist in the faster processing of the claims. You need to refer to the actual Policy Contract for details. Kotak Life Insurance may require further documents as per the requirements of your case.

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How to File a Term Insurance Claim?

Follow these steps to file a claim:

  • Visit the insurer website and move to the ‘File Claims’ section. Fill in your basic details with policy number, claim type, and policyholder and claimant’s details. 

  • Once you file in the details, you get a claim reference number for your application. Keep it handy for future use.

  • For claim intimation, send all the required documents as mentioned above to Kotak Life Insurance Claims Department address. 

  • You can also obtain the claim intimation form under the FORMS section on the website, from a Kotak Life Advisor or at the nearest KLI branch. 

  • You can then submit the documents at the nearest Kotak Life Insurance branch.

  • If you wish to update any existing claim details, you need to visit the insurer's website and make the changes along with the existing claim reference number.

Tracking a Term Insurance Claim

For tracking the progress, you need to keep your claim reference number handy. It is the same number you receive when filing or registering a claim.

  • You can access the insurer website or the app and go to the ‘Claim’s section. 

  • Enter your Claim reference number, claim type, and DOB to proceed.

  • If your information is correct, you can access the information of your claim status online.

Summing It Up

As a policyholder, you must educate yourself and your family on how the claim process works. It is because there may be times when you will not be available to file a claim. In such situations, your nominee should be able to file a claim successfully. 

Let your nominees know the necessary details before or after purchasing the policy. A properly filed claim with accompanied correct and complete information can expedite the claims process.

FAQ's

  • Do the death benefits vary from one term plan to another for the same sum assured?

    The death benefits depend on the policyholder’s risk category and vary across insurers. The insurance industry functions on risk assessment. So policyholders, such as smokers or alcohol consumers belonging to the high-risk category, get different benefits than those belonging to the low-risk or no-risk category.
  • Is there a different claim process for death by critical illness?

    If your term insurance policy offers a critical illness cover, you can file the claim with the necessary documents as per the process given above. Some policies offer a certain percentage of the sum assured to the policyholder if alive in case they are in the last stages of the illness. The remaining lump sum is paid to the nominees after the policyholder's demise.
  • Can I get the claim payout in a different currency?

    No, the claim payout is only made in Indian currency Rupees.

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