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How Families Can Claim Term Insurance Death Benefit in case of Accident?

The Balasore Train Accident was an unfortunate event that sent a wave of hue and shock across the country. While the death toll has stood at over 200, there are several hundreds who are severely injured. In response to this tragedy, the Indian life insurance companies stepped forward to provide valuable protection and support to the victims and their families. Their efforts focused on ensuring the smooth processing of claims, addressing the financial needs of the victims, and helping them rebuild their lives during this challenging time. 

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Let’s understand how the victims can claim the term insurance death benefit after the devastating incident.

Note: Know more about what is term insurance first before reading this article.

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What Is The Importance Of Claiming Death Benefit During Such Major Train Accidents?

Term insurance is a type of life insurance that provides death benefit to the nominees of the policyholder in the unfortunate event of his/her death. The beneficiaries/nominees can claim the death benefit and thus, live a life without financial obligations. Hence, the claiming of death benefits during major train accidents, like the Odisha goods train accident, holds immense importance, especially for the below mentioned reasons:

  • Immediate Financial Support to Families/Dependents - The death claim amount provides much-needed financial protection to the families of the deceased, especially during such crucial times. Term insurance plans help them cope with the sudden loss of a loved one, by covering the funeral expenses and other immediate financial burden.

  • Long-term Financial Protection - The death benefit ensures the long-term financial stability of the affected families, providing them with a source of income to support their future needs. This can be particularly crucial for families who have lost their primary breadwinner. It also helps pay off outstanding debts and daily living expenses.

  • Recognition for Justice - Claiming the death benefit also serves as a form of recognition and acknowledgement of the tragic incident, providing a sense of justice and closure to the affected individuals and communities.

Therefore, the claiming of death benefits is essential in providing financial relief and support during major train accidents, helping the affected families rebuild their lives and navigate through the challenging aftermath. Many life insurance companies have provided relaxation in the claim settlement process to the families of victims and have provided dedicated helplines for their assistance.

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How To Claim The Term Insurance Death Benefit During Such Major Accidents?

During crucial times like the Odisha goods train accident, claiming term insurance death benefit becomes even more important. Below mentioned is the process to claim the death benefit:

  1. Claim Intimation

    The victim’s family/dependent needs to intimate the claim process by informing the insurance company about the mishap.

  2. Document Submission

    The documents required for the claim settlement are different for different insurers. However, the mandatory documents required during the event of such a major accident are:

    • Details of Bank Account

    • Death Certificate, issued by Municipal Authorities

    • Copy of Address Proof of the Beneficiary/Nominee

    **In case the death certificate is not available, the list of names of the deceased passengers, as issued by hospitals, police or government is also applicable.

  3. Claim Settlement Decision

    The insurance company will examine the documents as soon as they are submitted and will notify the nominee/beneficiary regarding the settlement.

What Should Families Of The Deceased Do If Documents Are Lost/Misplaced?

In case the documents required to claim the term insurance death benefit are lost or misplaced, the affected families must keep in mind the following points:

  • Lodge an FIR concerning the loss of documents. This acts as a proof for the insurance company while claiming the death benefit.

  • Sworn affidavits can also be used as evidence against the loss of documents.

  • Notify the railway authorities about the loss of documents and seek their assistance.

  • Look for alternative documents to support the death claim.

Wrapping It Up!

Accidents are unforeseen events that change the lives of people and bring distress to loved ones. Therefore, it is wise to be prepared for the worst and buy term insurance so that your family is financially secured in the long run.

The loss of lives in this major train accident in Balasore is something that cannot be compensated. It will forever be etched as one of the darkest memories for the families of the victims. However, the death benefit amount that the dependents of the deceased passengers receive will aid them in multiple ways in the long run and secure them financially.

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