What Documents Are Required While Filing a Term Insurance Claim

With digitization and the latest technology trends in the insurance industry, insurance providers are offering more customer-centric services. While purchasing and renewal of term insurance can be easily done online.

A term insurance claim needs to be handled smoothly and promptly without any hassles. A hassle-free death claim can help a family already suffering from the loss of a loved one. Providing financial security in difficult times is the sole purpose of term insurance. Let us understand the various types of claims and the documents required for filing a claim for a term insurance policy.

Types of Claim

1. Maturity Claim:

   A maturity claim can be raised for a return of premium term plan, where the insured outlives the policy tenure and is eligible for maturity benefit.

2. Death Claim:

   A death claim can be raised when the insured passes away during the policy term. The death benefit is given to the nominee or beneficiary of the policy.

3. Rider Claim:

   If you have included riders in your term plan such as accident benefit, disability benefit, or critical illness benefit. You can raise a claim for additional benefit over the sum assured according to your policy.

Documents Required for Filing a Term Insurance Claim:

For Death Claim -

• To file a claim for the death benefit, the following are the documents required,
• A claim intimation form duly filled with details like date, place, and cause of death.
• Original policy documents
• Death Certificate attested by the municipal authority
• Age proof of the policyholder
• Id proof of beneficiary
• Bank account passbook of beneficiary or NEFT mandate for attested by the bank with a cancelled cheque.
• For Natural Death - Medical certificate or Doctor's statement as proof of death, and Employer’s certificate
• For Accidental or Unnatural Death - Medical certificate, Police FIR, and post-mortem report.
• For Early Death - If a policyholder dies within 3 years of purchasing the policy, it is considered an early death. All the above-mentioned documents according to the nature of death are required.

For Maturity Claim:

• Duly signed discharge voucher issued by the insurer.
• Original policy documents
• Policyholder’s Id and age proof
• Bank account details

For Rider Claim:

To raise a claim for rider benefit, check with your insurer the list of documents required for the rider included in your policy. These documents will be required in addition to the claim intimation form, original policy documents, id and age proof, and bank details.

How to File a Term Insurance Claim?

• Inform your insurer immediately to initiate the claim settlement process.
• Fill out the claim intimation form.
• Provide all the documents required by the insurer for claim settlement.
• fter verification of all the documents, the claim is approved.
• The insurer settles the claim within 30 days after all the documents are received and verified.

Remember that the nominee of the term insurance policy should file the claim without any delay after the death of the policyholder, to avoid any complications in the claim settlement process.

Term insurance claim process can be overwhelming for your family when you are no longer with them. So, after you invest in a term plan, the first and most important thing you should do is educate your family about the policy, its features, the sum assured, the benefits covered, the claim filing process, and the documentation required for claim settlement. This will make it a lot easier for your family to file a claim after your death. If you have still not invested in a term plan, do not delay as life is unpredictable.

Also Read: What Makes Endowment More Preferable To Term Insurance?