Term Insurance Making a Claim

When you need to make a claim, we're there for you

-> What is the method to make a Term Insurance claim

Once the policyholder passes away, family members or the nominee under the policy can send a claim intimation to the insurance company as soon as possible. Although your family may be in sorrow, they must not delay in making the claim. This is to avoid any complications in the process. It is as simple as that!

-> What is the content of a Claim Intimation

The Claim Intimation contain information about date, place, and cause of death of the insured person. In their time of grief, we help the family members or nominee deal with the term insurance company and assist them in settling the claim.

-> What are the documents require for Term Insurance claim

The insurance company will ask for the following documents:

  • Filled-up claim form (provided by the insurance company)
  • Certificate of death
  • Policy document
  • Deeds of assignments/ re-assignments if any
  • Legal evidence of title, if the policy is not assigned or nominated
  • Form of discharge executed and witnessed

Other documents such as medical attendant’s certificate, hospital certificate, employer’s certificate, police inquest report, post-mortem report etc could be called for, as applicable.

-> Can the claim be denied for any reason

Your claim could be denied for any of the following reasons:

  • Policy was not in force, i.e. you had not paid the premium or policy was canceled for some reason
  • You did not fully disclose required information in your insurance application
  • Death cause was in excluded list; currently, the only exclusion for life term plan is suicide in first 12 months since start of policy

-> What are the formalities for a Maturity Claim

When a Term Insurance policy is maturing, Acme Insurance sends intimation to the policyholder along with a discharge voucher at least two to three months in advance of the date of maturity giving details like the maturity amount payable.

The policyholder has to sign the discharge voucher – which is like a receipt – have his signature witnessed and send it back to the Acme Insurance along with the original policy bond to enable it to make the payment.
If the policy has been assigned in favor of any other person or entity – like a housing loan company – the claim amount will be paid only to the assignee who will give the discharge.