What Is the Claim Settlement Process for Term Insurance?

There are three stages of the claims process for Term Insurance plans:

  • Claim Intimation – the Nominee intimates the insurer with the Death Certificate and submits all the mandatory claim documents, no later than 90 days from the date of the policy holder’s death.

  • Claim Assessment – the Claims Team scrutinises the documents and if there are any pending requirements, the same are communicated to the claim beneficiary through a requirement letter. The Team may also investigate the claims, if necessary.

  • Claim Decision – The claim is approved and then settled. Subsequently, a payment is made to the beneficiary’s bank account by NEFT. If the team rejects the claim, a communication providing the reasons for rejection is sent to the beneficiary.

The following documentation should be submitted to the insurer to establish a death claim:

i) Original Policy Document;

ii) Original death certificate;

iii) Post-mortem report (autopsy report) / FIR and viscera report (if applicable);

iv) Claim forms duly completed;

v) Certificate from physician/hospital last attended showing cause of death wherever applicable;

vi) Proof of Age, (if it has not been made available earlier);