If you are a nominee or you know a person who’s a nominee on someone’s term policy, you must remember this:
It doesn’t matter whether you buy your term plan online or offline. You have to follow the same set of processes to claim the term insurance payout.
This is how you can file a term insurance claim.
Step 1:
Inform your life insurance company immediately that the life insured has passed away.
If the term policy was purchased from an insurance agent, you can also get help from them.
Step 2:
Fill out the claim form with all the necessary details and submit it.
While it’s a difficult time for you and your family, do remember to fill the form carefully and avoid making any mistakes as it can result in claim rejection.
Step 3:
You have to submit some additional documents like:
Death Certificate of the life insured
Policy documents
Hospital records and discharge form (if applicable)
Postmortem report (if applicable)
Your ID proof
The list of documents may vary from insurer to insurer. It will also depend on what add-ons the term policy has.
So, contact your life insurance company for the exact requirement. Follow this process carefully to avoid claim rejection.
Additionally, here’s something you and your nominee should know that can help with the claim process:
Besides a nominee or an assignee, even a relative can do the claim intimation
After filing the claim, the insurer will accept/reject it in 2 weeks (without any investigation requirement) or 120 days otherwise
Pass on this information to your nominee so they know how to claim your term insurance policy money and receive your life cover without delay.