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If one loses a loved one who was the only earning member in the family, it causes extreme financial instability and distress. In such a situation, a term insurance policy taken at the right time will resolve the financial burden to a great extent for the family. The appointed policy nominee will have to take the necessary steps to get the death benefit amidst emotional imbalances to save the family.
Here are a few key points that one must keep in mind while filing a death claim.
When the policyholder dies within the term plan tenure, i.e., before the policy maturity date, the nominee is entitled to get the predetermined sum assured. To avail of the sum assured, the nominee will have to file a death claim with the insurance company by providing proof of death and other necessary documents.
Before filing the death claim, one must be aware of the different processes and the documents required. There are two types of deaths considered by the insurance company; early and non-early death.
If the insured person dies within three years of the term plan period, it is called an early death, and a non-early death otherwise. The list of documents required for the death claim based on term insurance varies between the different insurers.
Here is an elaborate description of how to approach a death claim.
1. Inform the insurer – As a primary responsibility, it is very important to inform the insurance company about the insured person's death. It has to happen at the earliest. The insurer can be informed about the death by a telephonic call or other online options as applicable.
2. Claim process – In order to start the claim process, the nominee has to submit supportive and valid documents. The required documents vary in case of natural and accidental death. The company will further check the documents, assess the claim and the nominee declaration.
List of documents necessary for natural death:
Original life insurance term plan document.
Original or copy of the death certificate.
Hospital medical reports of death, if any.
Identity proof and address proof of the nominee.
Apart from these documents, the nominee should receive the claim form from the company. It should be filled with the necessary details and submitted duly signed for the claim.
List of documents necessary for accidental death:
Original term insurance policy document.
Detailed report on the date, type of accident and location.
Post mortem report.
Final Police Investigation report.
Hospital's declaration statement.
Medical reports such as test reports, admission, and discharge summary.
Proof of identity for the insured and the beneficiary to confirm the relationship.
Along with these forms, it is also necessary to submit the duly signed accidental death claim report issued by the insurance company for a road accident death claim in India.
Upon verification of the documents, the claim will be processed further.
3. Claim Settlement – Based on the proceedings of the claim process, the insurance company will inform if any other supporting documents are required. If all the requirements are satisfied, the insurance company will proceed towards settling the claim. The pay-out will be transferred to the beneficiary's bank account. Ensure to provide the correct account details to receive the payment on time.
A term plan will serve as financial protection to the family members in case of a financial crisis. The person approaching term insurance must consider personal financial commitments like debts, children's education, marriage, etc. Using the term insurance calculator, one can compare the term life insurance quotes and determine the premium amount to be paid for the sum assured.
The nominee filing process is also equally important. The nominee can be the parent, spouse, child, or even the grandchild.
You can check out Tata AIA Life Insurance plans and buy our term insurance online, With a seamless buying and renewal setup, along with easy and quick claim settlement, our term plan provides all the significant term plan benefits.
The Tata AIA Claim Settlement is quick, easy, and seamless. It is a simple 3-step process:
Register and Upload Claim Documents
Document Verification and Claim Process by us
Disbursal of Claim Amount upon Successful verification of Details
The nominee can file a death claim online with Tata AIA term plans. Here are the steps:
On the website, click on Customer Service and select ‘Claim with Ease’.
On the claim registration page, provide details such as policyholder name, insured’s name, date of death, claim type, details of the claimant (nominee). Click on ‘Submit Claim Online’.
Follow the process as prompted by the screen.
Upload the necessary documents required for your claim settlement.
You can also file a claim through the following processes:
Call - 1860-266-9966 (India) or +91-80-67603700 (NRI Customers)
WhatsApp - Type CLAIM and send to +91- 7045669966
Email - firstname.lastname@example.org
Post - Write to us at: Tata AIA Life Insurance Company Limited, Claims department, 9th Floor, B wing,
I-Think Techno Campus (Lodha), Behind TCS, Pokhran Road No.2, Thane(West), Mumbai - 400 607.
Once you successfully file a claim, you can track the same for any updates. Simply add your Policy Number and Case Number and click on ‘Show Status’.
This article has seen what a death claim means, how to approach a death claim in term insurance, and the necessary documents. The death claim can be used to clear off any debts or other major financial commitments in the long term. It has also been discussed how the claim settlement process can be done online. As a primary responsibility, the nominee should inform the insurance company about the insured's death and proceed with the claim process as soon as possible. Timely action and proficient document submission will ease the death claim process!
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This blog is for information and illustrative purposes only and does not purport to any financial or investment services and do not offer or form part of any offer or recommendation. The information is not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.
Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.
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