Buying a term plan is a good decision, considering the growing need to provide financial security for your family in the event of any unfortunate future mishap. However, you should always have a clear-cut idea in terms of the claims process for term insurance policies. This is because in the event of anything unfortunate happening to you or any other family member, the others should know how to file claims properly in order to get the amount approved without any hassles. This is important, since the payout by the life insurer is what will get the family surviving financially in the first place. Opting for a reliable and transparent plan like Kotak e Term Plan ensures a hassle-free claim process, offering peace of mind and financial security.
How to File a Claim for a Term Plan
Here is a step-wise guide towards filing a claim for a term plan:
- You should intimate/notify the insurance company immediately whenever the life assured or the policyholder passes away. This claim intimation matters immensely and should be done by the nominee or assignee as per the policy. It can also be done by the agent handling the policy too.
- The intimation should have all crucial details including the place of death, cause, date, and other details.
- The insurance company will respond to this claim intimation and then require you to submit/upload the following documents- Filled-up claim form, policy document, death certificate, legal evidence of title in case the policy is not nominated/assigned, the nominee’s address and identity proof, and other additional documents, if the insurer wants the same.
- Of course, you have to download and then complete the claim form with all proper details including the details of the date and cause of death, policy number, nominee details, and all documents.
- The insurance company will then closely examine and evaluate the term plan claim, especially the authenticity of all documents submitted and also look at the details to see whether everything syncs with the policy tenure.
- Once the claim gets approved, the insurer will then process the life coverage payout and the amount will be transferred to the bank account of the designated nominee.
Some Tips Worth Noting When it comes to getting a term plan claim approved, here are some things that you should keep in mind:
- You should always securely keep your term policy documents along with informing the nominee of the policy details and what to do in terms of filing claims.
- The nominee should intimate the insurance company in a timely way without any delays.
- All information in the supporting documents and claim form should be accurate without any errors to avoid the rejection of claims.
- The reasons behind rejections of claims are discrepancies in the details of the policy, not disclosing any medical details, or in case the death is not covered as per the terms of the policy. Thus, both the policyholder and nominee should have an idea of the key policy terms and conditions beforehand.
A term insurance plan like Kotak e Term Plan simplifies the claims process with its user-friendly online platform and quick response mechanism. So, these are the key things you should know in order to ensure a smooth claims filing experience for term plans.