So, you know that thing called term insurance? Yeah, you only need to worry about it if you're six feet under. If that's the case, then the death benefit (fancy term for sum assured) will be paid to your nominee or legal heir according to what's written in the policy. But here's the catch - the nominee or legal heir will need to jump through some hoops by filing a claim, providing necessary documents, getting investigated (not like that, just verifying everything is legit), and then finally getting the claim amount settled. Oh, and don't forget - you better have paid all your premiums until your demise or your claim becomes null and void. Isn’t life grand?
If you need to claim a term insurance policy, here are the steps the nominee or legal heir of the policyholder will need to follow
To make a claim on the policyholder's insurance, the first step is to inform the insurance company about their passing and that you intend to claim the benefits. Be sure to do this quickly after their death, either by website, email, phone, or in person at a branch office. Next, you'll need to submit the necessary documents to the insurer. This could include items like the policy document, the claim form, the policyholder's death certificate, and other paperwork they might need. The insurance company will then likely verify the details and investigate further if necessary, such as to confirm the policyholder's cause of death.
So, once the insurance company has finished the whole verification and investigation process, they'll just pay the sum assured to the nominee or legal heir. The policy document will tell you when all this must happen.
If there are any disagreements about the claim settlement, the policyholder or nominee can get in touch with the insurance company\'s grievance redressal mechanism. Or, they can go straight to the Insurance Regulatory and Development Authority of India (IRDAI) and have their say.
To ensure a smooth claim settlement process, it is essential to understand the policy terms and conditions, pay the premiums regularly, and keep the nominee or legal heir informed about the policy details. It is also advisable to maintain all the relevant documents and records in a secure and accessible manner to facilitate the claim settlement process.
