How does Paybima support families during term insurance claims?

Emotions are beyond our control, and the physical presence of any person can never be measured financially. However, financial setbacks at crucial junctures might affect your family life. 

Therefore, experts advise maintaining a reliable term insurance plan to act as a protective shield.  

What is term insurance? 

A term plan is the purest form of life insurance, involving no component for investment or savings. It offers death benefits to the nominee or the beneficiary if the insured person passes away during the plan term, provided the insured person and the policyholder are the same.  

Paybima support during your claims journey 

The real success of term insurance lies in term insurance claim settlement. Our dedicated claims support team strive to make your journey as effortless and hassle-free as possible, offering guidance and support at every step. Our exclusive seamless procedure offers swift resolution and reassurance, providing you with the best solution.  

1. Claim assistance:  

Our team will guide you throughout the course, offering effective claim assistance even before you file for it. Once the filing is complete, we will support you throughout till your claim is settled as soon as possible.  

2. Documentation on help:  

For a smooth claim settlement procedure, the nominee needs to submit the following documents: 

• Original policy bonds 
• All the original medical reports and prescriptions,  
• Claim form duly filled and signed 
• Copy of the Death Certificate, 
• Identity proofs of the nominee and his bank account details like copy of the bank passbook or a cancelled cheque 
• Any other document that may be necessary. 

 In the case of suicide, apart from these, you need to submit  

• The PM report or viscera/chemical analysis report,  
• FIR copy/ inquest report/panchnama with the final investigation report. 
• If the policy had an accident or disability rider is added, then a copy of the DL of the concerned life-assured person if he/she was driving at the time of the accident/death also needs to be submitted.  

3. Insurer coordination:  

We act as a liaison between all the parties and accordingly coordinate with the insurer. Our Paybima advisors will always be there to guide you from the beginning till the end of term insurance claim settlement.  

4. Settlement tracking:  

According to the IRDAI guidelines, any insurance company needs to settle any claim within 30 days after receiving all the documents. However, considering several other factors, a death insurance claim may require 30 – 120 days to process after the claim is raised. We will monitor the status of your claim throughout the process.  

How to claim a term insurance claim? 

To ensure smooth term insurance claim settlement, you need to follow the proper procedure: 

1. Report:  

Reporting your claim is the initial step. You can do this online or at the nearest branch of your chosen insurance provider, the Paybima website, the central office, etc., with all the necessary physical documents. 

2. Verification:  

After arranging all the documents, submit them to your insurance provider. The claim settlement team assesses your claim and asks if any additional documents are required. Once the paperwork is complete, they begin to process your claim request.  

3. Claim approval:  

After reviewing all the documents, the insurance provider verifies the claim. They may even investigate if necessary. After the claim is verified and approved, the insurer will inform the nominee regarding the approval. The approved settlement amount directly gets credited to the nominee’s registered bank account shortly.  

Probable reasons for claim rejection 

Claim settlement is the ultimate target for any insurance. If you are careful enough to avoid these circumstances, the chances for claim rejection get minimised considerably: 

1. Misinformation:  

Any false or incorrect information during policy purchase or claim settlement, like risky hobbies or any medical information, may lead to claim rejection. 

How to avoid it? 
Please ensure you fill in the application form yourself with all accurate details so that there is no non-disclosure or misrepresentation of material facts. 

2. Lapsed policy:  

Failing the premium due date may lead to policy lapse, leading to claim rejection. 

How to avoid it? 
Ensure that you set a reminder to pay your policy premium on time or set up an auto-debit or ECS from your bank account or credit card so that your policy does not lapse. 

3. Exclusions:  

The specific plan not covering certain specific circumstances like accidents due to extreme sports, drug-related deaths, etc., gets rejected.  

How to avoid it? 
Read the policy document carefully before applying for the same so that you are well aware of the terms and conditions even before applying for the plan. 

4. Incomplete documentation:  

Not submitting relevant documents and incomplete paperwork might cause claim rejection. 
 
How to avoid it? 
Ensure you fill the form yourself with all the complete information so that there is no concern at the time of claim. 

5. Suicide clause:  

If the insured person commits suicide within 12 months of the policy purchase, it will be rejected.  

How to avoid it? 
Committing suicide is a punishable offence by law and should not even be considered. 

Contact Paybima 

You can easily seek our support through the following methods: 

• You can call the toll-free number 1800 267 67 67 from 10 am to 7 pm and schedule a callback according to your convenience. 
• You can also mail us your query at [email protected]. 
• Apart from these, you are always welcome to visit the nearest Paybima store for personal meetings.