Term Insurance Claim
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Life can be unpredictable but your claims journey need
not be.
We will guide you from start till end in your claim journey. Start your claim process with us to get our support.
Life Insurance claim
Submit your details and our dedicated team is ready to guide you through the process, providing support every step of the way. Your life, your claim – simplified for your peace of mind.
How to Claim a Term Insurance Plan
Steps for Claiming Term Insurance
The first step involves reporting your claim. You can report your claims online, at the insurance company’s branches, Paybima website, central office, etc., with the physical documents mentioned below to start the process.
Once all documents are arranged, submit the same to the insurance company. The company’s special claim care team will assess your claim and inform you if any further documents need to be submitted. Post receiving all the necessary documents, the insurance company will process your claim request.
The insurance company will then verify the claim by reviewing the documents submitted. They may also conduct an investigation if necessary. Once the claim is verified and approved, the insurance company will inform the nominee about the approval of the claim and the settlement amount. The settlement amount is generally paid to the nominee's bank account directly.
Documents for Claiming Term Insurance Policy
The nominee has to submit the following documents in order to receive the death benefit:
Claimant's statement form - download the claim form from Paybima.com
Original policy document
Copy of death certificate issued by the local municipal authority
Copy of nominee’s identity proofs such as Aadhar card, PAN card, passport etc.
Cancelled cheque/copy of bank passbook of the claimant
Copy of cause of death certificate
Prior medical records of insured/life assured
Medical attendants/hospital certificate issued by the doctor - download format form from the website
Medical records as proof of cause of death, case papers, test reports, etc.
In addition, below documents required for accidental/suicidal death:
Post-mortem report and chemical analysis report/viscera report
FIR/panchnama/ inquest report and final investigation report
Copy of driving license if the life assured was driving the vehicle at the time of the accident (applicable if the accident and disability benefit rider was added)
What can get your claims rejected?
Even if you buy the best life insurance in India with an efficient and clear system, there are still some reasons why a claim might get rejected. Before filing a claim, it’s important to be aware of the reasons for rejection:
Not sharing vital information like medical conditions or risky hobbies.
Failure to pay premiums on time leading to policy lapse.
Policy not covering specific causes like drug-related deaths or extreme sports accidents.
Not providing nominee details or required documents.
Insured's suicide within 12 months of policy start leads to claim rejection; suicide is covered after one year.
Paybima Goes an Extra Mile
to Help You with Insurance Claims
At every step we will guide you with the processes
Your Paybima advisor will be there by your side till you get your claim.
You can reach us at our toll-free number for guidance on claim
Ask Anything as We Have Answers to Everything in Insurance
A term insurance claim is a procedure wherein the beneficiary of a term insurance policyholder files a request to the insurance company to release their claim amount or the life cover (sum insured) that the insurer must pay after the death of the policyholder during policy term.
The below documents are required to file a term insurance claim:
- Duly filled claim form
- Death certificate
- Original documents of the term insurance plan
- Beneficiary’s ID proof
- Policyholder’s age-proof
- Medical papers indicating the cause of death
- Deeds of assignment/reassignments, etc.
As per the Insurance Regulatory and Development Authority of India (IRDAI) regulation, an insurance company is required to settle a claim within 30 days of receipt of all documents. However, depending on varied factors, a death insurance claim may be processed within 30 to 120 days of making the claim.
To ensure a hassle-free term insurance claim process, a beneficiary should make sure to keep proof of all the additional details of the policy. Also, make sure to submit all the papers and certificates correctly to get your claim approved without any hassle during the claim settlement process.
Once a term insurance policy pays the claim or death coverage, it gets terminated.
