• Home
  • Contact Us
iBusiness Angel
No Result
View All Result
Thursday, December 7, 2023
  • Home
  • Finance
  • Accounting
  • Sales
  • Business
  • Marketing
  • Home
  • Finance
  • Accounting
  • Sales
  • Business
  • Marketing
No Result
View All Result
No Result
View All Result
Home Business

How to Initiate Claim Settlement Process of Term Plans

by Harold Washington
January 25, 2021
in Business
0
How to Initiate Claim Settlement Process of Term Plans
154
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

A term insurance plan is one of the most popular types of life insurance policies available in the market today. It is the only insurance plan that offers a high sum assured at an economical rate. It ensures the policyholder’s financial security if he or she passes away during the policy tenure. The sum assured received by the nominees of the policy after the policyholder’s death will help them to meet their monetary needs and objectives. The nominees will receive the death benefits either as a one-time lump sum amount or as a monthly income, as decided by the policyholder while applying for the policy.

Advantages of a term plan

Here are the plus points of term insurance in India:

  • It provides a substantial sum assured that can allow your family to lead a financially independent life
  • It comes with different types of riders like critical illness rider, waiver of premium rider, income benefit rider, and accidental death benefit to enhance the coverage of your policy at a nominal cost. For instance, in case if you are suffering from a terminal disease and the cost of treatment is enormous, the critical illness rider will pay a lump-sum amount as per the pre-defined terms and conditions
  • It provides tax deductions; here, you can a claim a tax deduction on the premium paid towards the policy as per Section 80C of the Income Tax Act, 1961 up to INR 1.5 lakh; additionally, the death benefits are tax-free according to Section 10(10D) of the Act
  • You have the facility to pay the premium either monthly, quarterly, semi-annually, or annually based on your cash flow

Steps involved in the claim settlement procedure

Here is what you need to do while initiating the process of claim settlement:

Informing the insurer about the insured’s demise

Make sure to convey to the insurer that the policyholder is no more at the earliest. You can share this message via e-mail or phone by mentioning the policy number and name of the insured. Besides this, you can visit the insurance company’s office along with all the necessary documents. You can download the claim settlement form from the Internet or collect it from the insurer’s office.

Documents required during the claim settlement process

  • Properly filled claim settlement form
  • Original copy of the insurance policy
  • Original death certificate of the insured
  • ID proof of the nominee (Aadhaar Card, Passport, or Pan Card)
  • Post morterm report
  • Hospital-related documents (date of admission and medical reports) if applicable
  • Nominee’s passport size photo
  • Certificate from the hospital or doctor confirming the cause of demise

Final stage of claim settlement

Here, the insurer will review the application form and the submitted documents. If all the documents and the claim form are approved, the insurer will provide the sum assured to the nominees. In case of any discrepancies in the documents, the insurer can reject to claim.

Exclusions

The insurer can deny the claim if the policyholder dies due to:

  • Suicide within one year of the policy’s inception
  • Accidental death under the influence of drugs or alcohol,
  • Participating in adventurous activities
  • Bike or car racing

Ensure that your family is financially protected even if you are no longer around. Buy term insurance from a reputed insurer to lead a peaceful life ahead. If you are skeptical about which plan and insurer to pick, you can seek the help of a term insurance calculator. You can compare the various features, premiums, and tenures, among other aspects with a term insurance calculator. Therefore, it becomes easier for you to select the ideal term plan as per your needs. Be genuine with the insurer so that your nominees do not face any trouble while filing a claim when you are not there.

Harold Washington
Harold Washington
Please login to join discussion
No Result
View All Result

Categories

  • Accounting
  • Auto
  • Business
  • Coworking space
  • Featured
  • Finance
  • Human Resource
  • Industrial Fume Extractors
  • Industry
  • Investment
  • Laboratory
  • Law
  • Legal
  • Manufacturer
  • Marketing
  • Real Estate
  • Sales
  • Software
  • Tech
  • Travel

Recent Post

How to Look After Your Yacht

How to Look After Your Yacht

November 27, 2023
Going On Holiday In December

Going On Holiday In December

November 27, 2023
The Mighty River Nile: A Source of Life and Prosperity

The Mighty River Nile: A Source of Life and Prosperity

November 27, 2023
Fencing Security for Business

Fencing Security for Business

November 27, 2023
What are the Challenges of Utilizing EHRs in Behavioral Healthcare?

What are the Challenges of Utilizing EHRs in Behavioral Healthcare?

November 27, 2023

Advertisement

Recent Post

How to Look After Your Yacht

How to Look After Your Yacht

November 27, 2023
Going On Holiday In December

Going On Holiday In December

November 27, 2023
The Mighty River Nile: A Source of Life and Prosperity

The Mighty River Nile: A Source of Life and Prosperity

November 27, 2023

Quick Link

  • Contact Us
  • Finance
  • Accounting
  • Sales
  • Business
  • Marketing

Featured

Copyright © 2023 ibusinessangel.com | All Right Reserved .

No Result
View All Result
  • Home
  • Finance
  • Accounting
  • Sales
  • Business
  • Marketing

Copyright © 2023 ibusinessangel.com | All Right Reserved .

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In