Death Benefit Claim

In the death claim, the nominee of the term policy makes a request to the insurance company to get the benefit of the policy in case of the unfortunate death of the policyholder. On the death of the policyholder, the sum assured is paid to the nominee/beneficiary of the policy. In order to avail of the benefits without any hassle, the insurer must be informed about the death of the policyholder and other information such as policy number, date of death, policy term, etc. Death benefits are tax-free under Section 10(10D) of Income Tax. Act, 1961.

Maturity Benefit Claim (TROP)

In a maturity benefit claim, the term insurance company pays a certain amount to the policyholder if he or she survives till the completion of the policy. You can avail of the maturity benefit only if you pay all your premiums on time. In simple words, if the policyholder has opted for Term Insurance (TROP), he will get the premium paid as a maturity benefit.

Rider Benefit Claim

Term insurance riders are additional benefits that the policyholder buys while purchasing a term insurance policy to enhance the coverage benefits. Common term insurance riders include waiver of premium rider, critical illness rider, etc. In case of emergency, the policyholder can claim for any of the riders, and the term insurance company will provide the benefits as stated under the rider.

Intimate the term insurance company

To initiate the claim settlement process, the nominee has to inform the term insurance company about the death of the policyholder within 90 days. The beneficiary must submit the required documents such as claim settlement form, policyholder name, policy number, place of death, cause of death, nominee details, etc. to the term insurance company. The beneficiary can obtain the claim settlement form from the nearest branch of the insurance company or can download it from the official website. They can also fill the online form and start the claim settlement process.

Document Submission

You must submit the required documents to file the claim. The nominee will be required to submit the following documentation to the insurer:

• Birth Certificate
• Death Certificate
• Policy Document (Original)
• Other documents (asked by the insurer)

Claim Settlement

As per IRDAI, it is mandatory for every term insurance company to settle the claim within 30 days. However, in some cases, the insurer needs to do some further investigation. In this scenario, the insurer has to complete the claim settlement process within 6 months of receipt of the claim.