How to Claim Term Insurance After Death?

• Original policy documents
• Correctly filled death claim form
• Original death certificate (signed by medical practitioner or issued by government authority)
• Beneficiary’s statement with details about themselves and the policyholder
• Identity proof of the beneficiary (Aadhaar Card, Voter ID, PAN Card, Passport, etc.)
• Age proof of the policyholder
• Cancelled cheque and NEFT mandate.

• Doctor’s statement: Details from the last treating physician, including diagnosis, treatment timeline, and cause of death.
• Proof of Treatment: Hospital records or treatment notes, including admission details, medical tests, treatments administered, and duration of treatment.

• Registered Copy of the FIR: Filed with police, detailing the circumstances of the accident or incident.
• Post-mortem Report: Autopsy report prepared by a forensic pathologist, showing the cause of death due to external injuries, trauma, or other factors.

This is the first step that the beneficiaries have to take in order to claim a death benefit. 

• The beneficiary can use the customer service number, or visit the branch or email the respective insurance provider to inform the policyholder's demise. 
• The beneficiary will be requested to disclose the name, latest address, date of birth, and reason for the policyholder's death. The name, contact details, and how the beneficiary is related to the policyholder also have to be cleared out. 
• Not just that, the beneficiary is also expected to know the policy number (which will be found in the policy documents) and other relevant documents needed to file a claim. In some cases, the insurance provider may ask for an original death certificate to validate the death.
• Notification regarding the policyholder's death must be made within the time limit set by the insurance company. However, this limit may differ from company to company. The time limit followed by most insurance companies is usually 30 days from the date of death of the policyholder. 

• The death claim form has to be duly filled out with all aspects, including name, age, the reason for the death of the policyholder, and other relevant information as required by the insurance company. 
• Keeping all the necessary documents in hand will ease the process of filing the death claim form. 
• If no beneficiaries are assigned, then the claimant has to prove that they are legally entitled to receive the claim.
• Once all the necessary details are filled in, it is time to submit the form. The beneficiaries can submit the form either by heading to the home branch where the policy was issued or through online mode, if available.

• All the required documents requested by the insurance provider must be submitted to continue the claim process. 
• The documents needed will depend on the kind of death undergone. 
• These documents typically include the original or a certified copy of the death certificate, the policy document, any medical records related to the cause of death, and proof of identity and relationship of the beneficiary to the deceased. 
• It's essential to gather these documents as promptly as possible to avoid delays in the claim process. If the death was due to an accident, additional documents, such as a police report or an autopsy report, might be required. 
• Each document helps substantiate the claim, ensuring the insurance provider has all the facts needed to evaluate the claim. Careful attention to completing this step thoroughly can significantly smooth the subsequent processing and evaluation stages.

• Once the insurance company receives all the documents needed, they will start the process of evaluating and analysing the documents. 
• The insurance company will verify all the documents submitted, including medical reports, police records and other necessary documents. 
• The evaluation process for each kind of death will be different. For example, detailed investigation time may be required if the policyholder has died within 3 years of buying the policy.
• At this stage, the insurance company will decide if the claim has to be settled or rejected. If the claim is accepted, the insurance company will payout the death benefit. If not, the reason for the rejection will be stated.

• After the claim has been accepted, the insurance company will settle the claim amount to the beneficiary either in a lump sum or in instalments, concerning terms and conditions. 
• This claim amount will be deposited directly to the beneficiary's bank account.
• Beneficiaries must understand the tax implications of receiving a death benefit, which can vary depending on local laws. Beneficiaries should also be prepared for any potential financial planning required once the funds are received. 
• This might include consulting with financial advisors to ensure the money is managed wisely, potentially setting up trusts or investments, and considering how the funds can best contribute to the beneficiary's long-term financial stability and goals.

Yes, the policyholder can avail tax exemption up to one and a half lakh rupees as per applicable terms and conditions. 

If you have opted for a Return Of Premium Rider, then you will be qualified to get back the premiums paid.

No, you generally cannot take a loan against a term insurance plan. Unlike whole-life or endowment policies, term insurance policies are designed to provide only life coverage and typically do not build up a cash or savings component over time. Since no cash value is associated with term insurance, there is no collateral value against which to borrow.

Yes, you can change the nominee of your term insurance policy at any time during the policy term. To do this, you must fill out a nominee change form and submit it to your insurance company. Keep a copy of the updated nomination form for your records.

Yes, most term insurance policies have a waiting period, typically lasting from a few months to a couple of years from the start of the policy. During this time, certain causes of death (like suicide or certain natural causes) may not be covered. Always check your policy details for the specific waiting period terms.

Some insurance policies offer the flexibility to increase the sum assured, typically after significant life events such as marriage or the birth of a child. However, this feature varies by insurer and policy, and additional underwriting might be required. You can check out the ACKO Life Flexi Term Plan, a unique plan offering flexible coverage per your changing lifestyle! 

In the absence of a nominee, legal heirs must submit legal evidence of title, such as a succession certificate and other required documents, to process the claim.

Insurers aim to settle death claims within 30 days of receiving all necessary documents. If further investigation is required, it may take longer. 

The original policy bond proves the contract between the insurer and the policyholder. It's a crucial document required to verify the policy details during the claim process.

Certain exclusions may apply, such as death due to suicide within the first policy year. It's essential to review the policy document for specific exclusions.