How to Claim Term Insurance After Death? Process Explained

What is the Process of Claiming Term Insurance After Death?

What Are the Documents Needed to Claim Term Insurance After Death?

Which Factors Should You Keep in Mind Before Submitting a Term Insurance Claim?

What Are the Important Conditions to Claim Term Insurance?

Frequently Asked Questions

How much time does it take to receive the claim amount of the policy after approval? up-arrow

According to the rules of the Insurance Regulatory and Development Authority of India (IRDAI), an insurer has to settle the death claims within 30 days of raising it. However, if they delay processing your claim due to any reason, they will have to pay you a penalty for the same. 

What can be the possible reasons for claim rejections? up-arrow

Some prominent reasons for claim rejection include:

  • Filling in incorrect details in the application form.
  • Concealing crucial medical conditions from the insurer while purchasing the policy. 
  • If the policyholder has not paid the premiums of the plan due to which, it lapses.
  • Hiding unhealthy lifestyle habits such as smoking and alcohol consumption. 
  • Not checking the exclusion section of the policy.

Is there any time limit within which you will need to raise a claim? up-arrow

No, usually there is no time limit for raising a claim. However, it would be beneficial to raise a claim as early as possible so that you can get financial support after the death of a policyholder.

How much time does it usually require to process a claim? up-arrow

It usually requires up to two weeks to two months to process a claim. However, it can vary with the insurer as well as the procedure can differ slightly.