How to File Claim Settlement for a Term Insurance Policy Bought Online?

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A term insurance functions as a low-risk protection against mishaps in the future. Due to the affordable premium structure that it requires, and the coverage that is available, people tend to go for term insurance, as compared to, say, life or health insurance. However, a question that may arise is – what are the possible benefits of registering the term plan online, and what are the processes of claiming the policy in case of death of the holder. Knowledge of the due process is essential so that the nominee or the relatives do not waste any time or effort in claiming the benefit for which premium had been paid over a considerable duration.   

Why Buy A Term Insurance policy online?

The decision to purchase your term policy online represents several shifts that have taken place, over a period of time, in the mind of the regular buyer. Firstly, with increasing focus upon online resources, there is a much greater trust upon the digital process. We, at Policybazaar, provide an elaborate guide to all the term insurance packages that are offered by the various insurance companies in the UAE. It is much easier for the buyer to get a comparative knowledge of the various options in front of him/her. This is in contrast to an earlier era of insurance agents being the main brokers of insurance policies. The knowledge of policy provisions that people held was heavily dependent on what the agents chose to convey to them. As a customer focused knowledge producer, Policybazaar believes that the client should have a clear picture of the available options, before making such a crucial decision. In addition to the specifics of the premiums, riders and benefits, the client is also empowered by giving them an idea of the claim settlement ratio. 

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What is the Process of Claim Settlement for a Term Policy in the UAE?

The process for claim intimation should be initiated by the nominee, or the family as soon as possible: preferably immediately after the passing away of the policyholder. The nominee should have a clear idea of the company whose policy was held, the package which had been subscribed, and where the documents have been stored. They should also be aware of the riders which were applicable under the policy, so they are in a position to negotiate with the company The process may be initiated online by visiting the relevant page of the company, while an additional e-mail may also be sent to the company executives. The following are the different types of term insurance claims that apply:

  • Maturity claim 
  • Death claim 
  • Rider claim

Maturity claim and rider claim would apply based on the policies provided by the company.

You may also like this - Steps to Ensure Smooth Term Insurance Claim Settlement

What Are the Documents that Are Required in the Process?

At the time of initiation of the process, the insurance company would certainly require:

  • Filled-up claim form, within which all the details must be specified accurately.
  • Evidentiary documents such as certificate of death
  • Form of discharge by hospital
  • Last medical attendant’s certificate

This list may slightly vary depending upon the requirements listed by your provider. 

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Pitfalls to Avoid While Filing a Claim

There are two likely scenarios in which there might be some issue regarding the claims settlement process. The first might be related to suspicion of misinformation provided on the claim form, and the second would be a case of unnatural death. It is always recommended that, while subscribing to the term insurance policy, the holder should have accurately mentioned his medical conditions, so that no riders are violated at the time of claims settlement. In the case of death by, say, suicide or plane crash, the insurance company is likely to make inquiries regarding the certificate of the local magistrate, or look at flight passenger records. That aside, other causes for the company blocking the process may be if the premiums were not submitted by the holder on time, or the policy had not been renewed within the grace period.

You may also like this - Common Reasons for Term Insurance Claim Rejection