Term Insurance Claim

Term Insurance Claim

When a family loses its primary breadwinner, the last thing they need is a complicated legal hurdle. A term insurance claim is the formal request made by the nominee to the insurance company to receive the "Sum Assured" (death benefit). Understanding the term insurance claim process and choosing an insurer with a high claim settlement ratio are the two most critical steps in ensuring your family’s financial survival.

Term Insurance Claim: A Complete Guide to Settlement

Filing a policy claim can feel overwhelming during a time of grief. However, modern regulations and digital platforms like Jio Insurance Broking have streamlined the experience, making it faster and more transparent than ever before.

Dedicated Claim Support

At Jio Insurance Broking, we provide a dedicated claims desk to handhold nominees through every stage. From document collection to coordinating with the insurer’s legal team, our goal is to ensure that the insurance claim settlement is handled with empathy and speed.

What Is the Term Insurance Claim Settlement Ratio?

The term life insurance claim settlement ratio is the ultimate metric of trust. It is calculated annually by the IRDAI (Insurance Regulatory and Development Authority of India).

CSR = (Total Claims Settled / Total Claims Received) x 100

The best term insurance claim settlement ratio indicates that the insurer has a history of honouring its promises without unnecessary litigation.

When Should You File a Term Insurance Claim?

A term insurance claim should be filed as soon as possible after the demise of the policyholder. Most insurers recommend reporting within 30 to 90 days, although IRDAI mandates that genuine claims cannot be rejected solely due to a delay in filing, provided there is a valid reason.

Who Is Eligible to File a Term Insurance Claim?

The primary person eligible is the Nominee mentioned in the policy document. If no nominee is mentioned, or if the nominee is also deceased, the Legal Heir (holding a Succession Certificate) is eligible to file the claim.

Types of Term Insurance Claims

• Death Claim (Natural/Medical): Death due to illness or old age.
• Accidental Death Claim: Requires additional documents like FIR and Post-Mortem reports.
• Maturity Claim: Applicable only for "Return of Premium" (TROP) plans if the policyholder survives the term.
• Rider Claims: Claims for Critical Illness, Waiver of Premium, or Disability riders.

Steps to File a Term Insurance Claim

The term insurance claim process generally follows three critical stages:

• Intimation: Inform the insurer via email, website, or branch visit.
• Scrutiny: The insurer verifies the details and requests missing documents.
• Settlement: The funds are transferred via NEFT to the nominee’s bank account.

How to File a Term Insurance Claim with Jio Insurance Broking

Filing a term insurance claim through a broker adds a layer of expert oversight:

• Step 1: Log in to the Jio Insurance portal or call our priority helpline.
• Step 2: Upload digital copies of the mandatory documents.
• Step 3: Our team reviews the file to ensure no "rejection triggers" exist before submitting it to the insurer.

Documents Required for a Term Insurance Claim

To ensure a high claim settlement ratio for your specific case, keep these documents ready:

• Mandatory: Original policy document, Death Certificate (Municipal), Nominee's ID & Address Proof, and a Cancelled Cheque.
• For Natural Death: Attending Physician's Statement and Hospital Discharge Summary.
• For Accidental Death: FIR copy, Post-Mortem Report, and Police Inquest Report.

What Happens After You Raise a Claim with Jio Insurance Broking?

Once a claim is raised, we act as your advocate. We track the insurance claim settlement status daily. IRDAI mandates that insurers must settle a claim within 30 days of receiving all documents. If an investigation is needed, they have a maximum of 90 days.

Benefits of Filing a Claim Through Jio Insurance Broking

• Expert Pre-Scrutiny: We catch errors in the claim form that could lead to rejection.
• Centralised Tracking: No need to call multiple insurer call centres.
• Dispute Resolution: If a claim is unfairly "repudiated" (rejected), our legal experts help you file an appeal with the Insurance Ombudsman.

Common Mistakes to Avoid While Filing a Term Insurance Claim

• Non-Disclosure: Hidden medical history is the #1 reason for rejection.
• Incomplete Forms: Missing signatures or incorrect bank details (IFSC codes).
• Delay in Intimation: Informing the insurer a year later without a valid cause.
• Lapsed Policy: Filing a claim for a policy where premiums were not paid.