Overview
The death of the insured needs to be informed to the insurance company either directly or through the insurance agent who sold the term insurance policy to the insured. Contact details are usually given on the insurer's official website. The insurance companies have death claim forms that need to be filled up and submitted to them along with a list of documents.
Once the insurance company is done with it's survey, it will pay the nominee the sum assured.
If the insurer is satisfied with a claim, it pays the settlement; if there is doubt, the insurer may ask the claimant to submit more documents.
Term Insurance Claims: Basics
Decision-making Corner
- Endowment vs. Whole Life Comparator
Use this comparator to compare a whole life insurance policy and an endowment policy. - Insurance Planner
Use this calculator to find out how much life insurance you need. - Returns on Children's Endowment Policy vs. Inflation Calculator
Do the returns on my children's endowment policy beat inflation? - Should I continue my children's money back policy?
Use this calculator to find out if you should continue your children's money back policy or invest the premium amount saved in other avenues.