FAQs November 20, 2018

Many people are apprehensive while buying term insurance plans as they misconstrue these plans to be complicated and reel under the misconception that their family might not be able to claim death benefits in the event of their sudden demise. However, they do not realize that if they have read the policy terms carefully and have submitted all necessary details and documents, then the insurer cannot reject the death benefits claimed by the nominee(s) of the policyholders.

To ensure that your family faces no hindrances while filing the term insurance claim for the death benefits, you must:-

  • Fill incorrect details in the term insurance application: No detail must be deemed insignificant while filling in the term insurance proposal form. Even a typo error that had been ignored initially can result in a term insurance claim getting rejected.
  • Disclose your medical history: Some people do not share details of any illnesses they may have suffered in the past fearing higher premium payments. However, while filling out the application form, it is important that you are honest about your medical history lest you die of that disorder, thus, lending your insurer enough reason to describe your insurance claim as fraudulent and reject it altogether.
  • Know your benefits: Is your nominee aware of the benefits of the term insurance plan you have bought? Do your loved ones know about the added premiums you may have paid for additional rider benefits? It is a cause of concern if your dependent(s) are unaware of the nuances and benefits inherent in the term policy you have bought?
  • Plan’s terms and conditions: Each plan has its own terms and conditions that you and your nominee(s) must know. Tell them before it is too late.
  • Knowledge of the claim filing process: Not many people know the details of filing a term insurance claim. Knowledge about the term insurance filing process is important so that your nominee(s) may file the claim for death benefits without any hassle.
  • Keep necessary documents ready: While filing an insurance claim for death benefits, your nominee(s) would be required to submit necessary documents. Inform your nominees about the documents that they would need to attach with the insurance claim form. Better, if you can ask them to keep the documents handy.
  • Pay policy premiums regularly: See to it that your policy premiums have been paid regularly and on time to ensure that your dependents do not face any difficulty in claiming the death benefits predetermined while buying the policy.