Things Nominees Need to Know When Submitting a Term Insurance Claim While the Policyholder is Away

News Desk, News Nation 360 : Securing a family's financial future is more than just buying a term insurance policy; it also involves planning the management of the assets and understanding the claim-filing process, since nominees might not know what to do in case of an unforeseen claim, despite streamlined procedures. As per Varun Agarwal, Policybazaar.com's Head of Term Insurance, knowledge of the minute details, good planning, and timely action can make the claim process at times of hardship easier and secure loved ones. He suggests that beneficiaries report the death of the policyholder to the insurer immediately, check that the policy is in force with paid premiums, download or obtain the claim form, complete it, and submit it with supporting documents to initiate the process. The second step is the evaluation of the claim by the insurer, who examines the details carefully before payment. To minimise distress for the beneficiaries, the IRDAI has instructed that claims must be settled within 30 days of submission.

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