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Thread: How the claim amount will paid in Term Insurance Claim?

  1. #1
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    Question How the claim amount will paid in Term Insurance Claim?

    Few queries on Term Insurance Claim?
    1- What will be the status of a term plan in case of suicide by the Insured after one year of policy?
    2- Will the Sum Assured be given to the nominee?
    3- Can the Insurer forfeit it in case of proved suicide?

    4- Under what conditions Insurer can forfeit the Sum Assured?



  2. #2
    Super Moderator PolicyWala's Avatar
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    These will be handled differently by different Insurers:

    Bharti - AXA Life
    If the Life Insured, whether medically sane or insane, commits suicide resulting in death directly or indirectly as a result of such suicide within one year of the Issue Date; or one year of the date of the latest reinstatement of the Policy, the company shall pay the nominee or beneficiary of the policyholder 80% of the premiums paid till the date of death, provided the policy is in force.

    Aegon Religare Life
    Suicide Claim Provision: If the Life Assured under the Policy, whether medically sane or insane, commits suicide, within a period of one year from the:
    a) The Policy Date or
    b) Date of reinstatement,

    The nominee or beneficiary shall be entitled to 80% of the premiums paid, provided the policy is in force.

  3. #3
    Super Moderator PolicyWala's Avatar
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    Quote Originally Posted by Raj View Post
    Few queries on Term Insurance Claim?
    1- What will be the status of a term plan in case of suicide by the Insured after one year of policy?
    Claim will be paid by insurance company (also see above post).

    2- Will the Sum Assured be given to the nominee?
    Yes.

    3- Can the Insurer forfeit it in case of proved suicide?
    Not after one year of suicide or date of reinstatement of policy.

    4- Under what conditions Insurer can forfeit the Sum Assured?
    If insurer provide incorrect Information & Non Disclosure of material facts in proposal form. (See below for more info)

    Incorrect Information & Non Disclosure
    This Policy is issued based on the information/documents/replies furnished to the questions in the Proposal Form and in the report, if any, of the medical examiner and the declarations which have been made to the Company or its representatives and any other information provided by you or received on your behalf before the Policy Date. If any information/documents/replies/statements provided by you is found to be incomplete or incorrect or false, the Company notwithstanding with any other applicable provisions, reserves the right to vary/terminate the benefits which may be admissible and declare the policy null and void, if there has been non disclosure of any material fact or if the replies to any of the questions asked in the Proposal Form / report of the medical examiner are false or have been wrongly answered.

    Section 45 of the Insurance Act, 1938 is reproduced hereunder for ready reference:
    “No policy of life insurance effected before the commencement of this Act shall after the expiry of two years from the date of commencement of this Act and no policy of life insurance effected after the coming into force of this Act shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the Policyholder and that the Policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose:

    Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal.”

  4. #4
    NewBie
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    If the Life Assured under the Policy and commits suicide within a period of one year from the mentioned Policy Date or date of reinstatement, the nominee or beneficiary shall be entitled to 80% of the premiums paid which is provided the policy is in force as of the term and conditions of the policy.

  5. #5
    NewBie
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    Hello Raj,

    Normally the claim amount is paid in cheque.
    Suicide will be covered after 12 months of your policy inception

    I hope this helps

    Wasim

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    NewBie
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    I hope this helps

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    NewBie
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    I am 28 years old and I am new here can anyone suggest a good life insurance policy for me?

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    NewBie
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    Even I was wondering when can I expect the claim in the matter of a unnatural death ?

  9. #9
    NewBie
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    INFORM THE INSURANCE PROVIDER ABOUT THE CLAIM
    In order to enable the insurer to start the process of claim, the nominee should inform the insurance company as soon as possible. The required details for the intimation of claim are the name of the policyholder, policy number, date of birth of the insured, place of death, the cause of death, the name of the beneficiary, etc. The beneficiary can avail the claim form either from the nearest branch of the insurance company or can even download it from the website of the insurance company. Moreover, the beneficiary can also fill the form online and file the claim.


    DOCUMENTS REQUIRED
    The documents that should be kept handy while filing the claim are:


    Death certificate
    Age of the policyholder
    Original documents of policy
    Any other documents according to case related or according to the requirement of the particular insurance company
    If a claim is made within the 3years of policy issued, the insurer does an additional investigation in order to ensure it is a genuine claim. These are as following:


    Check with the hospital whether the demised person was admitted in the hospital or not.
    In case of confirmation of flight crash from the airline authorities, the insurer checks with the airlines that whether the insurance holder was the passenger of the flight or not.
    In the case of death of the insured due to any critical illness, the insurance provider will ask the hospital to make available the details like medical records, doctor’s certificate, etc.
    In case the insurance holder dies due to suicide, murder or accident then panchanama, police FIR report and post mortem report will be required.


    SUBMISSION OF ALL THE IMPORTANT DOCUMENTS FOR THE PROCESSING OF CLAIM
    The beneficiary should submit all the required documents as early as possible to speed up the claim process and avoid
    any delay.


    SETTLEMENT OF CLAIM
    According to the Insurance Regulatory and Development Authority (IRDA) of India, it is mandatory for all the insurance companies to settle the claim within 30 days. The claim should be settled by the insurer from the date the beneficiary submits the claim form along with all the required documents. In case, the claim requires additional investigation then the insurer is obligated to complete the process within 6 months from the date of receiving the written intimation of the claim.

  10. #10
    NewBie
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    What is the value of integer n?

    (1) n(n+1) = 6
    (2) 2^(2n) = 16


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