Understanding the Claim Settlement Process | PNB MetLife

Life insurance is a sure way to secure your family’s financial future. With a term insurance plan, protecting your loved ones can become even simpler because, unlike other types of life insurance, term insurance does not include an investment or savings component or other complicated clauses.   

In this blog, learn more about how to claim life insurance and its detailed process and why it is more important while buying Term Insurance.

What is Term Insurance?

Term insurance is a type of life insurance that provides coverage for a specific period, known as the policy term. It is purely focused on providing a death benefit to the beneficiaries, if the life insured passes away during the term.

Term insurance policies are generally more affordable than other life insurance plans. The coverage amount and term can be chosen based on the policyholder's needs and financial goals.

If the life insured survives the term, there is no payout or maturity benefit, and the coverage ends. This is a suitable policy if you want to secure your loved ones financially and enable them to pay off debts, cover their daily expenses, or provide for your children's education in your absence.

What is Claim Settlement In Term Insurance?

As seen above, the primary purpose of pure term insurance is to ensure the financial well-being of the policyholder's dependents in case of the former’s untimely demise. Claim settlement in term insurance is the mechanism through which the promised death benefit or sum assured is paid out to the beneficiaries.

A successful and timely settlement provides the family with much-needed financial security and stability, enabling them to meet their financial obligations, cover living expenses, pay off debts, and maintain their lifestyle. This is the very reason why you should look for the claim settlement ratio of the companies while purchasing your term insurance.

Detailed Steps of the Claim Settlement Process

Step 1 – Apply for Your Claim

• Online Claim Filing: Easily initiate a new claim or track an existing claim.
• Email Communication: Fill out the claim form and send it to claimshelpdesk@pnbmetlife.com
• Postal Mail: Locate your nearest PNB MetLife branch and mail your claim documents to the address. You can also personally visit the branch and submit the documents.
• KhUshi Mobile App: Download our self-service mobile app, KhUshi, on Android and iOS.

Step 2 – Submit Your Essential Documents

Documents required for Death Claim

1. Duly filled and signed Claim Form
2. A copy of a valid death certificate issued by the local authority
3. Doctor's Certificate (preferably - PNB MetLife format) obtained from the family physician/treating doctor
4. Nominee’s current address and photo identity proofs
5. Nominee's PAN/Form 60
6. Cancelled cheque/copy of the bank passbook
7. Additional documents are required in case of Natural Death/Death due to Illness
8. Legal heir/Succession certificate in case of death of the actual nominee
9. Additional documents may be required in case of unnatural Death/Death due to Illness/Accidental death

Additional documents required for Accidental Death Claim

1. Copy of FIR (First Information Report), Panchnama (official document of an investigation), Inquest report, and Post-mortem report
2. Obituary/Newspaper cutting (if available)
3. Viscera/Chemical analysis report (if applicable)
4. Final police investigation report

Note: Additional documents may be required, case to case basis.

Additional documents required for Critical Illness Claim

1. Hospital Cash Benefit Claim Form, attested by the concerned doctor

Note: Critical Illness can only be claimed after Survival Period

Step 3 – Claim Your Payout

• Once PNB MetLife receives your documents, we will inform you and initiate the process.
• We will settle your claim in 30 days after receiving the complete set of documents.
• We may investigate your claim in case of discrepancies, and the claim investigation period will be 90 days.
• After the assessment/investigation, the claim decision will be made and your claim will be paid out.

Conclusion

The claim settlement experience can significantly influence your overall satisfaction level specifically with respect to term insurance. If your insurance provider has among the best claim settlement ratios in the sector, it may also lead to a long-standing relationship between your insurer and you.