KEY POINTS FOR INSURANCE CLAIMS.

Insurance claim settlement is the most important promise made by a life insurance company. Be it death claim or maturity benefit, this is the whole purpose for which you buy a life insurance policy, to provide financial stability to your loved ones in the event of your unfortunate demise. This death of a dear one does take a toll on the family and the last thing you would want for them is to run from pillar to post to receive the claims due from pillar to post to receive the claims due from your life insurance policy. The annual IRDAI report 2015-16 showed that 15,157 claims amounting to Rs. 736.51 crores were rejected. Although the overall claim settlement ratio for the private life insurance industry in 2016 was 91.48 percent, claims rejection is still a matter of concern as this defeats the entire purpose of buying life insurance. Though the insurance companies are responsible for settling claims, the policyholder should take the following steps to ensure smooth and quick settlement of their claims.
  1. Provide correct information: One of the most common reasons for claim rejection is providing inadequate or incorrect information. For an insurance contract to be honoured, it is imperative for the policyholder to make honest disclosure of all material facts such as age, income, medical conditions or family medical history, lifestyle habits like smoking/drinking should be appropriately disclosed. Non-disclosure can result in claim rejection later.
  2. Keep your nominee informed: Your nominee should be informed about the life insurance policy bought by you. Share the policy details with your nominee and keep them informed about the sum assured, premiums, claims procedure and point of contact so that they don't face any hassles at the time of claim settlement. Many a times, we have come across cases wherein nominees are not even aware of the bank account details of the policyholder.
  3. Keep your policy details: Before filling up the policy form, it is advisable to read the policy document carefully. Understand the features, inclusions, exclusions, clauses and what is covered in the policy and what is not at the time of buying the policy.
  4. Keep your policy in force: Often, policies have lapsed on account on non-payment of premiums because the family members are unaware of the policy. Ensure that premiums due are paid on time and the insurer is intimated about any changes in contact details in order to reach you to provide timely information.
  5. Maintain all key documents: Another important requirement is to have all requisite documents in place. Alternatively, a policyholder should open an e-insurance account which allows them to hold all their insurance policies electronically under a single account in a dematerialised form. This helps to keep all documents at one place. Besides, it is easier for your nominee to access the policy details when needed. It also helps in updating the insurer about any change like name, address or beneficiary. You just need to update the address in your e-insurance account and the insurance will automatically get updated in all your policies. 
Your life insurance policy will serve its real purpose when your nominees receive their rightful dues at the time they need it the most. So, keep your family informed about the life insurance policies bought by you and discuss about the claim procedure and documents related to it. Keeping in mind the above suggestions, you can safeguard the financial well-beingof your loved ones, helping them to 'Jiyo Befikar'.
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