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How to ensure that your claim is settled?

Ensure Your Claims Are Always Settled

Life insurance comes in to play when you are not going to be around your beloved family anymore. The main problem in major death/maturity claims comes because of the minor details we fail to notice while taking up the policy.  Here we would like to bring some important points to be noted to make sure that your claim is paid to your family.

  1. Correct Details in the proposal Form Major of us fail in this first point of process. We leave either our Insurance agent/Broker/ Employee to fill up our insurance application form. There are very high chances that the said intermediary may end up filling approximate values and Figures instead of Filling exact details. Even in many cases they may modify or fill up some details in their favor for getting the policy live.Make sure That YOU fill the application. And ensure that you provide the correct details asked by the insurance company. If you are not filling the application, make sure the application is filled in your presence
  2. Medical Tests It is not wiser to avoid medical test at inception. Because If you had undergone medical test at inception, you had eliminated 90% chance of claim rejection. Take a cover that allows the insurance company to assess your health through medical examination. The cost of medical tests is borne by the insurance company.
  3. Policy Document Read the terms and conditions carefully after you receive the policy document. Ensure that your current health, occupation or lifestyle habits do not exclude you from getting the policy benefits.
  4. Timely Notifications of communication changes if any Notify the insurance company if your address or any contact details are changed. This may also be of a concern while receiving the Maturity benefits because all the communication relating to your policy will be sent to the old address if you do not update regularly. 
  5. Avoiding Policy Lapse Pay your premium on time to ensure that your policy benefits do not lapse. Because every time you revive a lapsed policy, it is treated like taking up a new policy and you may end up in denied policy continuation. 
  6. Sharing Information with your family members It is more important to educate your beloved ones on the policy details and the process for claiming the benefits. Keep your nominees/beneficiaries informed about the policy, its details, and the claim process.
  7. Keep nominee details updated in your policy Remember you can change/add nominees at any point in time. And ensure that the Date of birth of your nominee are correctly mentioned in the proposal and policy document.
  8. Keeping your Policy Document Safe You have to make sure that you don’t misplace your policy documents because the main evidence of contract is  the policy document. It is the main document asked first during claim settlement.

Be very careful in the above 8 points and ensure that your policy claim is settled in a smoother way to your beloved family. At present there is no insurance company in the world settles 100% claims. The claims are not rejected and put on pending due to various reasons. Let your policy also not fall in these categories.

BE CAUTIOUS, BE HONEST AND NO CLAIM BE REJECTED

 

Visit our post on Claim settlement Ratio of Various companies in India For 2013-14

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