Things to Keep In Mind To Ensure Your Claim Does Not Get Rejected
Any insurance claim is raised at a very difficult time in life. It can be challenging to deal with insurance rejection when you are going through emotional turmoil. However, the insurance claim process is not something to be feared. Most life insurance policies offer the option to apply for the claim online. You can also contact customer service and speak to them on the phone or via e-mail. The local branch in your city can also guide you through the process if you get stuck anywhere.
This guide can help you understand the insurance claim process, how to speed things up, and ensure that your claim does not get rejected.
5 tips to keep in mind while buying an insurance policy
All insurance policies come with some terms and conditions. It is advisable to understand these before buying a policy. Below are five key things you need to keep in mind:
Premium Payments: Insurance premiums need to be paid for the policy to be active. Missing premium payments or non-payment of premiums on time will make the policy inactive and the insurer can withhold future claims.
Information shared at purchase: Insurers typically ask for information like age, health condition, any existing diseases, and habits like smoking or alcohol at the time of purchasing a new policy. This information typically has an impact on premiums. It is advisable to not provide wrong information or hide crucial details of your health or lifestyle, such as smoking or drinking at the time of buying the policy, which can later cause hindrances in settling a policy claim.
Updating nominee details: Policies are usually bought with a nominee in mind. Should circumstances change for any individual, it is advisable to update the nominee details as soon as possible to ensure a smooth claims experience.
Policy coverage: The terms and conditions of all policies will tell you what will be covered and what is not. For example, some events such as death due to narcotics or death due to participating in a hazardous activity may not qualify for an insurance claim.
Trustworthy insurer and claim settlement: One can always check the claim settlement ratio of an insurer to get an idea of the trustworthiness of the company. An insurer with a good track record and higher life insurance claim settlement ratio is more likely to approve claims rather than someone with a lower claim settlement ratio. You would be delighted to know that Reliance Nippon Life Insurance holds a Claim Settlement Ratio of 98.7%, one of the highest in the industry.
Step-by-step guide on things to remember while submitting an insurance claim
When filing a death claim under a life insurance plan, this is what you need to keep in mind:
Keep all documents ready: You must keep all the required documents ready to avoid delays or rejection of claims. The list of documents typically includes death certificate of the policyholder, a copy of the FIR in the case of death by an accident, the original policy document, identity proofs, a cancelled cheque or a copy of the bank passbook, and a copy of the medical report of the policyholder to support your claim.
Contact the insurance company as soon as possible: It is not advisable to wait too long to raise a claim. Try to contact the insurer as soon as possible after the unfortunate event.
Fill out the form correctly: Errors can cause interruptions and postponements in the insurance claim process. Asking third-party insurance agents to fill the form may cause problems as the chances of the information being incorrect are high. Make sure you fill out the form yourself so that all details are valid and to the best of your knowledge.
The claim process is not time-consuming as long you follow the proper steps and produce truthful information. Moreover, insurers offer excellent transparency in the entire process and allow you to keep track of the insurance claim status online. So, you can take remedial action in case anything goes wrong immediately.
Frequently Asked Questions (FAQs)
What are the different types of claims in life insurance?
There are two types of claims - maturity and death claims. Life insurance plans with riders may also have a separate insurance claim process for the concerned rider.
What do you need to raise a life insurance policy claim?
You require the death certificate, FIR, hospital documents, identity proofs, policy documents, and a cancelled cheque to raise a claim.
How long does it take to raise a claim?
You can raise a claim in a few minutes if you have all the documents.
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