Making an Insurance Claim Is Very Easy-Learn How

What is an Insurance Policy?

An insurance claim policy is an agreement between two parties an insurer and the insured. The one who takes up the insurance is also referred to as the policyholder. The insurer is an insurance company that has to legally pay to the insured/nominee, in the event of any unforeseen circumstances taking place and/ or as per the terms of the policy. In other words, the insurer is responsible for paying the amount assured against the premium paid by the policyholder, as and when the time arrives.

Types of Policies

There are different types of insurance policies that every individual can take in accordance to his/her preference. These include:

• Life Insurance
• Motor insurance
• Travel Insurance
• Health Insurance 

These major categories contain various other insurance policies which act as extensions to the above-mentioned types of insurance.

Claiming Insurance

One of the most important and crucial aspects of buying insurance policies is the ability to claim settlements. It is an obligation on the part of insurance companies to settle the claim promptly, in order to avoid any unwarranted hassles and maintain the highest levels of customer satisfaction.

1. Individuals seeking such claims are required to fill pre-defined claim settlement forms and approach the financial advisor who would have helped them in buying the policy.
2. Documents such as the death certificate of the insured and the policy bond have to be furnished by family members in order to get the claimed amount.

Modifications for Various Insurance Claims

Based on the type of claim, you have to modify your route to make the claim.

Life Insurance Claims 

Maturity Claims

For maturity claims, you are required to send the maturity claim/discharge form and the actual original copy of the policy bond. Keep in mind to send the claim form much before the given date of maturity.

Death Claim

The person claiming the insurance must and should write an intimation letter to the insurance company in order to kick-start the claim process. The intimation must consist of information such as the name of the person insured, date/cause/place of death, policy number, and so on. He/ she should not forget to fill in the claim form while submitting all the forms. Apart from these, documents such as FIR, post mortem report (in case of accidental death), will also have to be furnished while making the claim.

Surrender Value 

This amount is provided by the life insurance company to its customer when the customer wants to withdraw from the plan before the completion of maturity after buying the policy. There is no certain amount that the insurance company will provide, surrender value is calculated and the paid value is calculated “sum assured multiplied by the quotient of the number of paid premiums and the number of payable premiums”.

Health Insurance Claim

Cashless Claim

As per the name, this facility works total cashlessly. Let’s try to understand with an example, suppose, due to some emergency you have to admit to the hospital, and you are an insured person. In this case, you have to choose, the network hospital of your insurer company, and with this step, your treatment will be easy and also cashless. All you have to do is, just bring those insurance papers and it’ll take a few minutes to approve your claim. And the good thing about, the cashless claim is it will be cleared in the hospital itself, you do not need to go anywhere.

Reimbursement Claim

The reimbursement claim is basically “getting your money back”, suppose, you choose a hospital to get treatment and you are an insured person, but unfortunately, there is no network hospital or insurer company in your area. In such a situation, you have to take treatment on your own money, after getting treatment to assemble all the hospital bills and medical bills, and claim for it. The insurance company will take sometime few days after that they’ll transfer the fund.

Travel Insurance Claim

We all like to travel, and most of us have an extra attachment with traveling and exploring new places, knowing new cultures. But the one thing that we should take care of is the insurance policy; which means if you are traveling a lot then you should opt travel insurance policy to make your travels smooth and fearless. Having a travel policy means, you are free to do some adventurous rides and trek the tallest mountains. travel insurance provides you extra care from uncertainties, no one knows about tomorrow but playing safe is the biggest achievement in this mortal world. If you have already bought a travel insurance policy, then let’s know how to claim for it?

There are several steps through which, you can claim:

If your stuff has been stolen, then you should do

1. File a report about stolen stuff in your near police station.

2. Let you know about the tragedy to your insurer company, and share the complete information about what happened with you.

3. Keep all your insurance-related documents with yourself in the form of physically, or if physically not possible then in the form of digitally.

4. If your insurer rejects your claim, do not panic, rather you can ask the insurer for the reason for the rejection, and if possible, you can claim for compensation again. If paperwork is reason to reject your claim, then you should refile the claim.

Motor Insurance Claim

For motor insurance claims you would be required to produce documents pertaining to the area of concern.

If it is a claim owing to an accident, you have to produce the following-

1) Claim form

2) RC copy of the vehicle, Driving license

3) Policy copy

4) FIR

5) Original repair invoice.

In case of the stolen vehicle, along with the above-mentioned documents you have to provide the following-

RTO transfer papers

Final report- It is a no-trace report given by the police stating that the vehicle cannot be located.

Certain Do’s and Don’ts while Claiming Insurance-

The Do’s

1> Read the insurance policy to know the aspects covered.

2> Fill out the claim form carefully and thoroughly.

3> Update all the required and necessary documents from time to time.

4> Seek help from a lawyer if needed. Make sure that the lawyer has hands-on experience in handling claim issues

5> In the event of an accident, make sure you click images as proof.

6> Keep a record of all communications with the insurance company.

The Don’ts

1> Never misstate or misappropriate facts.

2> Do not engage in any activities that may cause suspicion and/or fraud.

3> Do not engage in any communication that leads you to accept a claim amount that is lesser than the reasonable value.

Once you know the points to keep in mind, the path to claiming insurance is easy going and you can be assured of having a hassle-free claim settlement!