There is a common saying that insurance companies do not pay the customer's insurance claims. Reality but it is not. If the insurance companies follow the rules on which they pay their insurance claims, there is no chance for the company not to pay their insurance claims.
In order to meet the legal aspects of getting an insurance claim, it is necessary to keep in mind some important issues from the time of purchase of the policy to the time of raising the claim.
10 important things to get insurance claims fast and on time:
1. The proposal letter should be read carefully while making the policy. In this case, the terms of the policy must be well understood. Information provided by an agent or broker cannot be relied upon alone. Understand the terms of the policy in consultation with a person who understands the insurance policy well.
2. A class of field workers hired by an insurance company offers various temptations to take out a policy. They cannot fall into the trap of temptation.
The policy should be purchased considering the financial condition of the insurance company concerned, its financial condition and the terms of the policy, how much bonus the company will give or can give.
It is not the end of the policy - it is also necessary to consider whether the policy premium is financially viable. If the premium is not paid in the end, the policy will expire.
This policy bears no liability. On the other hand, the main condition for getting an insurance claim is that the policy is in force. The policy premium has to be paid for at least 2 years.
3. Proposal form should be filled with correct information while making the policy. At the same time copy of the proposal letter should be saved. The things to be careful about when giving information are-
- Fill out the proposal stating the correct age. A copy of the national identity card should be attached with the proposal as proof. Also if you have SSC education certificate, driving license, its copy can be attached.
- Family history should be mentioned properly in the proposal form. In this case mother, father, brother, sister, wife / husband, son, daughter's age and health condition should be mentioned properly.
- The relationship with the nominee, his exact age and name should be mentioned correctly. If the nominee is a minor, similar information of his / her legal guardian should be properly mentioned.
- If a medical examination is required, a health examination report from a government registered doctor must be submitted along with a proposal letter. Under no circumstances should a health examination report be submitted or submitted with a proposal without a health examination at the instigation of others.
- If medical examination is not required, it should be filled with correct answer to the health related question in the proposal form. Under no circumstances can a policy be made with false information.
4. The life insurance proposal is the main basis of the policy. Therefore, as soon as your proposal is accepted by the concerned insurance company, you have to deposit the premium money and save the appropriate deposit receipt.
First premium receipt (FPR) or insurance risk acceptance letter and principal insurance documents from the company. In order to get any type of claim, original insurance document, FPR and latest premium deposit receipt must be required.
5. The renewal premium must be paid within the stipulated date. In this case, the bank account of the company or the relevant servicing cell or licensed agent can not be deposited in the hands of anyone else.
In case of submission of renewal premium in the hands of the agent, it is necessary to check whether the concerned agent has a license or not.
In this case the agent's license number and name address must be saved. At the same time, it is necessary to find out whether the agent deposited money as a company and make sure that the money is deposited in the company.
6. In case of 3/4/5 installment insurance, the policyholder will continue to receive a fixed portion of the sum assured after a certain period of time subject to the policy being in force. Its date will be clearly mentioned in the original insurance document.
It is actually the company paying part of the policy buyer's insured money which will be deducted from the total sum insured at the end of the term. So it cannot be considered as a policy bonus.
At the end of the term of the policy, the remaining sum assured will be paid along with the total bonus earned. However, in case of untimely death of the policyholder before maturity, the thick sum assured will be paid to the family along with the bonus earned till the day of death.
7. In case of termination of the insurance policy or termination of the policy on the death of the policy owner.
The bonus earned as per the latest announcement of the bonus company will be paid along with the sum assured. Bonus money is never paid without the termination of the policy.
8. All types of insurance claims due against the policy during the policy buyer's lifetime will be paid by the customer's own bank account payee check by the company.
Therefore, all the information including the signature of the bank account should be matched with the life insurance proposal form.
9. Remember that life insurance policy is a valuable asset to the customer and his family. It is therefore necessary to properly preserve the policy document and keep family members informed.
Because in case of untimely death or disability of the policy buyer, the nominee of the policy has to inform the company by raising the insurance claim within 30 days.
10. Under the Insurance Act, the insuring company is obliged to settle the claim within 90 days from the date of raising the insurance claim.
Therefore, in case of unreasonable delay in receiving the insurance claim, a complaint has to be lodged with the Insurance Development and Regulatory Authority (IDRA).
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