The road to insurance claim settlement can be a bumpy one, with twists and turns, highs and lows. But we are here to become the 4th wheel when you need one to keep you on track and help you reach your destination.
In this article, we shall discuss all you need to claim your insurance claim settlement.
Let us start with the very beginning. OH NO! Circumstances have arrived, and we need the insurance money!
Follow this step-by-step guide through the process -
Contact your insurance company ASAP
Car, health or loss of life, intimation to the insurer as soon as possible would be the most crucial step to begin the claim settlement process. Delays may raise questions, potentially affecting the assessment. A written intimation containing the information required, depending on the situation or mishap, should be submitted to initiate the claim process.
Documentation
All relevant documentation (depending on the nature of the claim, for example, an FIR in case of theft and a death certificate in case of a life loss) should be submitted along with additional documents if required by the insurer.
Verification
To evaluate the authenticity of the claim and to ensure the claim falls within the policy's parameters, the insurer surveys and verifies the claim. If the information given is found to have errors or omissions of vital information, the claim will be rejected. Be very careful about the data being given for verification to avoid claim rejections.
Claim settlement
If all goes well during verification and no discrepancies are found, the claim is accepted and settled. The insurer is liable to pay the settlement amount within 30 days of the claim being raised.
Points to be noted:
Sometimes claim rejections can happen due to several reasons, ranging from documentation error to fraud. In case of claim rejections, do not panic. Investigate thoroughly the reasons behind your claim getting rejected.
Always investigate the insurer before investing your money. Do not be hasty and fall victim to Mis-selling, fraud etc.
Always stay up to date. Periodically review your insurance policy to ensure its suitability to your current needs. This proactive approach can prevent insurance claim related issues. Familiarising yourself with policy exclusions( incidents not covered) helps avoid potential claim rejection.
If you are facing a wrongful claim rejection, most insurance providers allow policyholders to appeal a claim rejection. Present additional evidence or clarify any misunderstandings to strengthen your case.
If you are still unable to find your way through the tedious loads of paperwork and complications, Seek advice from subject matter experts. Their expertise can be invaluable in navigating the intricacies of the insurance world, simplifying the process and assisting through all of it.
