Avoid Insurance Claim Rejection: Buying an insurance plan is an important part of one’s personal finance strategy. However, many times people’s insurance claims get rejected. Let us know what are the reasons for this and how they can be avoided.
1. Fraud: refers to insurance fraudsters who take out life insurance policies for someone who is near death or in some cases take out policies in the name of persons who are already dead so that they can claim life insurance benefits Can pick up
2. Non-disclosure or mis-information: While purchasing a term insurance plan, you must provide all current information about their income details, health status, medical history ie chronic disease information and lifestyle accurately. If you do not provide any information or provide incorrect information, it may become a valid reason for rejection of the claim.
You can easily protect your insurance policy by keeping these things in mind.
• Being transparent and giving all information honestly to the insurer. If the information is true and correct to the best of the applicant’s knowledge, no claim can be denied or rejected.
• Timely payment of insurance premium. If you fail to pay the premium in time then the policy ceases to be active and no claim can be made on the inoperative policy.
• Choose an insurer with a high claim settlement ratio.
My Insurance Claim Was Rejected – What Should I Do?
Insurance companies can be reached in a number of ways:
• The first thing you should do is to visit the company’s website and go to the customer service or claims section, as appropriate. There the company lists all the ways to contact him, which usually includes a WhatsApp number, an email address, a chatbot, a toll-free number to call, and in some cases, the location of the nearest branch. These services are available even if you buy the policy through an agent.
• If needed, you can approach the Grievance Redressal Officer (GRO) to register your complaint at a higher level. Insurance regulator IRDAI also has a complaint redressal cell where you can register your complaints with the regulator under “Bima Bharosa System”. You can also register a complaint at a given email ID, toll-free number, or in physical form at the IRDAI address. The cell takes up customer complaints with the concerned insurers for redressal.
The bottom line is that irrespective of the type of insurance or amount of coverage you are opting for, you need to be honest and transparent while filling your application. Avoid concealing or misrepresenting material details about yourself or the person you are insuring for, for a stress-free experience.
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