Myth - Insurance claim process is tedious
It is very common to hear people complain about the insurance claim settlement process. “The insurer simply does not want to pay so is making excuses”, “my insurer took almost six months to settle my claim”, “it was really cumbersome and painful to claim insurance”, are some of those grievances expressed by policy holders when submitting a claim. But is claiming on your insurance policy really that mind-boggling?
It doesn’t have to be.
First and foremost, it is important to know what your policy covers and what documents are required when submitting a claim. For example, in cases involving accidental death, post mortem results and police reports are documents that you need to prepare. Whereas if you are submitting a claim for death due to illnesses, insurance companies will need hospital records and test results in order to process the claim. Knowing what needs to be submitted will help ensure a smoother claim process.
Information on what you need to prepare when filing a claim are readily available on company websites. Call centres are also a great way to assist you throughout the claim submission.
Making sure that you correctly declared your health information when filling up your insurance proposal form is another important point to note as it may result in a claim being rejected. Take for example Mrs. Sharma, who lost her life partner in a road accident 2 years after purchasing an insurance plan. Post mortem reports revealed that the cause of death was due to an existing heart condition. Even though she submitted all the necessary documents, her claim was rejected by the insurance company.
Why was her claim rejected despite submitting all the necessary documents? Her husband had failed to mention his existing heart condition when filling up the insurance proposal form. As health declaration is one of the determining factors to insurance companies to assess an individual’s eligibility for a policy, it is crucial that health conditions, income status and other required information are accurately filled.
By Rajesh Relan, MD & Country Manager, PNB MetLife India