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The Process for Filing a Claim

  10/24/18 6:48 AM

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The process for filing a claim

Amit told Ananya to keep her evening free for a meeting with the insurance agent. “But why, I thought we’d catch the Thursday premier of that new feature film today!”

“Hey, that can wait for the weekend, that’s our time together my dear, that’s why I decided to call him on a weekday…but see, we’ve just recently taken our policies and we need to know, both of us, how to operate it when or if the need arises. Yes, I know you think that’s morbid, but let’s be practical.”

Anaya wanted to know what operate the policies meant. He said, “Oh it’s about the claims process. Let’s see what he has to say.”

In the evening, Jatin the agent put them at ease saying, “This is an important process to know about, not that anything untoward should happen soon, God forbid, but it’s better to be prepared!”

Well, the Claims Process usually has some predictable steps.

Filing a Life Insurance Claim

 

Claim settlement is one of the key services that an insurance company provides to its customers.

Insurance companies are obligated to settle claims promptly.

The process is as follows:

You will need to fill a claim form and contact the financial advisor or insurance agent from whom you bought your policy and submit all relevant documents. Most claims are settled by issuing a cheque within 7 days from the time the documents are received. In case there is a problem with any part of your claim, you will be notified in writing.

Types of claims

Let’s take the case of a Term Life Policy:
 
Claim intimation
In case a situation for a claim arises, you should:      
  Contact the respective life insurance branch office
  Contact your insurance advisor
  Call the respective Customer Helpline.
     
       
Claim requirements      
  For Death Claim:
 
  Death Certificate
  Original Policy Document
  Claim Forms issued by the insurer along with supporting documents
  For Accidental Disability / Critical Illness Claim:
 
  Copies of Medical Records, Test Reports, Discharge Summary, Admission Records of hospitals and Laboratories
  Original Policy Document
  Claim Forms along with supporting documents
  For Maturity Claims:
 
  Original Policy Bond
  Maturity Claim Form
   
  Incase of delay in settlement kindly refer to the relevant grievance redressal forum.

 

In case of Motor Accident Insurance Claims:

Before you file a claim, you must notify people who may be responsible for the accident that you’ve been hurt and intend to file a claim for your injuries. This increases your chances

of getting a quick settlement and prevents others from later saying that your claim unfairly surprised them.

Next, after you’ve taken time to thoroughly investigate your claim by gathering evidence, establishing who was responsible for the accident, working out what you believe your claim is worth, and planning good arguments, you need to write a formal demand letter and submit it to the insurance company of the person who you believe is responsible for your injuries.

(This may include your own insurance company – for example, if you are covered by a no-fault automobile policy or need to make a claim for uninsured or underinsured motorist coverage.)

After this, you will engage in informal negotiations with the insurance company until you agree on a settlement you are comfortable with.

Many insurance claims are that simple, though sometimes you may find yourself dealing with a stubborn or unreasonable claims adjuster. If that’s the case, you must resort to more determined negotiation tactics – or perhaps consult an experienced personal injury lawyer.

 

“That said”, concluded Amit, “Thank you, Jatin, for an educative evening, well spent!”

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