Insurance Claim Process is Tedious- A Myth

Mrs. Sinha, 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 for 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.

Almost every third person complains 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 policyholders when submitting a claim. But is the claiming process on your insurance policy really that much hectic?

It doesn’t have to be.

First of all, it is significant to know what your policy covers and while submitting a claim, what documents are required. As, in cases involving accidental death, post-mortem results and police reports are documents that you have 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 the claim process will become smooth.

Information on what you need to prepare when filing a claim is readily available on company websites. Call centers 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.

Thus, the claiming process is not tedious but the incomplete information or the details you forget to give can probably make it a little hard for you. So put the details correctly and make sure you and your loved ones will get benefit from it.

Aastha Mestry - Portfolio Manager          

An Author and a Full-Time Portfolio Manager, Aastha has 6 years of experience working in the Insurance Industry with businesses globally. With a profound interest in traveling, Aastha also loves to blog in her free time.