The insurance claims procedure may be made easier if the policyholder takes the time to thoroughly read the terms and clear up any uncertainties before obtaining a policy.
Many consumers are often dissatisfied with the insurance claim procedure. However, the procedure may be made easier if the policyholder takes the time to thoroughly comprehend the terms and clear up any issues before obtaining a policy. Deepak Bhuvneshwari Uniyal, co-founder and CEO of Insurance Samadhan, outlines what policyholders need to know and how his organization can assist them in an email exchange with FE Online. Excerpts:
What are the most prevalent reasons why insurance companies decline consumers’ claims?
Non-disclosure of any pre-existing health conditions, non-disclosure of existing insurance, non-disclosure of lifestyle behaviors such as drinking/smoking Incorrect occupation declaration
Non-disclosure of pre-existing health concerns, no current course of treatment, hospitalization is not required with general insurance.
What should you do right away if an insurance company refuses your claim?
You may contact the company’s grievance department and explain why the claim should be paid. This may be escalated to the IRDAI portal and the Ombudsman.
What are the most important considerations when purchasing an insurance claim policy?
The product should be purchased depending on the necessity.
The brochure should be read.
Fill out the proposal form and be sure you complete all of the questions accurately.
Why is insurance misselling so prevalent?
Because it is a fairly complicated product, most individuals do not get into the specifics of the insurance terms and conditions. Most vendors, too, lack a thorough grasp of the goods. The majority of insurance is purchased solely on the basis of mutual trust.
What can insurance customers do to avoid being duped by misrepresentation?
Don’t be swayed by implausible promises such as large profits, bonuses, loans, gold coins, tower installation, and so on. If in doubt, contact the insurance company’s customer care and inquire.
After reviewing the booklet, purchase insurance coverage from a reputable supplier or online.
Fill out the proposal form and include all relevant details.
Listen to the insurer’s verification call and answer all questions accurately.
READ ALSO: The Importance of Revisions to Health Insurance Premiums
How does Insurance Samadhan assist policyholders?
Insurance Samadhan can assist you in your resolution journey. We select real concerns and then categorize them by subtype. Our algorithm then selects the points and rules that will assist portray the case to the business in the best possible light.
We assist customers in properly representing their issue at the business level, IRDAI, and Ombudsman. Our technology assists in the generation of pre-populated forms and paperwork necessary to represent the complaint at all levels.
Our professionals are here to assist you in understanding the points and answering any concerns you may have about your complaints.