As we all know Insurance works as a shed that gives financial protection to you. Specially Insurance has gained popularity because of its trustworthiness and ability to provide financial support when required. There is Life Insurance, Motor Insurance, and Health Insurance which cover various risks. Dealing with Insurance claims might seem tricky, but knowing the insurance claims process can make it much easier. In this comprehensive guide, We’ll go through each step of filling an insurance claims to help you understand it better.
Insurance claims are formal requests made by policyholders to their insurance companies for coverage or compensation for a covered loss or policy event. When an event occurs that is covered by the insurance policy, the policyholder submits a insurance claims to the insurer. The insurer then reviews the insurance claims, and if it is approved, provides the necessary payment or service as outlined in the policy agreement.
Here, Step by Step procedure to file Insurance Claims
Get in touch with your Insurance Agents.
Gather Your Papers.
A Surveyor Conducts damage Evaluation.
Insurance Claims Acceptance.
Get The Insurance Claims Amount.
In Case a Insurance Claims Arises You Should
Contact the respective Life Insurance Branch Office.
Contact your Insurance Advisor.
Call the respective customer helpline.
How does an Insurance Claims works?
An Insurance Claim helps you avail the support of the insurer against the insurance policy that you had purchased. for example, If you have brought a family medical insurance policy, then you can file a claim with the insurer against the policy no. XYZ…. The benefits which we offer are as follows:
1. Reimburse the hospitalization expenses
2. At the time of admission, provide cashier service at the hospitals.
Documents Required For Insurance Claims Processing
In the case of Life Insurance, the nominee should register by submitting a death claim form along with the identity and address proofs at the nearest Branch of Insurance.
Mandatory documents along with your claim form.
(a) Original Policy Bond
(b) Death Certificate
(c) Cancelled cheque along with NEFT mandate form by bank authorities.
(d) Nominee’s identity proof such as Aadhaar, PAN card, Passport, Voter Card etc.
In the case of medical policies, the identity and address proofs of the insured have to be submitted along with the discharge summary, claim form, and hospital certificate.
Easy Steps for Insurance Claims Settlement
- Claim intimation and registration
- Documentation
- Processing and settlement
Types of Insurance Claims
An Insurance Claims can be categorized into various types
Health Insurance Claims: These Insurance Claims are handled by the hospital, doctor and the insured does not to do anything. These Claims cover the costs of medical expenses.
Life Insurance Claims: Life Insurance Claims is raised by the nominee in the unfortunate event of the policy holders demise. In that case, nominee submit some doubts like death certificate, PAN card and other documents along with the claim form. Once it verifies all information, the amount is made to the beneficiary account.
Group Life Insurance Claims: Group Life Insurance provides to an employee with life Insurance benefits. In case of any unfortunate event, the nominee can file a claim and get the sum assured.s
Formalities for maturity Claim
Maturing of a Life Insurance Policy, the Insurance Company will send email/sms of intimation to the policy holder along with discharge voucher at least 2 to 3 months in advance of the maturity date.
Discharge Voucher is just like a receipt signed by the policy holder and sent it back to the branch of the Insurance office with the original policy bond to enable it to make the payment. The Claim amount will be paid only to the assigned who will give the discharge.