July 22, 2021

What is an Insurance Policy?

An insurance claim policy is an agreement between two parties an insurer and the insured. The one who takes up insurance is also referred to as the policyholder. The insurer is an insurance company that has to legally pay to the insured/nominee, in the event of any unforeseen circumstances taking place and/ or as per the terms of the policy. In other words, the insurer is responsible for paying the amount assured against the premium paid by the policyholder, as and when the time arrives.

Types of Policies

There are different types of insurance policies that every individual can take in accordance to his/her preference. These include:

1. Life Insurance

2. Motor insurance

3. Travel Insurance

4. Health Insurance 

These major categories contain various other insurance policies which act as extensions to the above-mentioned types of insurance.

Claiming Insurance

One of the most important and crucial aspects of buying insurance policies is the ability to claim settlements. It is an obligation on the part of insurance companies to settle the claim promptly, in order to avoid any unwarranted hassles and maintain the highest levels of customer satisfaction.

1. Individuals seeking such claims are required to fill pre-defined claim settlement forms and approach the financial advisor who would have helped them in buying the policy.
2. Documents such as the death certificate of the insured and the policy bond have to be furnished by family members in order to get the claimed amount.

Modifications for Various Insurance Claims

Based on the type of claim, you have to modify your route to make the claim.

Maturity Claims

For maturity claims, you are required to send the maturity claim/discharge form and the actual original copy of the policy bond. Keep in mind to send the claim form much before the given date of maturity

Death Claim

The person claiming the insurance must and should write an intimation letter to the insurance company in order to kick-start the claim process. The intimation must consist of information such as the name of the person insured, date/cause/place of death, policy number and so on. He/ she should not forget to fill in the claim form while submitting all the forms. Apart from these, documents such as FIR, post mortem report (in case of accidental death), will also have to be furnished while making the claim.

Motor Insurance

For motor insurance claims you would be required to produce documents pertaining to the area of concern.

If it is a claim owing to an accident, you have to produce the following-

1) Claim form

2) RC copy of the vehicle, Driving license

3) Policy copy

4) FIR

5) Original repair invoice.

In case of stolen vehicle, along with the above-mentioned documents you have to provide the following-

RTO transfer papers

Final report- It is a no-trace report given by the police stating that the vehicle cannot be located.

Certain Do’s and Don’ts while Claiming Insurance-
The Do’s

1> Read the insurance policy to know the aspects covered.

2> Fill the claim form carefully and thoroughly.

3> Update all the required and necessary documents from time to time.

4> Seek help from a lawyer if needed. Make sure that the lawyer has hands-on experience in handling claim issues

5> In the event of an accident, make sure you click images as proof.

6> Keep a record of all communications with the insurance company.

The Don’ts

1> Never misstate or misappropriate facts.

2> Do not engage in any act that may cause suspicion and/or fraud.

3> Do not engage in any communication that leads you to accept a claim amount that is lesser than the reasonable value.

Once you know the points to keep in mind, the path to claim insurance is easy going and you can be assured of having a hassle-free claim settlement!

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