What can get your life and health insurance claims get rejected & what to do after that?
Mahavir Chopra, Founder, Beshak.org, says “as per the policy wordings, typically there is a 30-day window in which you are supposed to notify that there is a death that has happened. But IRDA has made it very clear that if there are any circumstances by which a customer has not been able to do that, insurance companies cannot reject claims.”
Let us start with life insurance. It is very important to give the right kind of information. It is very important to put a nominee in your policy. What should be your basic homework to avoid any claim rejection, as far as life insurance policies are concerned?
It is very important that people understand the issues because insurance is bought for claims.
If you are not able to get claims, there is no point investing into insurance. The homework is the most important factor when buying an insurance policy. The most important point within these important points would be to ensure that you are making the right declarations in your policy.
When the proposal form comes to you, the application form is the base and the foundation on which your policy is issued.
Ensure that you are taking care of filling the form yourself, specifically details related to finance, health and lifestyle. If you make any mistakes there or are lazy and do not take care of giving the right information when giving details that the insurance company is asking for, that is a very big risk that you are taking and it could lead to your nominee not getting the claim. So that is one of the most important things.
The second is educating the nominee and making the nominee understand that these are the policies, these are the kind of covers, the records, where are they kept and how do you make a claim.
