Your money: Know what makes most policyholders unhappy
By Chirag Nihalani
Insurance is a significant component of financial planning and protection in India. But for many, their journey with insurance companies has not been as smooth. There are innumerable instances where policyholders have run into problems with their insurers.
Let us look at the top five common insurance complaints in India and how to resolve them.
One of the most frequent grievances faced by policyholders is the lengthy delay in the settlement of claims. To address this issue, one should maintain appropriate documentation. Keeping comprehensive records of policy information, claim forms, medical reports, bills, and any other relevant documents can help accelerate the claim settlement process. Besides, quickly submit all required documents to the insurance company and follow up to ensure the progress of the claim.
Another typical complaint is insufficient coverage. Policyholders may find themselves in a situation where their insurance policy does not provide the expected financial protection during a claim event. This could be due to indistinct policy terms, exclusions, or limitations that were not properly communicated or understood. To avoid being in this situation, always systematically review your insurance policies before purchase. Read the policy terms and conditions and seek clarifications. In case of discontentment with the coverage, look at the possibility of modifying the policy or switch to a different insurer that provides an all-inclusive coverage.
Unfair policy terms are also a significant source of complaints. Policyholders often end up with certain clauses or conditions that were not effectively revealed or explained during the policy purchase process. To tackle this issue, read the
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