While nobody wants to be in a position to claim insurance for any kind of loss, things sometimes do go south and one doesn’t have enough control over it. What to do next? It’s great if you have insurance policies against important assets but the process to claim one can be tricky.
During Covid 2.0, many people struggled to file claim for health insurance as the situation was grim and one wasn’t prepared enough as far as key documents required for the process are concerned.
A similar query was raised in a recent episode of Money9 Helpline where a caller, Abhishek Mall, asked, “While filling for a term plan, what are points one should keep in mind so that it does not get rejected when it is claimed?”
Term plan is a kind of life insurance that provides coverage at a fixed rate of payments for a limited period of time.
“You should set all your medical records straight on paper when you are buying insurance. You should ensure providing all the information about your medical history. It can be as old as 5 or 10 years, any minor or major surgery should be incorporated in it. It is very important that you have laid out all the facts there so that your family can easily claim it,” Harshad Chetanwala, co-founder at MyWealthGrowth.com advised.
An insurance plan can provide maximum benefit, only when it is filled correctly as per the set standards and all the facts and records kept straight. This will also ensure that the claims are settled without any trouble later when the person is not present.
“You should always maintain a file of your medical records. For health insurance, there is no issue since you will be available to solve the problem, but for term insurance and life insurance, it is important that your family can easily claim the insurance. When you are filling your insurance form you should declare all the medical history to them and see which reports they ask for submission,” Chetanwala reiterated.
Apart from this, one should always keep their personal documents up to date no matter what. For example, if you end up in a car crash and your driving license isn’t updated, it may create unnecessary problems.
Also, make sure to fill the claim form carefully. Don’t leave any part of the form that pertains to your situation empty. Fill the contact details accurately and attach the supporting documents as required. The insurer will return an incomplete form.
Hence, try to get the claim done right at your end. The process may be long but if you have the right documents, the money will come to you sooner or later.
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It is always better invest via MFs where one can hire some of the best minds to work for them at fees as low as 1-2% of your corpus
Some joint life insurance plans offer fixed monthly payments to the spouse in case of the death of the primary insured
You’re not alone if you’re in this dilemma. It’s certainly a prudent financial decision to pre-pay the home loan at regular intervals.
The logical question then is why is there an insurance of deposits up to Rs 5 lakhs if all the savings are safe?