Life Insurance (1)
What should one keep in mind while filing a life insurance claim? What documentation is required for making a life insurance claim?
Here are some key considerations that can help your dependents in the unfortunate event of having to make a life insurance claim:
- At the time of buying insurance policies make sure that you provide all your details to the insurance company truthfully, especially your health related details. Any misinformation or misrepresentation can potentially lead to a rejection of the insurance claim defeating the very purpose for which you bought insurance.
- Do also make sure that you pay your premiums regularly to keep the insurance policies active.
- Since the prime objective of buying a life insurance policy is to provide financial protection for your dependents, do ensure that for all your life insurance policy contracts you have designated the person you wish to receive the claim proceeds as your nominee.
- Policy Contract: One of the main requirements for filing a life insurance claim is the submission of the original policy contract with the life insurance company. Ensure that all your policy contracts are safely maintained and that your nominee is aware of which policies are active and where the policy contracts are being stored or maintained by you.
- While keeping an updated list of your life insurance policies handy, you may also want to consider including your Car Insurance policy details. Your car insurance policy also covers you for a certain amount of Sum Assured (maximum Rs. 200,000) which can be claimed in the event of death on account of an accident involving the car that is insured.
While most insurance companies have their standard claims procedures and documentation requirements and one can get to know about these processes through the company’s websites and / or any of their customer service centres, here is a list of documentation that is usually required in addition to submission of the original policy contract:
- Death Claim form: In the event of death of the insured during the term of a life insurance policy, the first step is to intimate the insurance company to which the policy pertains. Most companies have a ready format for such claim forms that can be obtained either from their nearest branch offices or from their websites.
- Death Certificate: A copy of the death certificate as issued by a local authority
- Nominee ID proof: A copy of the nominee’s identity proof that also establishes the nominee’s relationship with the life insured
- Post mortem report / FIR and Police report: In case of an accidental death, additional documentation in the form of a post mortem report and a copy of the FIR and police report may also be required
- Medical reports and hospitalisation records: In the event of death on account of a medical condition / illness / disease, the insurance company may require copies of all associated medical reports, test reports, hospitalisation records etc.
Buying an insurance policy is the first step towards securing your family’s future and providing them with financial protection. However, it is equally important to ensure that it is not too difficult for your dependents at the time of filing a claim. Do what is required to ensure that you have the right policy with no misrepresentations, it is active and premiums are paid regularly and that your dependents know where to start when it comes to filing a life insurance claim.
Health Insurance (2)
Traditionally Maternity / Pregnancy related expenses have not been allowed as expenses covered under Health Insurance plans and still feature as exclusions in most products. However, there are a few products that do cover maternity expenses subject to certain terms and conditions. These terms generally have a waiting period of anywhere between 4-6 years before maternity expenses being available under the insurance cover. This means that the maternity cover would only be available if you’ve had renewed your health insurance policy for the specified number of years stipulated as the waiting period. There is usually also a limit on the amount payable as claims under both normal and caesarean deliveries under these products.
Pre and post hospitalization means the medical expenses incurred during a period before & after hospitalisation for any disease / illness / injury sustained which is covered under your Policy. The period before and after hospitalization that is covered depends on the type of plan opted for. Generally, pre-hospitalisation expenses and post-hospitalization expenses are covered for a period of upto 30-60 days before hospitalization and upto 60-90 days after hospitalization respectively.
Motor Insurance (3)
Most of the leading insurance companies today have networked with a large no. of garages and service centers across the country. If you get your car repaired at any of these garages, you may not be required to pay for the repair charges as the insurance company will directly settle the claims.
Check with your Insurance Company on garages where cashless facility is available prior to getting any repair word done, and follow the procedure set out by the Insurer to ensure you can avail of the facility without problems.
Your insurance provides you with a cover throughout the country. In fact it is also valid in the SAARC countries (e.g. Bangladesh /Bhutan / Nepal / Sri Lanka /Pakistan / Maldives). So, it does not matter where the accident takes place. You just have to contact your insurance company and they shall guide you to the nearest network garage (if they provide cashless claims facility). Otherwise you get reimbursements once you file for a claim.
The documentation requirements at the time of filing a car insurance claim may vary from insurer to insurer but the following will most likely be required:
• Valid R.C. copy of the vehicle
• A copy of the Valid driving license of the person driving the vehicle at the time of the accident
• Repair bills
• A copy of the police FIR