Types of Claims in Insurance

Let’s understand the definition of claim in insurance, different types of claims in insurance and how they work: 

What Is the Definition of Claim in Insurance?

The definition of claim in insurance is a formal request made by a policyholder to their insurance company for compensation or coverage against losses as per the terms of the policy. Claims can be made for events like a car accident, hospitalisation, the death of the insured, or property damage.

Claim Insurance meaning: In simple words, claims in insurance is an occurrence of the risk covered under the policy. Therefore, by filing the claim form in insurance, you or your nominee can receive the benefit amount as stated in the policy documents to help you financially recover from the losses incurred.

What are the Different Types of Insurance Claims?

Here are the different types of Insurance claims in India:

Types of Claims in Life Insurance

Life insurance claims typically arise in the event of the death of the policyholder. 

There are primarily two types of claims in insurance for life:

• Death Claim: Death claims are filed by the nominee/beneficiary upon the policyholder's death. Requires submission of death certificate and policy documents.

• Maturity Claim: Applicable when the policy reaches the end of its term. The sum assured is paid to the policyholder if they survive the term.

Types of Claims in Health Insurance

Health insurance claims involve medical expenses, and can be processed in two ways:

• Cashless Claims: Where the insurance provider settles bills directly with the hospital.

• Reimbursement Claims: Where the insured pays upfront and is later reimbursed.

Additional types include:

• Planned Hospitalisation

• Emergency Hospitalisation

• Daycare Procedures

• Critical Illness Claims

Types of Claims in Motor Insurance

Motor insurance includes both car and two-wheeler claims, and these are usually categorised as:

• Own Damage (OD) Claims: For damage to your own vehicle.

• Third-Party Claims: When you cause damage or injury to another person or their property.

• Theft Claims: For stolen vehicles.

• Total Loss Claims: When the vehicle is beyond repair.

Types of Claims in Home Insurance

Home insurance claims protect against loss or damage to your property. Types include:

• Fire and Natural Calamity Claims

• Burglary or Theft Claims

• Accidental Damage Claims

• Loss of Rent or Alternative Accommodation

What are the Other Types of Claims in Insurance?

Some other types of claims in insurance are as follows:

Medical Malpractice Insurance

Involves claims for professional negligence. One type here is:

Occurrence Type Claims: Covers incidents that occurred during the policy period, even if the claim is filed later.

D&O Claims

Directors and Officers (D&O) insurance claims arise when company executives are personally sued for decisions made during their tenure.

How does an Insurance Claim Work? 

An insurance claim is like a safety net against financial losses. Unfortunate expenses such as accidents, medical emergencies, and uncertainties in life can cause emotional distress, and insurance claims provide help in such cases. 

This amount can act as income replacement and cover medical bills, helping your family fulfil their living costs. In case you have financial dependents, payouts during claim can help your family if they lose any income support. 

What are the Different Types of Insurance Claim Forms?

Every type of insurance claim comes with a specific claim form. These may vary slightly, but generally require:

• Personal details

• Policy number

• Incident or diagnosis details

• Proof documents (invoices, certificates, etc.)

Examples:

• Death Claim Form for Term Insurance

• Health Insurance Claim Form

• Motor Accident Claim Form

How to File a Claim With Policybazaar?

You can file a life insurance death claim online, physically at the insurer's branch office, or by calling or emailing by following steps below: 

To submit an online life insurance claim, visit Policybazaar and click ‘File a new claim'. 

To submit a claim by phone, call us at our toll-free helpline: 1800-258-5881. NRIs can call on +91-124-6166633

To submit a claim via email, write us at care@policybazaar.com

You can visit your nearest branch to submit a life insurance claim in person. Check the Policybazaar offices.

You can submit your query on WhatsApp at +91 8506013131

Wrapping it Up!

Understanding the types of claims in insurance helps you stay prepared and make the claim process smoother when you need it the most. Whether you're looking into types of claim in life insurance, healthcare claim types, or motor insurance claim types, knowing how each works ensures timely and hassle-free support during life’s uncertainties.

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