Importance of Claim Settlement Ratio in India

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Take a look below to understand the process of settling the claims:

Reporting

At the onset, an individual should make sure that the claims are reported on time. The claims can be easily reported at the respective branch, online or central office. The policyholder can also contact customer support or drop an email. Reporting is of prime importance and for a policyholder is more approachable.

Quick Processing

The processing of the claim needs to be quick. Moreover, the process of the claim settlement should not be tedious and the customer should have a hassle-free experience. The less is the average turnaround time to settle the claim, the better it will be.

Settlement

Once all the relevant documents are duly assessed and approved only then the final settlement will take place. The claims need to be settled as quickly as possible right from the intimation date.

How to Avoid Rejection of Claims?

To enjoy the benefits of the insurance policy and not face a claim rejection, the policyholder should take some important steps. It generally starts when the policy papers are being signed by the policyholder. This is the time when the insurance company assesses every aspect of the policyholder such as the risk profile, and so forth and accordingly underwrites the policy.

The following are the steps that should be followed to avoid claim rejection:

• To begin with, the policyholder should disclose all the information to the insurance company. Specifically in terms of smoking habits and medical condition do not give any false information; however, assessing the risk will vary from insurer to insurer. In case an individual is an avid smoker or has a critical ailment that was not disclosed earlier and the insurance company gets to know about it at the time of claim chances are that it could get reject.
• When purchasing the insurance plan, it is highly recommended that the policyholder should fill the form themselves. Do not let an agent fill the form as chances are that the agent might miss out on some important information.
• During the free-look period, the policyholder should check the policy wordings and carefully examine the terms and conditions. In case, the policyholder is not satisfied with any clause, then the policy can be returned to the insurance company for a refund.
• As soon as the policyholder buys the policy, the first person to be informed is the nominee. In case there is a need that the nominee needs to raise the claim the person needs to be aware of it. The timely claim filing is important as that would ease the claim settlement process.

By Now, You Should Know

The claim settlement ratio of the insurance provider is a good indicator to provide an insight into the policyholder in deciding the policy. However, it is highly recommended that the insurance policy should not be bought just on the premise of the claim settlement ratio. Whether an individual buys a term insurance policy or any other policy it is equally important to check the coverage being offered by the different plans from the insurance companies.

Invest time before making the final purchasing decision, assess the requirements and zero down the insurance plan that suits and fulfil the needs of the family and the financial future is duly secured.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

Note: It is suggested to calculate the term plan premium on the term life insurance calculator online tool by Policybazaar before buying.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.