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How to Avoid Life Insurance Claim Rejection ?



 

Here are seven things you as a customer can do to ensure that you always get paid what’s due to you by your life insurance provider.


Examine the policy document in detail:


Stay up to date on all developments with your insurance by keeping yourself informed. Remain up to date on the specifics contained in your policy paperwork. Remain vigilant and knowledgeable about the circumstances in which you can file a claim. Life insurance is a serious financial product that, when utilised properly, can save your family and dependents from financial ruin. It is not merely a tax-saving tool.



Don't Keep Information Secret:


"Disclosure of information" refers to literally any information that you fail to disclose to your life insurance company that could affect your health, result in a hospitalisation, or affect the payment of a death benefit. Anything in your application form that suggests that this disease or affliction was a possibility will be tracked down and linked to if you have a condition that requires you to file a life insurance claim. You and your dependents will not receive sum assured or other benefits if you haven't informed the corporation about it. Provide accurate and transparent information because it will be used to determine your premiums.


Apply for a Bigger Insurance Cover to Get Acknowledge medical examinations:

To better understand your medical condition, insurance companies will pay for your testing and examinations. The more information they have, the less they may claim was concealed to keep you from receiving your rightful sum assured. Additionally, by identifying disorders early on, you can treat them more effectively. Although it's more typical for health insurance plans, life insurance plans may also benefit from this.



Update Nominee Information


Your named nominee is the person who will receive any and all benefits that come out of your insurance policy, when the time comes. If you’re single, naming your parents as nominees would be the sensible way to go. Once you’re married, name your spouse and children. Whatever your present relationship status is, always keep a nominee named so that some benefit will go to some dependant of yours somewhere. Nominees

are generally those whose livelihoods are directly dependant on you being alive and well.


Make On-Time Premium Payments:


Only plans that are still in effect will have claims settled by insurers. Remarkably many consumers are unaware that their plans lapse when they fail to make premium payments on time. You are not covered when your policy lapses, and all of the premiums you have already paid will be lost.


Don’t Delay In Filing Insurance Claims


It may be the last thing on your mind in a medical emergency, but a quick call to your insurance company could spell the difference between having or losing insurance cover. It’s a good idea to give a trusted friend, colleague or relative your emergency insurance information to call and intimate the insurance company in case you are unable to do so yourself.


Basically, the life insurance company needs to be kept posted about the events for which they will be held financially liable later.


Parag Nesarikar


 

Write Comments:

Exercise:

  1. Have you taken care all the above point while purchasing your Life Insurance?

  2. Which of the above point you like the most? Why?

  3. Have you faced any challenge in any claim settlement in life?

  4. Share your experience -

 


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