How to Understanding Insurance Claims - Be it any type of insurance, health insurance, life insurance, motor insurance, property insurance, third-party insurance, the settlement is the essence of all. If the procedure is easy and hassle free only then the major purpose of is met. Let us understand what all is involved in the insurance claim procedure.
What is an insurance claim?
Insurance claim is an official request to the insurance companies asking them to pay the amount as per the policy terms and conditions. Once the claim is initiated, the companies establishes a verification process for the validity of the claim and once the validity is met and the claim is approved the amount is paid to the insured or the third party (on insured's behalf).
What is the process of filing insurance claims?
Filing an insurance claim process is not as scary as it seems to be. You just need to do all the spadework before submitting the claim papers to minimize the chances of claim rejection.
Auto Insurance Claims:
- If the loss is more than 5000 then only it is worth filing a claim.
- In case of accident, inform the police and lodge FIR and inform the insurance company as soon as possible. While filing a claim the FIR would be helpful and if accident happens due to third party then also inform your insurance company. They would help in getting the claim settled. Auto Insurance includes third-party insurance so have documentation in place. You may be asked to furnish the following by the company:
- Policy details
- Venue, Date and time of accident
- Accident details
- Copy of FIR
- In case of physical damage to the vehicle, get it verified by your agent before getting your vehicle fixed.
- Fill the claim form and submit it to insurance provider at the earliest.
Health Insurance Claims
Cashless: The claim is directly settled by the company if availing the treatment in network hospital.
- Inform the hospital about your policy details and inform the company about the hospitalization
- Upon verification the claim would be settled by the company directly.
Reimbursement: The expenses would be reimbursed as the treatment takes place in non network hospital.
- Settle the bills with the hospital and then file claim for reimbursement.
- Provide all the bills, prescriptions and investigation reports to the insurance provider.
- After the approval the claim is settled as per policy terms and conditions.
Life Insurance Claims: Life Insurance benefit is not delivered automatically.
- Intimate the insurance company by submitting a written application to initiate the claim for all the beneficiaries along with copy of the death certificate.
- Submit the required documents along with the policy details at the earliest.
- As per the IRDA, the claim should be settled within 30 days provided all the documents are timely submitted and approved.