Saturday, 30 December 2017

How to prevent Claim Rejection !!

To Avoid any possibility of Dismissal of Insurance Claim, always fill in correct details regarding Health, Occupation, Income, Family History of illness and relevant Information while taking a policy.

The Insurance Regulatory and Development Authority of India (IRDAI) had published data of Claim settlement ratio submitted by various life insurers companies. The companies said most claims get repudiated due to non disclosure of Health conditions, Misleading details of Income and Occupation and withholding of Insurance with other companies prior to applying for the policy. People insure themselves or their Loved Ones to ensure availability of adequate funds in case of sudden Death of the Insured having Financial Responsibilities.  The provisions of Insurance work like any other contract, albeit it must be done in utmost good faith. For this, the insured person is required to disclose any potential matter that may influence the insurer’s decision to accept the risk of Loss.

The information submitted in the proposal form is the basis of contract between the Insurance company and the Insured, and it determines if the former is liable to pay the mutually consented amount to the Nominee in case of Death of the Life Insured. The amount of payment varies according to the terms stated in the contract and the premium paid (single payment or in installments). Those seeking any kind of Life Insurance must ensure that they fill in accurate Name (of both the Insured and the Nominees), Correct Mailing Address and other Contact Details such as Phone Number, Email id, Pre-existing Disease etc.

For More Details Visit: LifeLine Insurance & Financial Expert

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