Sometimes, policyholders and beneficiaries have to go through numerous obstacles while settling claims. Though it is true that the duty of a life insurance provider is claim settlement, the insured can also do their part to ease and accelerate the process.
Following are some simple tips that can help you speed-up your claim settlement process:
- Don’t be vague
When you are filling your life insurance form, be completely honest, give accurate and precise details, and don’t withhold essential details. After filling all your details, check again to make sure that you have made zero ambiguity and errors. Be clear about past and existing health issues, and habits like drinking, smoking, etc. Also, ensure that you always fill the policy application form yourself. Do not let your insurance agent fill it on your behalf. The smallest error or an incorrect fact in the policy application form can cause major difficulties during claim settlement.
- Know Your Policy Thoroughly
It is crucial to read the policy document line by line. Along with giving you a full understanding of its features, inclusions, clauses, and exclusions, this will also let you understand the formalities and pre-requisites required to file settlement claims. It is also important to know the nominee’s rights and stay informed about the redressal process.
- Update Regularly
It is vital to keep your policy updated. Details like phone numbers, address and names are crucial and hence they should not be outdated.
If there is a change in the nominee, ensure you notify your insurer about it. Maintain proofs for all the modified or additional details of the life insurance policy. This will keep the insurer updated with your information, reducing issues during the claim settlement process.
- Know the Claim Settlement Process
You, as a policyholder and your family should know the claim settlement process. That includes the formalities, documentation, and all other requirements. Being prepared in advance helps in seamless execution of the claim settlement process.
- Instruct the Nominee
After you, as the policyholder, have gained an understanding of the insurance policy and claim settlement process, you need to instruct the beneficiary as well. The nominee must understand all details of the plan, recognise the sum assured, and understand the claim procedure, exclusions and clauses.
- Make a Timely Intimation
Before filing a claim, you are required to intimate the insurer so they can begin the claim settlement process. You can easily download the latest claim intimation form from the insurance company’s website. If there is no online option, you need to visit the insurer’s office to get the form.
- Keep Your Documents Handy
Keep your life insurance policy and claim-related documents organised, and always handy. While submitting a claim, give the claim documents well in advance, as last-minute paperwork can create problems and cause a delay. Make sure you submit the documents in line with the type of life insurance plan claim being made.
Claiming a life insurance policy is effortless if you are prepared. Follow the above tips to get your claim settled effortlessly.