Filing an insurance claim can be a daunting task, yet it is an essential move towards getting the financial assistance you need when unforeseen events occur. Whether it is a home repair, a car accident, a health emergency, or damage to your property, understanding the insurance claim process is essential. All these insurance companies work under some rules and regulations settled by The Insurance Regulatory Development Authority (IRDA) , which was set up in 1999.
India, having spent 5.6 percent of its GDP in 1997 , has shown significant growth over a decade. In this blog guide, we will list the steps involved in filing an insurance claim, providing significant insights and tips to make the process easier.
What is the Step-by-Step Guide to File an Insurance Claim?
Source: Insurance industry in India - statistics & facts | Statista
- Comprehending Your Insurance Policy:
The first and foremost step in an insurance claim process is to, most importantly, understand and analyze your insurance policy. Different types of Insurance such as Auto, health, home, or others – have specific insurance details and exclusions. Take proper time to read your policy records carefully, and focus completely on coverage limits, deductibles, and any conditions that may influence your insurance claim.
- Prompt Action After an Incident:
Making a prompt move is critical after an incident that might prompt an insurance claim. Report the incident to the authorities, like the police, on account of an auto crash. Also, inform your insurance agency quickly. Most guarantors have a period limit for detailing and reporting cases, and postponements might influence the result.
- Do Proper Documentation:
Documentation is the foundation of any insurance claim. This may include-
Photographs: Take photos of the scene, harms and damages, and any wounds.
Police Reports: Get a duplicate copy of the police report if applicable.
Statements of the people present there: Gather the contact information and statements of the people in the situation.
Clinical Records: Keep all the clinical records, doctors' prescriptions, etc., in the case of a health insurance claim.
- Contact your Insurance Company
Contact your insurance company when you have collected all the essential documents. They will initiate your insurance claim process. Be ready to give proper details and insights about the incident, such as the correct date, time, area, etc. Stick to their directions properly and get your insurance claim form.
- Fill out Insurance Claim Forms:
In this digital age, most insurance companies provide insurance claim forms that can be filled out online. These forms require various information about the incident, the people involved, and the damages that occurred during the incident. Take the time to fill out these forms correctly. You have to ensure that the information filled in is correct and precise.
- Coordinating with your Claims Adjuster:
Once you have filled out the insurance claim, an insurance agent will be assigned to analyze and assess the damage and harm. Those people will help you determine the amount of compensation. Coordinate with your claims agent and provide them with proper information and data as and when they ask for it. You should be transparent while providing the details. Any error will lead to problems and delay your insurance claim.
- Knowing about the Deductibles:
Remember that your insurance contract might have a deductible - a sum you should pay personally before your insurance coverage comes in. Understand how your deductible works and process and take care of that expense.
- Review the Settlement Offer:
Review the details cautiously and wisely. You will receive a settlement offer as soon as the insurance claim agent has finished their evaluation. Assure that the offer aligns with the terms of your insurance policy and the damages incurred. If you have any concerns or conflicts, properly discuss them with your claims agent.
- Appeal in case of a Denied Claim:
Insurance companies hold the right to deny your insurance claim due to multiple reasons. If it happens, you can also try to pursue their decision. Review and survey the reason for the denial, understand the reasons, and provide any additional information that may uphold your case. If it is important, you have had to need legal advice and guidance.
- Getting Legal Assistance:
You can consult an experienced lawyer or opt for legal advice if you are facing any difficulties with your insurance company. They are the people who can help you grasp the knowledge about your rights and decisions properly.
How do you File a General Insurance Claim?
Here is how you can file a general insurance claim:
Contact Your Insurance Company:
After an accident, quickly contact your insurance company. You can contact them online through their sites or helpline number.
File an FIR (First Information Report):
If required, register an FIR to the police. This report helps document the incident. FIR is registered under the Section 154 of the Indian Criminal Procedure Code, 1973.
Document the Damages and harms:
Take photos as proof of the damage caused to your property. These visual records are important to understand the extent and type of the damages you have mentioned in the report.
Submit Necessary Documents:
Along with the evidence, you will have to submit important documents such as:
- Details of the Insurance policy
- Registration certificate (RC) of the vehicle
- Other important documents
Vehicle Survey and Repair:
A surveyor will be assigned to survey your vehicle. This will be a crucial process for your insurance claim. Then you have to repair your vehicle, and the insurer will pay for it for you.
How to file a Health Insurance claim?
Here is an explanation of how to file a health insurance claim:
- Getting hospitalized and Bill payment:
Once you visit any hospital. This hospital might be a hospital coming under your network, or it might not. Here you have to pay the bill yourself.
- Collect the Documents:
Collect the original bills from the hospital reception, discharge summary, and other relevant documents.
- Submit Claim:
Submit these documents and bills to your insurance company.
- Reimbursement Process:
The insurance company will review your insurance claim process and reimburse you accordingly.
Which are Some of the Best Health Insurance Companies in India?
The best Health insurance companies in India are:-
- Bajaj Allianz Life Insurance Company
- SBI Life Insurance Company
- Reliance Nippon Life Insurance Company
- AEGON Life Insurance Company
- Aviva Life Insurance Company
- Birla Sun Life Insurance Company
- Kotak Life Insurance Company
- PNB Metlife Insurance Company
- Manipal Cigna Health Insurance Company
- HDFC ERGO Insurance
How to claim Life Insurance?
Here is how to claim life insurance in India:
Claim Intimation:
When the policyholder passes away, promptly send the information about the incident and claim intimation to the insurance company. Include every important detail like the date, place, and cause of death.
Required Documents:
The insurance company will require various documents for filing the claim:
- Filled-up claim form
- Death Certificate
- Documents of the Insurance policy
- Deeds of assignments/re-assignments
- Other important documents.
Maturity Claim Formalities:
The insurance company typically sends an intimation to the policyholder at least 2 to 3 months before the maturity date of the Insurance policy. This intimation includes details about the maturity amount payable.
The policyholder needs to:
- Sign the discharge voucher (it is quite similar to a receipt).
- Has their signature been witnessed?
- Send the signed voucher along with the original policy bond to the insurance company for payment.
Conclusion
It can be very difficult to fill out an insurance claim It needs proper information and the correct approach to claim it successfully. It can be done effectively. To understand your policy properly, and report properly after an incident, do collect proper information and documents, and completely coordinating with your insurance company will be a major help in ensuring a smooth insurance claims process.
