In an insurance contract, it is imperative for the policyholder to make honest and accurate disclosure of all material facts, for the contract to be honored, BerkshireInsurance.com points out
An insurance policy is meant to secure peace of mind for the policy holder. However, there are often instances where the claim is rejected or mired in dispute, leaving the policy holder running from pillar to post. To avoid such hassle and ensure smooth and quick settlement of claims, there are a few basic points one must keep in mind. These pointers are more easily implemented if you choose to research and buy your policy online.
Arun Balakrishnan, CEO, BerkshireInsurance.com, says, “One of the most common reasons for claim rejection is inadequate or incorrect information disclosure. In an insurance contract, it is imperative for the policyholder to make honest and accurate disclosure of all material facts, for the contract to be honored. For example, in case of health insurance, facts like age, medical conditions like high blood pressure and habits like smoking/drinking should be appropriately disclosed. In this context, smart forms which facilitate insurance application on the online platform are useful as they prompt the buyer for relevant information while based on the details already provided while filling the form, thereby reducing the chance of oversights or errors.”
Timely premium payment and policy renewal are a must as a lapsed policy would naturally be of little use. Again, the online platform is most convenient for premium payments and policy renewal, especially for those pressed for time.
Adds Mr. Balakrishnan, “If the need to make a claim arises, make sure it is filed within the stipulated time frame. Motor insurance claims typically have to be filed within 48-72 hours. Mediclaim should be filed upon hospitalization, even in case of a reimbursable rather than a cashless claim. Keep the time frame in mind depending on the policy terms. Another important requirement is to have all requisite documents in place. The list of documents can be seen from the company website or the portal from where the policy is purchased. File them all in one go for speedy settlement. Also, maintain the original policy documents properly. In case of policies purchased online, the documents can be kept in soft copy, eliminating the possibility of loss/damage of paper documents.”
Finally, get a thorough understanding of the terms and conditions including the policy exclusions, riders etc, so you do not get a rude shock later. It is best to do one`s own research through the various comparator sites available online to have a comprehensive understanding of the policy for smooth sailing through the claims process.
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