Tips to Ensure a Seamless Claim Settlement Process

Byshaheen shaikh

Policyholders and beneficiaries often fight through numerous obstacles while settling the life insurance claims. Though it is true that the final duty of claim settlement is with the life insurance provider, it is also true that the insured too can work on their part to ease and accelerate the process.

Following are some simple tips can guide you towards a speedy 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 lifestyle habits like drinking, smoking, etc. Also ensure that you always fill the life insurance policy application form yourself. Do not let your insurance agent to fill it on your behalf. The smallest error or an incorrect fact in the life insurance policy application form can cause major difficulties during claim settlement.
  • Know Your Policy Thoroughly
  • It is crucial to read the life insurance 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 to file settlement claims. It is also important to know the nominee’s rights and stay informed about the redressal process.
  • Update Regularly
  • After getting a life insurance policy, it is vital to keep updating it regularly (if necessary), so that it shows latest details like changed phone numbers, address, names etc. 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 let the insurer to contact you easily, warranting you do not face annoyances 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 a 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 life insurance policy, 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 organized, and always handy. While submitting a claim, give the claim documents well in advance, as last-minute paperwork can create problems and causes delay. Make sure you submit the documents in line with the type of life insurance policy claim being made.

 Claiming a life insurance policy is effortless if you are prepared. To calculate your sum assured, you can use the life insurance calculator.