Nowadays, almost everyone is taking insurance to secure their or their loved one’s future as well as to protect themselves from any financial difficulties. There are numerous types of insurance available in the market, including term insurance, vehicle insurance, life insurance, and so on. Insurance is regarded as one of the simplest ways to secure yourself because the company from which you have obtained insurance is responsible for paying for the loss, whether it is damage to the property, vehicle, or death of the policyholder. You may use the Bajaj Finserv MARKETS App to buy any kind of insurance for a smooth experience.
However, while filing an insurance claim, many of the applications get rejected. Have you ever thought about the reason behind this? This happens because of several reasons like inadequate information, missing documents, etc. Therefore, it is extremely important for applicants to fulfill all the required criteria in order to file a successful insurance claim.
To avoid the rejection of your insurance claim, you must follow the listed tips. Let’s understand this in a detailed manner.
Tips to Avoid Rejection of an Insurance Claim
- Provide Accurate Information
It is extremely important to provide all the details to the insurance company accurately and truthfully. The firm always does the verification of each given detail, and if they find anything incorrect, they will reject your claim.
- Submit Necessary Documents
The most crucial aspect of any insurance claim is the paperwork. It is always a good idea to double-check all documents before submitting them. Any missing documentation could result in your claim being rejected by the organisation.
Each company specifies a time frame for filing an insurance claim. You should do the same in the given timeline. If you continue to disregard the deadline, you will face rejection.
- Inform about Existing Policies
Most of the people don’t take the policy proclamation rule seriously and try to hide vital information. One of the significant rules states that you must tell the new insurer about your existing policies, and failure to do so will almost certainly result in your claim being rejected.
- Medical Details
In terms of health insurance, your medical history is extremely important because it is directly related to your overall health graph and significantly impacts the acceptance or rejection of your claim. This section, which is an important part of the proposal form, contains information about the proposer’s and their family’s medical conditions. The insurer uses this information to determine how much to charge in premiums as well as in deciding whether they should issue the policy or not.
- Renewal of the Policy
Maintaining the validity of your insurance policy actually requires recurrent premiums to be paid on or before the due date. If a policyholder fails to pay the premium on time, the insurance companies provide a grace period of a few days. It is important to remember that if the policy is not renewed within the grace period, no claim will be paid. As a result, it’s critical to exercise extreme caution in the event of a policy lapse in order to safeguard against any untoward event.
- Nominee Details
In the unfortunate event of the insured’s death, the insured amount is paid to the person whose details were mentioned as a nominee. In some instances, enrollees overlook the relevance of upgrading nominee information which creates major problems in filing for an insurance claim. Hence, you should always update your nominee details to avoid rejection.
If you follow these above-mentioned tips carefully, your insurance application will be saved from rejection.
The chances of your insurance claim application being rejected will be reduced if each step of filing an insurance claim is carefully followed as well as all required details are provided. Insurance can protect you and your loved ones from a variety of issues. Therefore, if you don’t already have insurance, now is the time to get one.