Want to ensure that your insurance policy claims are settled without any hassles, then keep a check on the following key parameters.
Nominee:
Usually most people leave the nomination open, causing a lot of ambiguity on the person who is supposed to receive the sum assured.
Nominating the person, who will inherit the sum assured in case of the insured person's death, will enable the insurer to settle claims faster as well as help the rightful person to get the sum assured at the needful time.
A general manager at Life Insurance Corporation points out that even if the insured does not nominate the person in the event of a claim, the sum assured to be inherited will be settled, according to heirs class-I and II policy by the life insurer.
However, the procedure is time consuming and cumbersome and the sum assured could be settled with a person who was not mandated by the policyholder.
At any given point in time the insured wants to change the nominee owing to some unexpected events, all he or she has to do is intimate the servicing branch with the request of changing the nominee.
Insurance policy bond:
In an interesting case that happened when Mr Balasubramanium, (changed name to protect privacy) expired following a heart attack in 2000, his wife was unaware that her husband had taken a life insurance at all.
Only in 2004, while cleaning his belongings that she came across the policy but was unable to make a claim as the policy had expired the three-year period of making claims.
Another fact witnessed by insurers is that in the event of an unfortunate death the family is unaware about details of the risk cover or where it is kept by the insured, said a general manager with a private insurer.
The circumstance arises when the insured does not reveal about his or her policy details and its whereabouts to his spouse or his family members.
It will be convenient for the family to be aware about the policy in the unfortunate event of demise of policyholder so that they can make the claim settlements and the sum assured is received by the rightful person during the right time fulfilling the purpose of the insurance policy.
Change of address:
Most times the policyholder forgets to intimate the insurer about his new address while shifting residence.
The insured just has to give the new address of his or her address to the servicing branch where he usually pays his premiums, which will be beneficial for getting regular updates about the policy.
Age proof:
While age proof is what determines the amount of premium to be paid by the insured for a particular sum assured and tenure, it is seen that at times the insured forgets to submit a photocopy of the appropriate age proof document such as birth certificate or high school marksheet certificate or college mark sheet certificate.
This becomes an impediment for easier settlement of claims as the company will settle it only when the required document is provided.
