What is an Insurance Claim?

An insurance claim is referred to a formal request done by a policyholder to the concerned insurance company for settlement of the coverage of the covered loss or policy maturity. After receiving the request, the insurance company authenticates the claim, approves it and then issues the payment to the insured or the nominee, whichever the case may be.

Everything ranging from death benefits to routine and all-inclusive medical examinations is covered in the insurance claims. It is often seen that the claim is filed by the third party but only the people who are listed on the policy are entitled to claim the due payments.

Health Insurance Claims

Step 1: Doctor’s recommendation of hospitalization or treatment required.

Step 2: Intimation to your health insurance claim as soon as it happens.

Step 3: CASHLESS CLAIM - Visit Network Hospital for the prescribed treatment to avail the cashless claim or contact the hospitals TPA (Third party administrator) Desk for the arrangement of cashless treatment.

REIMBURSEMENT CLAIM – Make the payment by undergoing treatment at the Non-network Hospital and then for reimbursement, submit all the required documents to the insurance company within 15 days of discharge.

Life Insurance Claims

The submission of the claim form along with the death certificate and the original policy is done in order to claim a life insurance. In-depth examination is often carried out, specifically for policies having large face value, so as to authenticate and verify that the death of the insurer does not come in contract exclusion like suicide or murder.

Motor Insurance claims

Third party Claim

Your insurance company is liable to fully pay the third party for any damage occurred due to any accident in case your vehicle is insured as well as has a third party cover.The process to be untaken for the claim:

  • Report to the police
  • Inform your Insurer
  • Submit required documents to your insurer.

Theft Claim

The comprehensive coverage on your insurance policy enables you to be covered for the stolen car makes you eligible to get a claim for the burglary of your car. The process to claim it:

  • Lodge FIR
  • Inform your Insurer
  • Submit claim form and others documents
  • Claim Settlement

Own Damage Claim

Own damage claim is referred to the claim that is made fordamage caused to your own insured vehicle and holding a package or acomprehensive policy makes one eligible for the claim.

  • Notify your Insurer and police
  • Send your vehicle to the garage
  • Surveyor Inspection Report
  • Payment of Expenses
  • Reimbursement documents to be submitted to the Insurer

The entire process of life insurance claims approximately takes around 30 to 60 days excluding the mitigating situations providing the beneficiaries the financial ability to cover the required expenses.