Simple steps to ensure hassle-free insurance claims settlement

Every day, we come across many complaints about the agony being faced by customers in trying to claim money from life insurance companies.

Normally, a life insurer's endeavour is to settle all genuine claims at the earliest. Some basic care taken at the time of applying for the policies can go a long way in ensuring smooth claim settlement irrespective of the company the person deals with.

First and foremost is the selection of the right product. The customer needs to evaluate his/her requirement and the cash flows he/she needs to commit to keep the policy, and hence the benefits, in force. There is no point in taking a product that promises great benefits, but whose premium the customer cannot afford. If the premium is not paid regularly, the customer risks losing the primary benefit of the insurance cover. There has been an instance where on a pension policy with a lock-in of three years, a claim was lodged because the money was needed for a marriage, even though the life assured was still alive!

By Balram Sarma, CHIEF - OPERATIONS, Future Generali India Life Insurance Co

Source: Economic Times

Thanks and Regards,
Sanchari Sinha,
Intern at DENIP Consultants Pvt. Ltd.