A small mistake from your end can end in the insurance company refusing to pay the nominee the claim. Hence, know the seven ways which you can follow in order to ensure that your loved ones do not see their claim getting rejected.
More often than not, getting claims honoured by life insurance companies is an uphill battle. There are so many clauses, conditions and exceptions in insurance policies today that people are expected to fall ill by contracting a specific disease under specific conditions at a specific time in the day and inform the insurer at a specific time through a specific channel, and only if you're under a specific insurance plan. Failure to meet any of these conditions would result in no insurance benefit being paid out, and the company being legally allowed to tell your dependants to take a hike.
Most often, insurers rely on legal loopholes and clauses in their policy documents to avoid making payments of sums assured, but a surprisingly large number of times, the fault and blame belongs to the customers themselves.
Here are seven things you as a customer can do to ensure that you always get paid what's due to you by your life insurance provider.
Keep yourself informed and abreast of all developments with your insurer. Keep yourself informed about the details in your policy document. Stay diligent and well informed about the conditions under which you will be eligible for a claim. Life insurance is not just a tax saving tool, it's a serious financial product which, if used correctly, can be a saving grace for your family and dependants.
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