Get your insurance claim smoothly: Tips you need to know

An insurance claim rejection is a disappointing outcome, especially after paying premiums on time. However, most rejections are due to basic errors that you can avoid. Know more about them and be diligent when filing for a claim.

Why do insurers turn down claims?

• Incomplete details: Omitting information on your claim form.
• Late filing: Failure to submit claims within the stipulated time.
• Policy exclusions: Attempting to claim for an item that your policy does not cover.
• Non-disclosure: Failure to provide relevant health or risk details when purchasing the policy.
• Premium payment issues: Policies may be cancelled if premium payments are missed or delayed.

Claim approval tips for various types of insurance

For health insurance, store all original medical bills and reports securely. Give a notice to your insurer prior to scheduled hospitalisations to trigger pre-authorisation. Verify if your preferred hospital is part of the network for cashless claims to prevent paying from your pocket first.

In case of life insurance, change the nominee details whenever there is a change in your family. Also, make timely premium payments to avoid policy lapse.

In case of motor insurance, always take photos of the accident scene prior to shifting vehicles. It is best to never initiate repairs before the surveyor inspects your vehicle.

In case of theft, immediately report to the police since an FIR is a must for such claims.

How to file a claim correctly

• Read your policy document: Know what's covered and what's not.
• Keep all documents ready: Medical reports, bills, and police reports as needed.
• File claims promptly: Don't delay beyond the time limit.
• Be honest: Provide complete and truthful information.
• Follow-up: Keep track of your claim status.

Conclusion

Having your insurance claim accepted is not a matter of chance. You need to be responsible and prepared. Use this guide to avoid claim rejections in the future.

Disclaimer: This article is for information purposes only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.