Mistakes to avoid while filling insurance claim

Money9 Helpline has emphasized the importance of insurance time and again. With the devastating impact of covid-19, more and more people are now buying various types of insurance plans.

However, any mistake in filling the insurance claim form can lead to the rejection by the insurer.  It is important to avoid mistakes for a smooth claim settlement process.

An insurance plan can provide maximum benefit, only when it is properly filled and all the facts and records are kept straight. This will also ensure that the claims are settled without any trouble by the family, even when the person is not there.

Money9 Helpline’s special discussion with Harshad Chetanwala, Co-Founder at MyWealthGrowth.com will help you understand what mistakes to avoid while buying insurance.

Here are some questions:

Abhishek Mall: While filling for a term plan, what are points one should keep in mind so that it does not get rejected when it is claimed?

Mehta: You should set all your medical records straight on paper when you are buying insurance. You should ensure providing all the information about your medical history. It can be as old as 5 or 10 years, any minor or major surgery should be incorporated in it. It is very important that you have laid out all the facts there so that your family can easily claim it.

Reshma Bhatia: While buying insurance what all should be declared in medical history? Can companies ask for medical records?

Mehta: You should always maintain a file of your medical records. For health insurance, there is no issue since you will be available to solve the problem, but for term insurance and life insurance, it is important that your family can easily claim the insurance. Also at the initial stage only, when you are filling your insurance form you should declare all the medical history to them and see which reports they ask for the submission.

Sumana Paul: My father suffers from a kidney-related ailment and undergoes dialysis. During the last hospitalization, his insurer rejected cashless treatment citing that his ailment is genetic. When should we approach for relief in this case?

Mehta: It is possible some companies might not have cashless treatment in their network. You can seek for grievance department of the insurance company or IRDAI if they deny your claims even in cash transactions.