As an insurance policy buyer, you need to recognise the explanations for denial of an insurance claim, so that you don’t have to experience hardships during adverse times. Don’t be casual towards insurance: We depend on insurance agents for our policy coverage who often don’t recognise several important specifics about us and our family’s medical history. Make a point to fill the application form yourself, validate the details printed in the insurance policy document with the copy of details filled, and in the case of any contradiction, inform the insurance company to correct it.
Provide correct information: If you conceal any important details then your claim may get rejected. It’s very important to provide correct and accurate information concerning your occupation, income, existing policy details, age, height, weight, and any other particulars asked for in the form.
Ensure your cover doesn’t lapse: It’s mandatory to pay a yearly premium towards your insurance cover, on or before the due date, because a lapse means your life policy has lost its standing or significance on papers. Hence, filing an insurance claim for a lapsed policy won’t get you anything.
Give medical information: Provide all necessary facts regarding yourself and your family’s medical history. Based on these, the insurer will work out the premium to be charged, and whether the policy can be given.
Don’t avoid medical tests: When you go for a larger sum assured insurance policy, it’s necessary to go through some medical tests. If you overlook medical tests, the likelihood of facing a claim rejection would increase.
Specify type of occupation: There are occupations that carry high risk or are life threatening such as working in a chemical factory, fire-fighting, mines, etc.
The nature of occupation must be told to the insurance company before buying the cover. If the insurance company feels it’s hidden from them, the claim can be overruled. Embrace truthful and transparent approach while signing up for insurance, remain watchful while buying insurance cover, provide as many details required to insurance company as possible. Not revealing significant details on policy application form could land you in massive distress later.
The writer Anjali Malhotra is chief customer, marketing & digital officer, Aviva India