According to data from the Insurance Regulatory and Development Authority of India Annual Report 2020-2021, in the case of individual life insurance, insurers added death benefits to policies of INR 108,400 against claims of INR 110,100. are paying for The number of denied claims – claims processed and found insolvent – was 9,527 in the amount of Rs.865 crore and the number of denied death claims was in the amount of Rs. It was 3032 cases. As of the end of 2020-21, the number of pending claims was 3055 against Rs 623 crore.
The LIC claims resolution rate was 98.62% in 2020-21 compared to 96.69% in 2019-20, and the denial/denial rate of claims in 2020-21 decreased 1% from 1.09% in the previous year Did. The claims payout ratio for private insurers was 97.02% in 2020-21 compared to 97.18% in 2019-20.
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So what can you do to prevent your insurance claim from being denied?
disclose all information
Be transparent and disclose all correct information in your proposal (online or physical) regarding your health, medical conditions, family history, occupation, income, existing insurance, lifestyle choices, etc. We encourage you to fill out the form yourself. Insurance companies base their premiums on all disclosures. Read your insurance policy carefully and inform your insurance company of any errors.
For new life insurance policies, insurers require medical examinations from people over the age of 45. Experts say even people under the age of 45 should understand their medical condition and insist on medical testing to help proponents detect the disease early and receive treatment. If you suffer from any illness after the policy has been issued, you should notify your insurer as soon as possible.
pay insurance premiums on time
It is important to pay renewal premiums on time so that the policy does not expire. If the premium is not paid by the due date, the insurance company will give a grace period of 15 days for monthly installments and 30 days for quarterly, semi-annual or annual premium payments. The policy will remain in effect during the grace period and the nominee will be eligible for a claim. However, if the premium is not paid during the grace period, the policy will expire and all benefits under the policy will be terminated.
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