Tuesday, June 11, 2013

Steps to file for a claim!

Claim settlement is one of the most complicated processes as insurance companies do not provide claims promptly. However, if taken right steps then this would not left out to be a daunting task for the insurer.

In such situation, insurer needs to call the financial advisor of New York insurance company from whom they have bought the policy.

However, before coming up to the steps of filing a claim, let’s first have a look at the types of claims.

Usually, there are two types of claims:

1. Maturity claim: This claim is provided when the date of the policy has expired. However, in order to have timely settlement, it’s important that the insurer fills the required form and attach the original policy bond along with it and submit it before the maturity date gets over. Subsequently, the NY insurance company would check the documents and after confirming all things are correct then would issue the amount to the insurer containing the amount that was written in the policy.

2. Death claim: This claim is not based on maturity date, rather it is provided to the insurer's family after his or her death. However, process of claiming it is same as that of maturity claims.

Following are four steps to file a claim: There are four simple steps that would definitely be helpful during your process claim.

  • Claim notification: Right away asking for the claim from the insurance company is not the right procedure. Before the maturity date, claimant must submit written intimation to intimate the company for the claim processing. The form intimation form would comprise of policy number, name of the insured, date of death, cause of death, place of death and name of the claimant etc.
  • Documents required for claim: Along with notification, claimant needs to submit required documents along with it like original policy, police FIR, death certificate, records of treatment and discharge forms etc.
  • Submission of documents: In order to have processing of the claim faster, it’s important for the insurer to submit the forms as early as possible. Till the time being documents won't be submitted, the claim would not be processed.
  • Settlement of claim: After all the formalities are being done, insurer would have to wait for about 30 days for the claim to be processed. There are times, when investigation from the insurance company might take place which would delay the procedure. Therefore, insurer must never say a lie as it might take him or her behind bars, if found guilty.

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