Few things can be more excruciating than paying premiums regularly only to see your claim rejected when you need the coverage the most. Most rejections do not arise out of malice on the part of the insurer and can be avoided by being more mindful about buying, renewing and managing the insurance.
You could avoid rejections with minimal effort once an understanding of common mistakes is developed. A simple Insurance App that helps you carry policy details with you can go a long way in aiding the process
What Are The Mistakes Made While Buying the Policy?
The policy proposal is the document on which your contract with your insurer is based, and it is important that you do not make any avoidable mistakes while filling it
- Not disclosing your health issues is one of the most common causes of rejections. Make sure that you mention any illnesses or surgery you have had or continue to undergo. Many insurers conduct their own investigations, and if they find that you did not disclose relevant information, they may reject your claim outright
- It is easy to get swayed by attractive-sounding premium amounts, but remember that what you get is what you pay for. Always compare and contrast the benefits of the policy to ascertain that you are getting value for your money
- It is quite common to forget about the waiting periods specified in the policy for certain diseases and treatments, which prove to be a costly mistake. Make sure that you have enough time to spend on your treatment, as many insurers specify pre-existing disease waiting periods.
What Are The Mistakes Made During the Policy?
Once you have bought your policy, the temptation can be to leave it entirely to your insurer, but that can lead to rejection at claim settlement.
- Not renewing your policy at the end of the policy term can result in you having to start from scratch, especially with respect to waiting periods. You could set up reminders of your premium renewal dates and track your bills alongside your personal finances by managing the entire range of your Insurance products across one platform.
- Not intimating your insurer of a change in your circumstances, such as your new address, nominee or new occupation, or purchase of a vehicle, can result in claim rejections because the information provided does not match existing records.
- You may have bought what was considered to be an adequate cover at the time of buying the policy; however, with inflation in the premium and medical costs, such a sum insured may no longer be sufficient, and it will be your responsibility to pay the excess amount
What Are The Mistakes Made While Filing the Claim?
Even if you have bought a suitable policy, it is still possible to reject a claim by not adhering to guidelines set out by the insurer when making a claim
- The policy will state the deadline within which a hospitalisation or accidental injury or damage has to be intimated to your insurer. This period is a limiting factor beyond which the claim may be rejected without scope for appeal
- Claims may be rejected when submitting incomplete or incorrect documents because it adds to the workload of your insurer, who are looking to settle the claim in the shortest possible time.
- Any claim made for an excluded event or situation will most likely result in claim rejection, as the insurer makes it clear in the document that they specifically do not cover certain events. It is therefore incumbent on you to understand what your exclusions are.
How an Insurance App Can Help You Stay Claim-Ready?
Preventing a claim settlement is always better than trying to fight the rejection once it arises, and having an Insurance App makes it easy to avoid such scenarios.
- An Insurance App ensures that all your documents, premium due dates and policies are collated in one place, making you more informed than ever about your cover and less likely to miss on any information that could get your settlement stalled by preventing a rejection.
- The application can help you compare insurance policies to ensure that the type of plan you buy suits your requirements and financial capacity. You could navigate the app to look at different alternatives to purchasing a product from one provider and have everything in place by keeping track of everything in a single place.
Conclusion
Rejections while settling a claim can be a painful reality to face; however it is easy to take the steps to prevent them with just a bit of preparation for avoiding rejection. By understanding the mistakes made while buying and renewing your policy and being mindful while buying, making necessary corrections when making a claim could save you a lot of time and trouble.
By looking at your policy closely and understanding your cover, you prevent a future dispute on a technicality. You should also ensure that you renew your policy in time and inform your insurer of any changes to your circumstances. Bajaj Finance’s app makes it easy to make all this happen by browsing insurance options and managing all the documents you need.
MUSKHAN MELEYRS