I am 18 years old and I am the nominee of all the insurance policies of my father. All the concerned insurance companies except one paid me the sum assured after his death, including a term insurance 1 crore. A representative of the private insurance company who refused to settle my claim despite submitting all the required documents. has suggested that I buy another policy from the company for the same amount before the claim is processed. what do i do now
Name withheld on request
Life insurance generally has no exclusion except for suicide, which is excluded only for the first policy year. Hence, the only reason for delay or denial of a life insurance claim can be non-disclosure at the time of issuance of the policy. The insurer will examine the circumstances of the claim and check whether all medical conditions associated with the death were fully disclosed at the time of proposal. If there is no discrepancy, the insurer cannot reject the claim. If the insurer has not yet denied the claim, you should contact them for any queries or clarifications. You should obtain a copy of the proposal form submitted at the time of issuance of the policy and try to retain any medical examination reports. This will help you respond promptly to any queries raised by the insurer.
You should avoid dealing with an insurer representative who is seeking reinvestment, as they are likely an insurance agent or sales manager. You must ensure that you send all your claim documents directly to the insurer or through a higher level insurer broker. By now, you should have a claim registration number and a formal acknowledgment of the claim documents submitted to the insurer. The simplest way to generate a claim number is by calling the insurer’s customer care and reporting the claim. If the sales representative retains the document and fails to present it to the insurer, it may jeopardize the claim and cause unnecessary delay.
If you have any documentary evidence of the above coercion by the insurer representative, you should report it to the Insurance Regulatory and Insurer Grievances Department. For an insurer, any front-line executive has limited ability to influence the outcome of a claim.
I had enrolled my senior citizen parents in the health insurance plan provided by my employer. However, this coverage proved insufficient last year when my mother had a cataract operation and I had to bear the cost. In addition, my father had bypass surgery followed by angioplasty, which eliminated a significant portion of the coverage, leaving me to bear a major portion of the expenses. Can I claim Cataract operation and hospitalization expenses under section 80D?
-Bhavesh
Can claim deduction up to 50,000 for the amount spent on your parent’s cataract and angioplasty expenses under Section 80D. However, the provision also states that you should not have paid any premium for maintaining a health insurance policy for your parents in order to be eligible for this deduction.
Abhishek Bondia is the Principal Officer and Managing Director of SecureNow.in
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