Insurance has become a necessity nowadays. Earlier, people did not give much importance to insurance. But for a young software engineer like Ritika, insurance is a must. She was in the hospital last month after fracturing her ankle. She had taken health insurance plan from Bajaj Finserv. Yet, her knowledge of the insurance claims process was cloudy. After speaking to a Bajaj Finserv representative, she learnt that filing an insurance claim is easy. But knowing the steps involved Ritika is now more confident about the claims process.

What are The Basic Steps for Filing An Insurance Claim?

Filing insurance claims does not have to be a daunting process. Here is a handy guide to the procedure of insurance claim settlement.

  • Inform the Insurance Company

Informing your insurer is the first step. Say, you have met with an accident. Register your motor insurance claim by calling the insurance company’s call centre. Provide your insurance policy and driving license details. To make a life insurance claim, keep the policy details and death certificate handy.

  • Take the Necessary Precautions

You need to take care of some details before filing your insurance claim. If you have been in a car accident, shift your car to the nearest authorised garage. For travel insurance, loss of baggage is a common issue. Inform the airline authorities about your loss. Then file an official complaint.

  • File your Insurance Claim Form

Download an insurance claim form from your insurance company’s website. Another option is to ask your insurance agent for one. Keep your policy number and a copy of your policy document available. Fill out the other relevant details as well. Suppose you need to make a home insurance claim after a burglary. Make sure to list the stolen items and their value. In case of medical insurance, submit the hospital discharge sheet.

  • Evaluation by a Surveyor

A surveyor may investigate the validity of your claim. Say, you have met with an accident. The surveyor will check the doctors’ report, the hospital discharge certificate, and other details. Has there been a loss in your home due to a fire? You will need to provide the fire department’s report.

  • Acceptance of your Claim

After the surveyor’s investigation, the insurer may accept your claim. Now, hand over the insurance claim form and all necessary documents to the insurer.

  • Track your Claim

Tracking your claim is easy. Log on to the insurance company’s website and type in your claim number. You can do the same via SMS. Your insurer may also update you via SMS.

  • Receiving your Insurance Claim Settlement

Insurance companies usually process claims within 10 to 30 days. The settlement amount comes through by either NEFT or cheque.

Summing Up

Insurance companies today try to make the insurance claims process easy and convenient. Nowadays, many insurers have dedicated claims departments. This ensures a smooth insurance claim settlement. Will filing an insurance claim ever be an enjoyable process? No. But it does not have to be time consuming or troublesome either. Modern technology has made the process efficient and quick.

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