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Rakesh Goyal – Director, Probus Insurance an Insurtech Broking company, said, “The policy does not stay in force unless renewed. This simply means any claim filed during the grace period is not considered by the insurer for the settlement. It is advisable to renew the policy before the renewal date is missed or the grace period starts.”
Rakesh Goyal, Director, Probus Insurance said, “There are health insurance plans offered by a few insurers that have an in-built option of having Rs 1 crore sum insured.”
However, Rakesh Goyal, Director, Probus Insurance said, “The reason behind the lower premium is that insurers don’t offer these top-up plans without a deductible amount. The deductible amount is to be paid by the policyholder for the treatment cost before policyholders can file a claim under a top-up plan. So, if the treatment cost crosses the deductible amount mentioned in the top up plan, then the top-up policy can come to the rescue.”
Rakesh Goyal, Director, Probus Insurance said that every insurer has a different underwriting process and assess risks differently. He explained, “Based on the assessment, each insurer may categorise the risk differently for the same profile, according to which they decide the lower or higher premium for their life insurance plan.”
Rakesh Goyal, Director, Probus Insurance – an online insurance web aggregator, said, “Few people know that to get insurance claim for a stolen vehicle, it is necessary to produce the two keys to the car to show the insurance company. If you don’t have the two keys, there are chances that the claim can get rejected.”
Rakesh Goyal, Director, Probus Insurance brokers said, “Usually, a policy benefit illustration will show guaranteed and non-guaranteed returns. The death benefits and other guaranteed returns, as mentioned, are real. Whereas, the non-guaranteed returns are variable as they are a reflection of the projected investment rate of return based on the assumption of 4 percent per annum and 8 percent per annum on investment.”
Inform the insurer: It’s always better to call up the insurer immediately and intimate the accidental event. “The accident should be reported within 7 days to your insurance company, failing to do so can get your claim rejected,” says Mathur. But some insurers may have a lesser time-period to report. “Most policy providers have a window of 24 hours to 48 hours from the time of the accident to file a claim. So, call your policy provider as soon as possible,” says Rakesh Goyal, Di ..
Treatment at home
Several insurers cover treatment at home if the insured cannot be admitted to hospital. Domiciliary hospitalisation, it means medical treatment for a period of over three consecutive days for a condition which would otherwise require hospitalisation, but is taken at home. In such cases, the payable expenses are usually capped at 10% of the sum assured. “However, it is completely disallowed in case of some diseases like asthma or bronchitis, even if the pati ..
Rakesh Goyal, Founder & Director, Probus Insurance Broker told EconomicTimes.com that if your IDV for a vehicle is Rs 4 lakh, the insurance company would compensate claims worth Rs 4 lakh in case of theft or accident resulting in total loss. . But, if you have lower your IDV to say Rs 3 lakh while buying your policy then the insurance company would compensate only claims worth Rs 3 lakh. So, one should always insure one’s vehicle for the correct IDV to ensure that one gets the right amount i ..
What you should do
The insurer’s objective will be to make you sign on the dotted line without any objections to the amount of claim. Here is a word of caution: “While insurance companies must treat you fairly, keep in mind that they profit by collecting premiums and minimising claim payments. A quick and inexpensive settlement is ideal for the insurance company, so be wary of accepting the initial offer,” says Rakesh Goyal, Director of Probus Insurance
Rakesh Goyal, Director, Probus Insurance, a Delhi- based online insurance broker, said that one of the major advantages of having an in-house claim settlement process is that the turnaround time (TAT) for resolving a query or claim is faster and hassle-free as the decisions are directly taken between insurers and policyholders since there is no TPA in between. “So, for instance, if you are getting your health insurance claim processed through a TPA you need to submit all the details to the TPA a …