How To Claim Insurance Money – A Step-By-Step Guide

By Adhil Shetty | September 26, 2017

How To Claim Insurance Money

Claiming insurance is a cumbersome exercise which needs to be done cautiously as even a casual mistake could lead to rejection. We are mostly well versed with different insurance products – vehicle, health, or even Life Insurance, but remain ignorant towards the most important aspect – the claim process.

However, when the need comes, we scurry through the claim filing process and miss some crucial steps, resulting in delayed payment and unnecessary hassles.

Here is a step by step guide to claiming your insurance benefit:

Motor Insurance Claim

In case of accidents, here are the various steps:

  1. Fill up the claim form and attach the copy of the registration certificate of your vehicle, driving license and the police report of the accident.
  2. Fill up all the details such as date and time of the accident, location where it took place, make and model of other vehicles involved in the accident and a little description of how the accident took place.
  3. Submit the estimate of damage caused by the accident. You can get an assessment of damage by any service centre by an authorised dealer.
  4. In some cases, you may have to provide the name and contact number of witnesses so that the motor insurance company can verify if there is dispute or doubt. For commercial vehicles, a copy of FIR is a must.
  5. Send the documents to the insurance company in case of reimbursement. In case of cashless service, the garage will initiate forwarding of documents.
  6. For third-party claim, you have to attach a copy of FIR and forward the documents to MACT
  7. In case of a car robbery, fill up the claim form along with a copy of registration certificate and driving license. Attach the police report (FIR) and RTO transfer papers. The form requires you to provide the information about the location of the theft.

Health Insurance Claim

Health Insurance companies provide two claim settlement options: cashless treatment and reimbursement option. In the first option, the hospital takes money from the insurance company, and in the second option, the patient spends money on his own and then gets reimbursement from the insurance company.

For Cashless Claim:

Inform the TPA or the insurance company and fill up the required authorisation form before/on being admitted to the hospital, which is authorised by the insurance company. Insurance companies authorise a network of hospitals where the patient should go to avail the benefit. This information is readily available in your health insurance document. However, the list may change anytime.

For Reimbursement Benefits:

  1. Inform the insurance company about the case by due process, i.e. by filling up a form offline/online.
  2. Keep records of every detail while you are undergoing treatment.
  3. Fill up the required claim form with your details.
  4. Attach all the supporting documents such as prescriptions, tests and their results, and bills and the discharge certificate from hospital.
  5. Send the documents to the insurance company or the TPA. The address is given in the policy document.

Life Insurance Claim

In case of death:

  1. Fill up the claim form and attach the certificate of death, proof of nominee as well as policy document. Mention the policy number, date, place, and cause of death in the form. In case of accidental death, FIR and post-mortem report should be attached.
  2. Send the documents to the insurance company or TPA whose address is mentioned in the policy.

In Case Of Maturity:

The insurance company sends a discharge voucher, which is to be signed and sent back by the insurance buyer. After the company receives the discharge voucher, the payment is done.

Important Points

  • The two most important things in insurance claims are time and accuracy
  • Make sure you file for the claim as soon as the incident happens
  • While there is no stipulated timeframe, it is better to do it at the earliest
  • Accuracy of information is important. If the company later finds that some of the information were kept hidden, the claim can be reduced or worse, flatly refused

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About Adhil Shetty

Adhil Shetty is the Founder and serves as the Chief Executive Officer of BankBazaar.com. Adhil has a Master’s degree in International Relations with a specialization in International Finance and Business from Columbia University in the City of New York, and a Bachelor’s degree in Engineering from the College of Engineering Guindy, Anna University. Adhil is an expert in Personal Finance (Car loan/Home loan and personal loan) and he majorly consults on investment and spends rationalization for the Indian loan borrowers. His guidance is number based with real time interest rate calculations and hence useful for consumer’s real time query.

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