An insurance claim is a formal request from an insured to an insurance company to obtain insurance claim coverage or compensation for a loss or a covered event. For insurance claim, the insurance company validates the credit and after approval issues, the payment to the insured or to an interested party approved in the name of the insured.

Insurance claims cover everything from death benefits to life insurance to routine and complete medical examinations. In many cases, third parties make complaints on behalf of the insured person, but in general, only the persons listed in the policy have the right to request payment from an insurance claim.

 Vehicle Insurance Claim

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How to claim insurance for two and four wheeler 

Documents required:

  • Registration book
  • Original tax receipt
  • Original and photocopy of the Driving license of the person driving the vehicle at the time of the accident
  • FIR if damaged by a third party

Procedure :

  • Take the vehicle to its company garage
  • Ask for the form of claiming insurance
  • The insurance company will send its representative to the garage to check and estimate the damage caused
  • Initially, you might have to pay the expense and the amount would be credited to your account or it would be done by the insurance company depending upon the

What Does Vehicle Insurance Claim Cover

Vehicle insurance is required by law. It is mandatory by law to have minimum insurance coverage before driving in India. Coverage may vary from product to product. Below is a list of possible vehicle insurance claim coverage:

  • Bodily injury liability: covers claims of personal injury to people injured in an accident.
  • Liability for property damage: covers damage to property of third parties, eg B. on foreign vehicles.
  • Medical payments: this payment is made to the policy owner and other passengers in the policy owner’s car.
  • Uninsured and underinsured motorist coverage: This cover protects if the negligent driver is insured or insufficiently insured. In most states, only personal injury losses are covered, although some states provide for property losses.

Physical damage covers damage to your vehicle in the following cases:

  • Covers losses for your vehicle in the event of a collision.
  • Covers physical damage without collision if your vehicle is damaged in the event of a storm or windshield breakdown, etc.

Types of car insurance

Comprehensive car insurance:

Comprehensive car insurance covers you for damage to your car, which can range from dents caused by another car during a traffic accident, or from a broken windshield or theft of your car. In addition to damage, comprehensive insurance helps you cover damage and injury to third parties. Here are some examples:

  • Theft
  • Civil disturbance
  • Fire
  • Vandalism
  • Falling objects
  • Road accidents
  • Natural disasters
  • Damage to your car by animals or wild animals.

Third party car insurance:

Under third-party car insurance, the insurer covers the liabilities, in case the policyholder is responsible for any injury or loss to a third party.

The insured person is termed as the first party, the insurer or the insurance provider is termed as the second party, and the person who is injured is considered as the third party. third-party car insurance cover following points of the third party.

  • Property Damage
  • Death
  • Partial and Permanent Disability
  • Bodily Injuries

Types Of Bike Insurance

There are two types of bike insurance on the market:

  • Comprehensive insurance: this policy protects the bike from theft and damage caused by fire, turbulence, flooding, and terrorism. It also offers the rider accidental protection in the event of an accident. Regulates the liability of third parties or the amount to be paid to third parties at the time of the accident.
  • Third party insurance: this type of insurance is liable only for the damage caused to the injured party in the event of an accident. This policy does not cover loss or damage to your vehicle.

Exclusions For Vehicle Insurance

  • Damage to tires, electrical or electronic equipment.
  • Damage caused if the insured person moves under the influence of alcohol.
  • Personal injury or material damage caused intentionally.
  • Damages caused during the war
  • Damages caused by racing
  • Loss due to wear and tear

Also read: TVS INSURANCE


Life Insurance Claim

how to claim Life Insurance

How To Claim Life Insurance After The Death Of The Insured

Documents Required:

  • Death certificate of the insured

Procedure:

  • The beneficiary has to file a death claim with the insurance company by submitting the death certificate.

How To Claim Life Insurance After Maturity

Steps by step procedure:

  • Your insurance company will send you a discharge form a month before its maturity (in case it does not send you can contact your insurance company)
  • Fill the form and submit it to your insurance company along with the required documents
  • Submit the form and required documents before its maturity
  • After confirmation, the maturity amount will be transferred

Benefits Of Life Insurance

  • Risk coverage: the insurance provides the insured with risk coverage in the form of monetary compensation instead of the premium paid.
  • Difference plans for different uses: insurance companies offer the insured a different type of insurance, depending on their insurance needs. More benefits with more premium.
  • Medical expenses coverage: these guidelines also cover hospital costs and the treatment of serious illnesses.
  • Promote savings/help create wealth: insurance policies are also delivered with the savings plan. H. Invest your money in profitable businesses.
  • Guaranteed income: insurance policies include the guaranteed amount that is due to the occurrence of the event.
  • Credit: insurance companies offer the insured the possibility of contracting a certain amount. This option is only available for the selected policies.
  • Tax Benefits: The insurance premium is tax deductible in accordance with Section 80C of the Income Tax Act of 1961.

Exclusions For Life Insurance

Death is caused by:

  • Consumption of alcohol or drugs.
  • In case of war.
  • When you participate in a dangerous activity.
  • Participating in a crime.
  • In the event of pregnancy or childbirth or subsequent complications.
  • In case of death due to an existing disease.

Term Insurance Claim

term insurance

How To Claim Term Insurance

Documents required :

  • Death certificate
  • medical report
  • original policy documents
  • Id of the beneficiary

In case of unnatural death:

  • FIR report
  • Postmortem report
  • Cremation certificate and employer certificate (in case of early death)

Procedure :

  • Contact the insurance company and keep the documents ready.

Exclusion For Term Insurance Plan

Exclusions for accidental death.
There are only a few cases where the death of the insured occurs in exceptional circumstances. In order to process the application, the insurer would normally investigate from the end. The research process and the methods applied may vary from insurance company to insurance company. As a rule, they have a team of doctors who carry out the examinations. In the event of accidental death or serious illness, the insurance may defer the requests for the following reasons:

  • Accidental death while driving under the influence of alcohol or drugs
  • Death due to participation in dangerous activities or careers.
  • Any existing condition that leads to death.
  • Death from pregnancy, childbirth or a problem derived from it.
  • Participate in activities that are inherently punishable, cause interruptions, etc.
  • Suicide
  • Self-Inflicted injury
  • Intoxication or Narcotics
  • Sexually transmitted illness


Top 5 Term-Insurance Company

LIC e-term insurance plan

lic term insurance plan

As one of the best term insurance plan that provides the family with the financial guarantee secured at a very affordable premium rate. Because it is a term online plan, the LIC-E-Term plans purchase process is very simple and easy. The policy guarantees a death allowance to the beneficiary of the policy if the insured person has disappeared in an uncertain manner during the term of the policy.

ICICI Pru iProtect Smart

As one of the best risk insurance in India ICICI Pru iProtect Smart Plan offers several options for life insurance to choose from. ICICI Long-Term Insurance Pru iProtect Smart offers the financial protection of the insured’s family at a very affordable premium rate. The plan also offers the passenger an additional benefit to the passenger due to accidental death and serious illness to improve coverage.

SBI Life eSheild

eShield is a temporary insurance plan that offers various insurance options to meet the different needs of its customers. The best part is that customers who pursue a healthy lifestyle will be rewarded with lower premiums. The plan has different performance structures, such as Coverage level and increased coverage. The product also provides insurance claim against accidental death and tax benefits for the insured.

HDFC Life Click 2 Protect 3D Plus

HDFC Life Click 2 Protect 3D Plus is an online term insurance plan that provides the family with comprehensive insurance claim coverage insured at an affordable premium rate. 3D in HDFC Life Click 2 Protect 3D Plus refers to the uncertainties of life, namely death, illness, and disability. The plan protects the family of the insured financially in the event of an insured event. HDFC Life Click 2 Protect 3D Plus offers the option of 9 floors to choose from.

Max Online Term Plan Plus

Max Online Term Plan Plus is considered as one of the best risk insurance policies that of the protection of the family life of the insured at a low rate of premium. As a non-participant risk insurance, Max Online Term Plan Plus offers 3 different life insurance options to choose from. The plan also offers an additional benefit to the passenger, e.g. B. the benefit of the passenger due to accidental death and the exemption from the subsidy for passengers to improve insurance claim coverage.

FAQ’s

Q. How to claim insurance?

Answer: Contact Your insurance company and keep the required documents ready. the insurance company will send its agent for verification.

Q. What does insurance mean?

Answer: an agreement under which an entity or state undertakes to provide a guarantee of compensation for losses, damages, illnesses or deaths specified against the payment of a specific premium.

Q. Which insurance is best for two wheeler?

Answer: 1- HDFC ergo two wheeler insurance
2-TATA AIG two-wheeler insurance
3-Reliance bike insurance
4-Icici Lombard bike insurance
5-BAJAJ Alliance two wheeler insurance

Q. How to choose the best life insurance?

Answer: 1- Check the percentage of paid claims
2- check the persistence rate

Q. Why is car insurance mandatory?

Answer: According to the motor vehicle act 1988, having car insurance is mandatory by law.

This article was written by

Devjeet Mahato