Be Cognizant Before Claiming Insurance

Insurance claim is an emotional process and if it gets entangled in the web of rules and regulations, it can be really painful to the rightful claimant. Unclaimed amount of policyholders of 23 life insurers as on March 31, 2018  Rs15,166.47 crore. Life insurance as on March 31, 2017 was Rs10,471.51crore and Rs897.46 crore for general insurance according to Insurance and Regulatory Development Authority of India (IRDAI). Some do not have the time to follow up with the insurance firm, others are not aware that they are a beneficiary and many fail to produce the required documents, as a result, lumpsum amounts of policyholders’ often remain unclaimed. Ignorance about insurance procedures can be counterproductive. Instead of offering financial protection to the survivors, it can be a reason for frustration. An unclaimed amount is the money which insurers owe to a policyholder or...