One buys a life insurance plan often with the primary motive of ensuring the financial wellbeing of their family in the future. This wellbeing is achieved by maintaining the policy well and ensuring that the claim process goes smoothly.
Here are a few ways you can ensure that your life insurance plan claim gets approved.
- Provide complete and accurate information in your application
One of the most significant measures you could take to ensure that your life insurance plan’s claim process goes through smoothly is to provide accurate and complete information to your insurance provider when applying for the policy. From among all the various types of life insurance policies you could apply for, whichever you choose, you will have to fill in some important personal details in your insurance application. When doing so, fill in the correct information. Not only will it help you make your policy work right for you, but it can also minimise the number of complications your nominee may have to face.
- Provide correct nominee details
Another aspect to keep in order throughout your policy duration is nominee details. Nomination is a process which lets you name who will receive the benefits of the policy after you. You are allowed to name one or more than one nominee. You can also specify the share of the benefit that each nominee will receive. However, it may all be laid to waste if your nominee details are incorrect or incomplete. Primarily, you are required to provide the right name and contact details of the nominee.
Even if you change the nominee while the policy is in force, which can be done by filling up a form, ensure that you provide all the correct details to your insurance provider. If any details of your nominee, such as their contact details change, update the same with your insurer as soon as possible.
- Ensure your nominee is aware of the policy details
While it is crucial that your life insurance plan provider has all the correct nominee details, it is also necessary that your nominee (or nominees) know the basic details of your policy well. Once you buy the policy and name the nominee, share the basic policy details with your nominee. Ensure that they know which policy provider your plan is with, what your policy number and specifications are, and which policy from among all types of life insurance policies you have opted for. Most importantly, ensure that your nominee understands what life insurance is.
- Read the policy document carefully
To avoid any confusion in the future, the policyholder should be well-versed with the terms and conditions, features, as well as inclusions and exclusions of the policy. When you buy the plan, you may get a policy document with the policy details. Read through this policy document carefully. In case of any queries or doubts, you may consult with your life insurance plan provider or your life insurance agent.
- Be well aware of the claim procedure
The policyholder as well as the nominee must know the process of making a claim with your insurance provider for your policy. In the event that your nominee wants to make a claim, most insurers will require the nominee to intimate them about the event through an application or may even require them to fill out a form. The specifications of the process may vary depending on the type of policy you buy.
- Make all premium payments on time
To ensure that you are able to make a claim on your life insurance plan, you have to ensure that your policy is in force and has not lapsed. One of the most important reasons that a policy may lapse is that the premiums were not paid on time. To avoid policy lapse, keep note of when your premiums are due and pay the full amount on time.
- Provide information about any other policies taken
If you understand what life insurance is, and the various purposes it serves, you may feel the need to buy more than one plan. Know that it is legally allowed for a person to take more than one life insurance plan. However, if you already have a life insurance policy and are buying a new one, it is ideal to inform your insurance provider about any previous policies you have. It should help you reduce any complications when making claims.
- Ensure that your documents are in order
During the process of life insurance application, you may be required to submit a few documents. Ensure that all the required documents have been submitted properly. If there is anything missing at the time of application, consult with your insurance provider and apply a solution to the situation as soon as possible.
Claim processes are one of the crucial stages one may come across with an insurance policy. You can follow these tips to ensure that you or your nominee does not have to undergo any troubles during the claims process if such a situation were ever to arise.
