Reasons For Rejection Of Term Insurance Claim in 2020 | Explanation in Hindi | Policy Planner




Reasons For Term Insurance Rejection

Q. Why are term insurance claims get rejected?

Normally claim settlement ratio of term insurance is of 93% to 98% of renowned term insurance companies.

These term insurance companies have very high claim settlement ratio.

Such as,
HDFC Life has 97.5%.

Max Life has 97.5%.

LIC has claim rejection ratio above 99%.

Claims in term insurance are hardly rejected.

The huge loss takes place for the family if term insurance is not been acquired or if the term insurance claim is rejected by an insurance company.

Main reasons for rejection of term insurance-

1) Hiding personal information:
For an example:
If the profession is hidden while taking a term insurance policy.

or

Hiding of field work, hazardous work or illegal work, if it is done by a person.

2) Hiding medical issue:
For an example:
Hiding information if he/she had been admitted in hospital in last 6 months.

3) Hiding hobbies:
Hiding hobbies such as horse riding, bike racing or political exposure or any such thing that can be threatened for life.

So, you must fill the form in a correct manner and reveal your each and every truth while buying a policy.

After reading your personal information ‘Under Writer’ gives his decision that whether to settle the claim or not.

Under Writer is a person which processes the procedure for insurance.
He is the person who inspects the information given in the form and also does verifies it.
So do fill truth information so that problems are not faced in future by the victim.

A medical checkup is done of the individual while issuing term insurance.

Occasional smoking or consumption of alcohol must also be specified in the term insurance form.

If it is not specified, then a claim can be rejected if something wrong happens after drinking.

Drunk and drive case is taken very seriously while claiming the cover for term insurance.

A license must also be with the person while driving.

Suicide within 1 year after taking term life insurance is rejected.

Suicide coverage takes place only after one year.

A medical history must be specified to its fullest while issuing term insurance.

If an ancestor’s death takes place then it should also be revealed in the form.

Treatment of the person must also be specified if the person is having any disorder.

Let policy be costly but everything must be specified so that claim is not rejected during its need.

Fill your information on your own for online issuing of the claim as well as for offline issuing of a claim.

Term insurance must be renewed after every 1 year.

If the person misses renewing the policy then it gets counted into lapse mode.

One month grace period is counted to renew the term insurance policy.

2 years revival is period is counted in the term insurance policy.

Fill Electronic Clearance System (ECS) form or credit card ECS form mandate form can also be filled so that premium is cut on its own from the account.

Term Insurance plays an important part in the life of a person because after the death, income keeps on coming.

Hence, term insurance should be listed on the topmost priority on the list.

Claim processes in term insurance are very easy and simple.

The nominee should be given information about life cover.

The nominee must also be given full information about the policy, its cover rate as well as about the liabilities.

Death and tax are non-rejectable to everyone and can occur anytime.

Replacement of income can only be possible if the person dies and has issued the term insurance.

Term insurance also covers the income loss.

Online term insurance must be issued because it is very cheap as compare to offline buying of term insurance and you can also compare the term insurance policies.

The person must also check claim Claim Settlement Ratio (CSR).

Brand of the term insurance must also be checked because this is one of the key parameters while claiming the cover after death.

Documents such as income proof must also be given properly to the term insurance company so that they will not face any problems while claiming the cover.

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