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Pinnacle · 22-01-07

Mishti,
I would say that you havent been thru the process or have not studied the entire process of claim making and settlement
With competition in insurance sector from the private players, PSU insurer's have already pulled up their socks and gotinto the professional act category.
90% of the time, delays in claim settlement of such policies is largely due to the improper documentation of claim settlement procedures and lack of knowledge of the Insurance Agent involved.

If you sift through the fine prints of any insurance policy cover documents, you would surely get a perfect understanding of the entire process and that helps you tremendously to make claims faster when the need arises.
But how many times do people actually take the pain to read such manuals or documents ? The moment they get it, its filed and forgotten.

So its on the Policy holder's part to understand his rights and protection accorded to him. Dont blame the companies for his laziness.

Another thing is making of inflated claims or items not covered by your policy. Underwriters and surveyors are far more smarter than you think and such inflated claims are sure to be rejected. Then there is no option for the policy holder, but to blame it all on the company. SO look before you claim. If you do it as per the rule book, your claim cannot be rejected.

IRDA has strict regulations in places for system and procedural compliances. So even if PSU insurer's want to delay your claims, they simply cant afford to do it.

22-01-07	#6
Pinnacle Member Join Date: Nov 2006 Location: Mumbai, India Posts: 260 My Mood: Thanks: 0 Thanked 3 Times in 3 Posts	Householder policy : Look within and then Blame the Insurers. Mishti, I would say that you havent been thru the process or have not studied the entire process of claim making and settlement With competition in insurance sector from the private players, PSU insurer's have already pulled up their socks and gotinto the professional act category. 90% of the time, delays in claim settlement of such policies is largely due to the improper documentation of claim settlement procedures and lack of knowledge of the Insurance Agent involved. If you sift through the fine prints of any insurance policy cover documents, you would surely get a perfect understanding of the entire process and that helps you tremendously to make claims faster when the need arises. But how many times do people actually take the pain to read such manuals or documents ? The moment they get it, its filed and forgotten. So its on the Policy holder's part to understand his rights and protection accorded to him. Dont blame the companies for his laziness. Another thing is making of inflated claims or items not covered by your policy. Underwriters and surveyors are far more smarter than you think and such inflated claims are sure to be rejected. Then there is no option for the policy holder, but to blame it all on the company. SO look before you claim. If you do it as per the rule book, your claim cannot be rejected. IRDA has strict regulations in places for system and procedural compliances. So even if PSU insurer's want to delay your claims, they simply cant afford to do it.