Seeking Hassle-Free Insurance
5/17/2012 9:00 PM Thursday
Facing problems with your insurance company and don’t know what to do? Ensure complete and accurate disclosures from your end and know your rights as a policyholder, says Jay Sampat.
- Premium is charged by the insurance company according to an IRDA-approved premium chart. Before calculating or validating the premium, policyholders should check whether there is a new premium chart.
- If insurers discover contradicting facts after the issuance of policy contracts, they normally communicate and re-engage with the customer.
- If the company has specified that the renewal will cease at a particular age, there is nothing you can do about it. However, if there is no explicit mention of this in the policy, renewal cannot be denied.
The circumstance under which an insurance claim is made is usually one of grief. While there isn’t a way to compensate such a loss, a claim cushions the financial fallout on the family. In such a situation, the importance of a swift, easy and hassle-free claims settlement experience cannot be overstated. Of course, hassle free claims aren’t always the norm. Insurance customers mostly accept the decision of the insurers, as most of them believe that fighting a mammoth insurance company is not advisable. However, given that a number of court cases have recently gone in favour of individuals, it certainly pays to know your rights.
For starters, as a policyholder, you must monitor the premium that you are being charged by your insurance company. But how would you know whether you are being overcharged or not? Insurance companies charge premium according to an IRDA-approved premium chart. Typically, the premiums go up on renewal, with the policyholder’s increasing age, previous claims history and any revision in the premium chart. Such premium changes are to be justified and approved by the IRDA. Before calculating or validating the premium, policyholders should check whether there is a new premium chart.
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