Generally, Life Insurance covers risk related to insured death like; death cover; and non-life insurance policies cover almost all other types of risk such as; Health Insurance covers risks related to insured person health, Home insurance covers risks related to a home, and business insurance reimburses a businessman; in case he/she faces huge loss in business. The different forms of general insurance are health insurance, auto insurance, business insurance, home or property insurance, travel insurance, fire insurance etc. General or Non-life insurance policies provide payments on the loss of a financial event. Before buying a general insurance policy or life insurance policy (See: Life Insurance Companies Providing Life Insurance Services in India), it is immensely important to see, whether your insurance company has approval of IRDA (Insurance Regulatory and Development Authority) or not? The IRDA (Insurance Regulatory and Development Authority) is a national insurance regulatory body, who works to promote and regulate insurance industry in India. It also works to protect the interests of policy holders. In this post, I’ll be showing you list of registered general insurance companies in India.
General Insurance
Ways to Force Insurance Company to Pay Your Claim
Insurance is clearly a legal contract between insured and insurer and it works on utmost good faith; which means both parties (Insurer and Policyholder) are supposed to disclose all the facts clearly. In insurance contract, insurer has a legal obligation to honor the claim.
Usually, no insurer rejects a claim request unreasonably because of stringent guidelines of IRDAI; however, if you think that your claim deserves to be honor but your insurer is not doing so. Then you can force him to pay your insurance claim by approaching authorities setup by the government. You can also take this matter to civil courts but before that, you should approach the authorities that are especially established to handle insurance related disputes.
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Where (How) to File Complaint against Insurance Company in India
If you have filed an insurance claim and it’s been rejected by your insurance company and you think it’s unfair, then there are many ways to file a complaint against the insurer. Generally, no insurance company rejects a claim request unreasonably; there are many reasons due to which an insurer may refuse to honor a policy claim. However, if you think that it’s unfair and you have supporting documents (like: policy wording, premium receipts etc) to prove that your claim should be honored then don’t embarrass, there are some authorities setup by the government to help you.Continue Reading
Tips to Prevent a Health Insurance Claim Rejection
Unexpected, medical emergencies can arise anytime; therefore, everyone should be prepared physically, mentally, and financially to tackle them. Having a health insurance plan gives you the peace of mind that you are financially ready to face an unforeseen medical emergency.Continue Reading
How to Submit a Health Insurance Claim
Health Insurance protects you against unforeseen hospitalization expenses. Today, almost all health insurers offer cashless treatment facilities and reimbursement of hospital expenses facilities. For smooth settlement of a health claim, one should carefully follow all the steps described by his/her insurance company for instance; It is advised by some health insurance companies to inform about insured person within 24-48 hours after he/she is hospitalized; if no one informs within this time period, then an insurance company may refuse to settle claim (See- Medical conditions that your health insurance policy doesn’t cover); and in such scenarios, there are very rare chances of getting a claim settlement.
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How Does Pradhan Mantri Fasal Bima Yojana Differ From Modified National Agriculture Insurance Scheme
Government of India has introduced a new crop insurance scheme called Pradhan Mantri Fasal Bima Yojana; which would replace both National Agriculture Insurance Scheme and Modified National Agriculture Insurance Scheme. The Union Cabinet has approved PMFBY for formers’ welfare; this scheme will provide financial support to the farmers in the event of failure of the crop due to natural calamities, pests, and diseases. In the event of failure of the crop, farmers face financial crisis and as a result farmers become unable to continue farming. Previous schemes (NAIS & MNAIS) had high premium rates due to which few farmers adopted these schemes; but new PMFBY offers maximum sum insured at very lucrative premium rates.Continue Reading