Your money: Know what makes most policyholders unhappy

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By Chirag Nihalani

Insurance is a significant component of financial planning and protection in India. But for many, their journey with insurance companies has not been as smooth. There are innumerable instances where policyholders have run into problems with their insurers.

Let us look at the top five common insurance complaints in India and how to resolve them.

Delays in claims settlement

One of the most frequent grievances faced by policyholders is the lengthy delay in the settlement of claims. To address this issue, one should maintain appropriate documentation. Keeping comprehensive records of policy information, claim forms, medical reports, bills, and any other relevant documents can help accelerate the claim settlement process. Besides, quickly submit all required documents to the insurance company and follow up to ensure the progress of the claim.

Insufficient coverage

Another typical complaint is insufficient coverage. Policyholders may find themselves in a situation where their insurance policy does not provide the expected financial protection during a claim event. This could be due to indistinct policy terms, exclusions, or limitations that were not properly communicated or understood. To avoid being in this situation, always systematically review your insurance policies before purchase. Read the policy terms and conditions and seek clarifications. In case of discontentment with the coverage, look at the possibility of modifying the policy or switch to a different insurer that provides an all-inclusive coverage.

Unfair policy terms

Unfair policy terms are also a significant source of complaints. Policyholders often end up with certain clauses or conditions that were not effectively revealed or explained during the policy purchase process. To tackle this issue, read the policy document carefully, including the fine print to identify any unfair or ambiguous terms. If discrepancies are found,approach the insurance company for clarification and request for a written response addressing your concerns. If the issue remains unresolved, seek legal advice or file a complaint with the insurance regulatory authority.

Poor customer service

Policyholders face difficulties in reaching out to their insurance providers. Always keep a record of all communication with the insurance company, including dates, names of representatives spoken to, asnd the content of conversations or emails.

When facing poor customer service, escalating the complaint to higher authorities within the company can often lead to prompt and satisfactory resolution. Consider exploring alternative communication channels, such as online portals or social media platforms.

Non-disclosure of facts

A lot of claims get rejected due to non disclosure of material facts. Providing all the information asked for is essential as the same is essential for insurance underwriting. Filling up the proposal forms might seem a lengthy process but the same is very vital. The insured should ensure that all the required information is shared with the insurer and there is no hiding of facts relating to pre-existing diseases, health issues, hospitalisations, etc.

The writer is general manager, Insurance Samadhan


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