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How to be insurance ready this monsoon season

Getting the policy in electronic format can be the first step in the right direction, following the procedures for non-life insurance claims help in claim settlement

July 16, 2015 / 12:29 PM IST

Naval Goel
policyx.com


During the rainy season, many parts of the country face natural calamity of floods and water logging. You tune in to any news channel and you will find that a large number of cities are facing this situation.


Almost every year, the country’s financial capital, Mumbai, faces a flood-like situation due to incessant rains and inefficient urban infrastructure systems. This time, even the National Capital Region (NCR) is facing myriad issues related to heavy rainfall and water clogging in many parts of the region.


Places which are situated on the banks of rivers are also more prone to such disasters. Be it northern states of Uttarakhand or Southern parts of the country, rains wreak havoc in some or the other manner.


Naturally, these problems cause a lot of destruction to life and property. We have no control over these issues and the only way is to face them with courage and little bit of planning.

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In these times, one has to be aware of the various provisions of insurance policies. This can safeguard one’s rights and interests under difficult times.


Many times, people who survive these disasters are not even able to raise claims because of loss of policy and claim related documents. However, such situations can be avoided by taking care of a few points. Here are some useful tips for you.


Life insurance


When it comes to life insurance, a policy holder should keep his policy number safe. It is always preferred to keep the number somewhere in an electronic format. In fact, one should keep the entire policy document in an electronic format.


It is very easy – you just need to scan the documents and save them in your email account or online drive. Google provides ‘Documents’ and ‘Drive’ kind of services to save such documents in electronic format. These services are absolutely free and come along with your Gmail account. So, why not use them?


Now that you are aware of this aspect, but what about the people for whom you have bought the policy? Actually, the nominee/s of your life insurance policy must also be aware about it.


Many people make a mistake of hiding details of their life insurance investments even with their dependents. This is simply impractical. What if the policy holder suddenly dies? The nominee/s won’t even know that there is some life insurance policy for their support.


The nominee/s should always be aware of the life insurance plan and related details such as name of the company, sum insured, amount of premium, applicability, validity, etc.


Thanks to the initiative of the Insurance Regulatory and Development Authority (IRDA), all life insurance companies are focussing on issuing policies in a digitised format as well. This simply eliminates the risk of losing the physical policy.


Health insurance


With growing emphasis on digitisation, losing a physical policy document is not a big matter of worry. You can rather choose to keep your health insurance policy in the electronic format and claim all due benefits.


But always remember that even during the situation of a calamity, certain procedures have to be followed. For example, you are expected to inform your insurance company on being hospitalised for treatment. If you do not follow these conditions, then there are chances that your claim will be rejected.


Even if you are not able to go for cashless hospitalisation, following procedures will help you in getting the claims reimbursed at a later stage.


General insurance


The same approach helps in the case of general insurance also. Whether you raise claim towards damage to your bike, car, home or business due to rains, inform the insurance company within the first 2-3 days.


You are eligible for getting claims towards damages other than those to electrical systems, etc. Read your policy document carefully in order to know what all is covered and not covered under the provision of damages caused due to natural disasters.


Last but not the least; insurance companies are there in the market to make profits. If you are living in a risk prone area, then there could be the possibility that you are asked for more premium. This is especially true with the private sector companies.

Thus, in order to get yourself insured, you can rather consider public sector insurance companies which enjoy greater track record in terms of claim settlement.

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