There are many questions in the minds of people regarding health and life insurance claims, one of which is the special question, is there any time limit for making an insurance claim? If yes, when and what to do? Explain that there is no time limit for making a life insurance claim, but different limits are set on health insurance.
However, the insurer will check whether the policy was active at the time of the incident. In addition, they also examine the reasons for filing such delayed claims. If the reasons and documents are found to be correct, then the sum insured is given to you. Let us know under what circumstances insurance can be done.
Life Insurance: There is no time limit prescribed for Life Insurance nominees to report a claim after the death of the policyholder if an individual has not. Anoop Bansal, Chief Business Officer, Scrip box, says that there is no time limit for a nominee to make a death claim. A life insurance company has to adhere to a time limit when a death claim is made.
On the other hand, according to Sachin Dutta, Chief Operating Officer, of Canara HSBC Life Insurance, there is still a provision to file a death claim in a case where both the policyholder and the nominee are not there. In such a case, the legal heirs of the policyholder are required to provide relevant supporting documents.
Health Insurance: There is a time limit prescribed for the policyholder to inform about the claim after hospitalization. There are different time limits for different types of health insurance claims, such as cashless or reimbursed. Naval Goel, Founder, and CEO, of PolicyX.com said that policyholders should adhere to the timelines to avail the of health benefits. In case of availing of the cashless facility, the insurer should be informed about the planned hospitalization 48 or 72 hours in advance. Will have to do In case of an emergency, the insurer should give notice after 24 hours of hospitalization. Whereas to avail reimbursement, you can file a claim within 30 days for a maximum period of 90 days to get the discharge summary from the hospital.
Amit Chhabra, Head of Health Insurance, Policybazaar.com said that filing a reimbursement claim for more than 90 days can lead to rejection of the claim. Because the insurer investigates the reasons for the delay and the claim can be rejected if the claim is not genuine.
Types of life insurance
1. Term life insurance
In terms of insurance, your entire money goes to your family after your death. In this, you get a higher sum assured at a lower premium. For example, in a per/month premium of Rs 800-1000, you also get a sum assured of Rs 1 crore. It is a long-term policy that can give you protection for up to 80 years.
Example – If there is a 30-year-old person who has taken a plan of 1 crore. So if he dies during the policy then his family will get Rs 1 crore. And if he survives the policy then he will get nothing. The premium depends on your age, sum assured, health condition, and policy coverage period.
2 . Whole Life Policy Whole Life Insurance
A whole life insurance policy is similar to a term life except you get coverage for up to 100 years.
If you want to invest along with protection, then the next four plans are for you. In these plans, you will get an opportunity to save some part of your income so that you can get it back with better returns in the future.
3. Endowment Policy Endowment Policy
Apart from term insurance, it has the advantage that if you survive the policy term, then you get a fixed sum assured amount. But the premium of an endowment plan can also be 10 to 20 times higher than that of a term plan.
Example – In the premium of 1500-2000 per/month, you get the sum assured of only 10 lakhs.
In this policy, you also get a survival bonus every year which gets added to your sum assured. If you die before the age of 70, you get 10 lakh plus the accumulated bonus. And if you survive the full 70 years of the policy, then you get a maturity benefit and full bonus accrued.
4. Money Back Plan Money Back Plan
It is similar to an endowment plan but in this you start getting money even before the end of the policy term. You also get a bonus after the policy term is over. In this policy, you get returns from time to time, which you can plan for major life events like education, and marriage.
5. ULIP ULIP (Unit Linked Insurance Plan)
This is the best-selling plan in the market. Within this plan, you can choose which type of investment you want to invest in higher risk ie equity or dead plant. If you invest in the equity market then you can get high returns. It has higher returns than other products but the risk is also high. It is a medium-term investment plan which is generally taken for 10 to 15 years
6. Annuity Plan Annuity Plan
In this, you can choose your retirement age like 60, 70, or whatever you want. After retirement age, you get the money in a fixed frequency like monthly, quarterly then regularly.
Some benefits of life insurance
Benefits: You also get certain tax benefits in a life insurance policy. Whatever premium you pay, you get benefits under section 80(C). And whatever amount of maturity you get is exempted under Section 10(D)