Covered, Yet Battered
Outlook Money|May 2021
Rejection of insurance claims is a regular affair in the field of medical insurance, health insurance and motor insurance. Rejection by the insurer is not the end of the world. You have the right to fight for your claim
Nirmala Konjengbam
Covered, Yet Battered

When Noida resident Rakesh Jaiswal had to be admitted to a private hospital for a sudden heart issue, he was under the impression that his cashless medical insurance policy would take care of the finances. But, it didn’t work the way he thought. The third-party administrator denied the cashless facility to him and he had to cough up the entire bill himself.

Once out of the hospital, Jaiswal contested the rejection of his claim with the insurer only to be informed that he was not eligible for the facility. Undeterred, he moved the mandated government forum for grievance redressal, and was awarded a compensation fee later.

A large number of insurance claims – life, health or motor – get rejected by insurance companies every year. While in some cases, there are negligence on the part of the insurers, most cases are dropped because of false information, incorrect medical history disclosure, or non-payment of premiums.

If you ever experience a situation where your claim is denied by an insurance company, it’s within your right to appeal against the rejection. Apart from asking the insurer to review the claim rejection, policyholders or nominees could also approach government authorities for grievance redressal.

“Insurers would normally settle all claims other than cases of material non-disclosure by customers. Rejecting or repudiating such claims is a fair practice keeping in mind the interests of all other policyholders. Usually there are elaborate procedures within the insurance company before rejecting or repudiating claims, including investigation and legal checks,” says G Murlidhar, Managing Director at Kotak Mahindra Life Insurance.

Bu hikaye Outlook Money dergisinin May 2021 sayısından alınmıştır.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

Bu hikaye Outlook Money dergisinin May 2021 sayısından alınmıştır.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

OUTLOOK MONEY DERGISINDEN DAHA FAZLA HIKAYETümünü görüntüle
Gold ETFs And FoFs
Outlook Money

Gold ETFs And FoFs

While Indians love to invest in physical gold, even mutual funds offer the option, but in paper format.

time-read
2 dak  |
November 2024
PLANNING TO BUY CHILD INSURANCE? THINK TWICE
Outlook Money

PLANNING TO BUY CHILD INSURANCE? THINK TWICE

Child insurance plans combine insurance and investment but often offer low returns due to high costs, making a combination of a term insurance cover and mutual fund a better option for securing your child’s higher education needs

time-read
7 dak  |
November 2024
How Do You Define Happiness?
Outlook Money

How Do You Define Happiness?

Money does buy happiness, but after a while, the appeal fades. We talk about our relationship with money, but, maybe, it’s time to revisit our relationship with happiness

time-read
5 dak  |
November 2024
Avoid Crypto As It Is Highly Volatile
Outlook Money

Avoid Crypto As It Is Highly Volatile

I am 22 years old and have recently started working. I want to invest a small portion of money in cryptocurrency. How should I go about it? Does it require a huge capital investment?

time-read
2 dak  |
November 2024
Invest Right, Don't Speculate
Outlook Money

Invest Right, Don't Speculate

The lure of high returns and quick gains from equity tips, cryptocurencies, and equity F&O can be enticing. But remember, return of capital is more important than return on capital

time-read
4 dak  |
November 2024
The Wedding & Budget: Is Minimalist Trend The Right Knot For You?
Outlook Money

The Wedding & Budget: Is Minimalist Trend The Right Knot For You?

Indian weddings are known for their pomp and grandeur, but minimalist weddings are also in vogue now. Dia Mirza was one such celebrity who went for a minimalist wedding. If you also want to keep things minimal on your big day, here’s how to do it

time-read
9 dak  |
November 2024
Here's How To Buy An ETF?
Outlook Money

Here's How To Buy An ETF?

Mutual funds are the preferred choice for retail investors. However, they come at a cost and fund management risk, apart from other risks. A smarter alternative is to invest through ETFs.

time-read
1 min  |
November 2024
How Passive Funds Help Diversify
Outlook Money

How Passive Funds Help Diversify

Passive funds provide a simple way to invest in broad markets as well as in specific themes and sectors, making them ideal for an investor's satellite portfolio

time-read
2 dak  |
November 2024
The Rise Of Passive Funds
Outlook Money

The Rise Of Passive Funds

The popularity of passive funds among retail investors has risen post Covid, and fund houses are out with many variations of ETFs and index funds. Does this category present a new opportunity for investors?

time-read
10 dak  |
November 2024
Tax Reforms: What's In Store?
Outlook Money

Tax Reforms: What's In Store?

The government is working on reforming the existing Income-tax Act, 1961. The impending reforms have raised many questions in the minds of taxpayers. Will the old regime and deductions be done away with? Will it really simplify your life? What's the need for these reforms? We try to answer these and other questions regarding tax reforms

time-read
10+ dak  |
October 2024