Dear Sreekanth,
During my search for term insurance , I had come across following table.
Average Amount of Claim Settled And Rejected..
After going through this table , it looks that Major players like ICICI/ HDFC are showing reluctance for bigger claims. Pl suggest should I give importance to this fact as this data( from IRDA report 2014-15) is not purely for term insurance policies . If yes then SBI & Max are better choices. Pl advice.
1 Answers
Hi,
Kindly note that the IRDA annual report do not have separate details regarding Claim settlements with respect to Term insurance policies alone.
As loan as a policy holder provides the complete information in Proposal Form honestly and accurately, the claim (if any) will be honored by the insurance company.
Also, note that
- As per the recent amendment to Section 45 of the Insurance Act, If your policy is 3 yrs old, no matter what happens, the life insurance company will not be able to deny the claims. So, your life insurance company has only 3 years in hand to reject the policy based on any mis-representation or mis-statement. Once 3 policy years are completed then the life insurance company has to settle the claims and can not reject them.
Please login or Register to submit your answer