What are the common reasons for Life Insurance claim rejection? We will now see the top 10 reasons why life insurance claims get rejected when you need it most and how to prevent it.
The main reasons for Life Insurance claim rejection not not paying your premium sometime and falsifying information on your insurance application form. Apart from this other common reasons for Insurance claim rejection reasons are not disclosing your family illness history and your previous insurance already availed. About this and other claim rejection reasons in detail.
Open your own Zerodha account : [ Ссылка ]
Intelligent Investor - [ Ссылка ]
Think & grow Rich (Tamil) - [ Ссылка ]
Power of Subconscious Mind(ஆழ் மனதின் சக்தி) - [ Ссылка ]
Recommended videos:
Which is better Growth or Dividend option: [ Ссылка ]
Dividend mutual funds and types - [ Ссылка ]
Selva Magal Semippu Thittam - [ Ссылка ]
How to choose best life insurance - [ Ссылка ]
உங்களுக்கு எவ்வளவு ஆயுள் காப்பீடு தேவை - [ Ссылка ]
Life insurance can get rejected due to a variety of reasons
1. Having false declarations on insurance application form - if you have habit like smoking or drinking please mention that in the insurance application form do not try to hide it from the insurance company this will lead to Insurance claim rejection at a later stage.
2. Hiding facts about previous medical history or family history - in the past and have died due to that it is mandatory for you to disclose death in the current insurance policy which should take which will help the insurance company to properly assess your risk and tries it accordingly. Not disclosing this will lead to rejection of life insurance claim.
3. Not declaring your previous insurance policy taken to the current insurance. Non disclosure of facts about prior insurance might lead to rejection of claims at a later stage if it happens that you are over insured.
4. Death happens during the Contestability period - each insurance has a contract ability time frame from the time you take in the insurance policy. This is usually one to two years from the time your policy is issued to ensure that no willful claim on insurance or it is premeditated. If your insurance claims falls during this time then there is a chance that it can be repudiated.
5. Suspicion in the nature of the death of the policy holder - if the insurance company has any reason to believe that the death of the policyholder was premeditated or is not natural then the Insurance claim can be withheld. the Insurance claim rejection will happen if the nominee or beneficiary is involved in any way in the death of the policy holder.
6. Not paying insurance premium on time - insurance premiums must be Paint on time to avoid Insurance claim rejection. Each insurance policy will have a grace time which is 30 days. Insurance premium must be paid within this grace time frame or your policy will get lapsed and term insurance claim get rejected.
7. People with hazardous population not disclosing in the policy - if you are involved or occupied in the known list of hazardous or dangerous occupation list pilot or miners or race car driving then your premiums will slightly increase and you should disclose this while taking the policy. Failing to do this will lead to Insurance claim rejection.
8.Getting involved in dangerous or hazardous activity - getting yourself voluntarily involved in dangerous activity like paragliding, bungee jumping and helicopter drops is a willful violation of your policy terms and delete to insurance claims rejections.
9. Heavy influence of drug on alcohol abuse during the time of death is also another common reason for Insurance claim rejection.
10. The standard set of exclusions mentioned in your insurance policy are the last reason for your Insurance claim being rejected. the reason for life Insurance claim rejection can be due to a natural disaster or War or during childbirth.
––––––––––––––––––––––––––––––
Climb by Declan DP [ Ссылка ]
Licensing Agreement: [ Ссылка ]
Free Download / Stream: [ Ссылка ]
Music promoted by Audio Library [ Ссылка ]
––––––––––––––––––––––––––––––
These are the top 10 reasons for Insurance claim rejection and make sure that you read your document carefully to avoid your claims being rejected.
Disclaimer: Some links may be part of Amazon Affiliate program where we may be compensated if you buy something through the link . There would be no additional cost to you. We do not take responsibility for any result resulting from contents of the video. You should consult your financial planner before taking any action. We are not a SEBI Registered Investment Advisor. Please act at your own discretion.
