Steps to File Health Insurance Claim

If you’re lucky then filing claim for your medical insurance plan will be a smooth process. Otherwise, filing claim can be an annoying process for some people. If there isn’t any support from your insurance provider then, it could be problematic for you. There can be situations where cashless facility won’t be provided by the nursing home/ hospital. The incurred hospitalization expenses can be claimed after the patient is either discharged from the hospital or his/her treatment is completed. People buy Mediclaim policies so that they don’t have to face any financial at the time of hospitalization.

If you have to register a medical insurance claim, you should keep all the receipts and set them in a chronological order. You need to get a claim form from your medical insurance provider. After that, you have to prepare Xerox copies of the original form for claim submission, review it and then dispatch all the documents. Before you do that, you are advised to read the fine print of the policy document very carefully. You must keep all the bills, receipts along with the medical reports that you have got at the time of the hospitalization and 30 days before and 60 days after hospitalization. The health facilities availed during this time period which is a part of the treatment, are applicable for the reimbursement.

Here are the details that will help you to understand the claim filing process in a better way.

You can file a claim under a medical insurance plan in the following two ways.

  1. Cashless basis
  2. Reimbursement basis

Cashless Basis- For a cashless basis claim, your need to undergo the treatment specifically at a network hospital that is providing its services to your insurance provider. You’ve to seek authorization for undergoing the medical treatment on a cashless basis according to the laid down procedures in the form. Read the policy documents the moment you get it so that you get familiarized with the process so that filing for a claim becomes a smooth process for you.

Reimbursement Basis- Carefully read the clauses regarding the claims in your insurance document after you get it to make sure that you get the understanding of the procedure as well as the required documents for filing a claim for reimbursement. When you need to file a claim, inform your insurance provider. After hospitalization, make sure that you get all the documents. Once you get all the documents, keep the documents like claim form, prescriptions, discharge summary, bills etc. with care as you need to submit them for filing a claim.

Generally, all the medical insurance claims need to be registered within seven days of discharge or completion of the treatment from any of the network hospital. Keep in mind that health insurance providers won’t pass the claims if any of the documents aren’t in coordination with their terms and conditions.

We hope that now you know what is the process of filing an insurance claim and what are the steps involved in this step.

Benefits of Holding an E-Insurance Policy

Because of the demonetization of Rs. 500 and Rs. 1,000 currency notes and its after-effects, people have understood the value and benefits of the digital money, NEFT transactions, digital wallets, and Debit/Credit card transactions. This article will help you to understand the benefits of holding an e-insurance account.

If you want to buy health insurance, you can check out the insurance plans offered by Bajaj Allianz health insurance.

What Is E-insurance?

E-insurance account is an online account just like a Demat account. It helps you in storing your documents related to insurance plan in a digital so that it is safer to access whenever you need. It functions the same way as a bank account does. Transactions details, information, and documents related to all your insurance plans would be stored in one place. The policy related information such as the date of issue, policyholders’ address, policy maturity status, nominee details, and policy terms and conditions etc. can be easily accessed. In case you wish to download a copy of your insurance policy, you can easily do that.

Benefits of Holding an E-insurance Policy

  1. Cost Efficient

If an individual
buys an insurance plan online he gets to save money as he doesn’t have to pay any commission to any insurance agent as there is no insurance agent/broker involved. This makes buying insurance online very cost-efficient. You can buy your preferred insurance plan offered by your preferred insurance provider and be safe and protected.

The best thing about holding an e-insurance account is that the cost involved with the transition of the paper-based insurance plans in the digital format would be borne by the insurance providers. Policyholders don’t have to spend a single penny from your pocket in order to be benefitted by an e-insurance account.

2. Convenience

With the help of an e-insurance account, your insurance instruments such as medical insurance plan policy, pension plan, investment plan etc. are stored in a single platform. An e-insurance account provides you the access to all your policies wherever and whenever you need.

Having a paper-based insurance policy is inconvenient. There is a risk of policy damage and loss. When it comes to e-insurance policy, the documents related to the plan are safe and protective.

At the time of purchasing a fresh insurance plan, you don’t have to go through the KYC verification process again, until or unless you need to make changes in the KYC details provided by you. All you need is mentioning your e-insurance account number, it will be sufficient for the purchase of a new insurance plan.

  1. Eco-friendly

An e-insurance account has all the documents in the digital form. There is no requirement of physical documents. It is eco-friendly as no paper is used. It means there are no trees cut in order to meet the paper requirement. It is a great step as it conserves precious natural resources.

Now you know the benefits associated with holding an e-insurance account. The world is going digital, why should you lag behind?

Maruti Insurance Plan – All Insurance Plans Explained

Authorized by the Insurance Requirements and Development Authority of India (IRDAI), Maruti Insurance Booking Private Limited are an Insurance company established for checking all the automobile insurance requirements of their clients. Affiliated with some of India’s topnotch Insurance companies, reputed for their client centric methods.

Why buy Maruti Insurance Plan?

Maruti Suzuki services are spread all around India and offer a 100% return sum from insurance for automobile damage. The service centers for Maruti are all fully equipped with advanced amenities with first-rate mechanics and great infrastructure. The Maruti Insurance Plans guarantees superior quality with repairs, replacement of original parts and service from highly skilled technicians.

The customer care in Maruti is what makes 90% of all buyers opt for taking up the Maruti Insurance Plan for their vehicle. The affiliation of Maruti with some of India’s greatest Insurance carriers like Bajaj Allianz, ICICI Lombard, National Insurance, Royal Sundaram, New India Assurance and Iffco Tokio General Insurance allows customers to have more flexibility when choosing their plans.

Maruti Insurance Plan depreciation calculator:-

Age of vehicle % of Depreciation
Not exceeding 6 months Nil
Exceeding 6 months but not exceeding 1 year 5%
Exceeding 1 months but not exceeding 2 year 10%
Exceeding 2 months but not exceeding 3 year 15%
Exceeding 3 months but not exceeding 4 year 25%
Exceeding 4 months but not exceeding 5 year 35%
Exceeding 5 months but not exceeding 10 year 40%
Exceeding 10 years 50%

 

Features and Benefits of Maruti Insurance plan

  • Damages due to accidents are repaired almost for free.
  • There is unified service provided all across the country.
  • Stress free, transparent and objective settling of claims.
  • Superior repair work at approved dealer garages.
  • Free towing facility with dealer assistance.
  • Instant and easy transfer of no claims bonus.

Inclusions of Maruti Insurance Plan

  • Includes protection against damage due to natural calamities like earthquakes, landslides, lightning as well as man-made calamities like break-in, theft and burglary.
  • Protection against any damage caused during transit by rail, road, air, inland waterway or lift.

Exclusions of Maruti Insurance Plan

  • Damage that is caused due to the routine wear and tear or aging of the vehicle.
  • Damage that is caused by a person driving without a license or under the under the influence of intoxicants.
  • Electrical or mechanical breakdown of the vehicle, depreciation or any consequential loss

Documents Required

Getting a Maruti Insurance Plan is one of the simplest ways to ensure Car Insurance for yourself and your vehicle. There are several ways of getting car insurance. The process for getting insurance can be done online as well. For this, one needs to fill up a form for car Insurance generated by Maruti Suzuki. The documents that are needed for this are ID proof, address proof, income proof, driver’s license, report card of the policyholder and the general papers of the car.

Once the documents are successfully submitted, the customer can choose from among the 11 car insurances that Maruti Insurance Plan has to offer in alliance to other Insurance companies.

Anyone who owns a car, has a valid driver’s license and is above the legal age of 18 years can apply for Maruti Insurance Plan.

Claims Process for Maruti Insurance Plan

The claims process begins when the policyholder wants to make repairs to his vehicle due to certain events. The claims form is filled up by the policyholder estimating the cost for repairing the damage and the extent of damage is written down thoroughly. This is submitted to the Maruti Insurance Plan company for the claims process.

A surveyor is sent by the company to cross-check the amount of damage caused to the vehicle. The surveyor sees the damage that is done and gives his own repair quote to the company.

The company sends the vehicle to one of the authorized garages for repair of the damaged vehicle. Another surveyor comes and checks the repairs that have been done on the vehicle. Once satisfied, the garage sends the repaired vehicle back to the policyholder.

If there are no claims that are made from the policyholder during the duration of the policy then the holder gets the no claims bonus feature upon renewal of his/her policy. The no claims bonus gives a discount to the policyholder upon renewal of the Maruti Insurance Plan.

Maruti Insurance Plan no claim discount rate :-

Details Discount
No claim made during 1 year of insurance 20%
No claim made during 2 year of insurance 25%
No claim made during 3 year of insurance 35%
No claim made during 4 year of insurance 45%
No claim made during 5 year of insurance 50%

Transfer of Ownership and Insurance When Selling Your Used Car

Car has become an essential commodity of our everyday life. To beat everyday hustle and bustle on the road, we prefer to commute in our own car. If you are a car owner, then probably you have already set your eye for the latest car model as your next buy. Now what about your present car? You need to sell it out. During selling your used car, you need to keep some points in mind failing which may result in serious consequences.

Two most important part of selling a used car are – Transfer of Ownership and Transfer of Insurance. Let’s take a look at the following paragraphs to understand them better.

  1. Transfer of Ownership

Being the present owner of the car, a seller must hand over the buyer with some essential car documents. These documents include registration certificate of car, certificate of taxation, copy of existing insurance policy, PUC certificate, declaration of selling the car, No Objection certificate along with transfer of ownership. Seller/original owner of the car should intimate the regional RTO office about the car that was registered there through a letter within 14 days of the selling.

  1. Transfer of Insurance

Every car owner insures his car by taking some kind of vehicle insurance. When selling the car, the owner can retain his “No Claim Bonus” to himself and transfer the benefit on new car insurance. Maruti Insurance Policy is the best of all when it comes to transfer NCB from one insurer to another. For example, if the seller has earned a 50% “No Claim Bonus” on the car insurance premium, he can approach the insurance company for a certificate. When he buys a new car within three years of the date of car insurance, he is entitled for 50% premium discount on the new car insurance.

What To Keep In Mind While Transferring The Insurance To Buyer?

Apart from the above mentioned two aspects, selling of used car involves another part and this is the transfer of car insurance to the buyer. If you have decided to transfer your existing car insurance to the buyer then you need to pay attention to the time period for which the car has been insured. Say, you have bought the car insurance in January 2016 then it means the car is insured for the time period of January 2016 to January 2017. If you are selling the car in June 2016, you are transferring the car insurance benefit of next 6 months to the seller for which you have paid in advance. The seller should consider this factor while deciding the selling price.

Related-: All you need to know about no claim bonus 

What Is The Consequence of Incomplete Transfer?

If transfer of ownership/insurance at the time of selling the car looks not so significant to you then pay attention. It is damn important. Both buyer and seller have to be proactive in terms of completing the transfer properly and legally. It is a must for the buyer to check whether the insurance has been transferred to his name or not. If it is still in the name of previous owner, then buyer cannot place any claim at the time of need. The seller should ensure that transfer of ownership has been done properly. If not so then the seller will be held responsible for any illegal/offensive act involving the car as his name is still recorded with the register’s office. So with utter attention, seller and buyer both should complete the process of transfer of ownership as well as transfer of insurance.

Conclusion:

Hopefully the following article will be proven helpful for both seller and buyer as a guiding reference at the time of selling or buying a used car. Stay informed and trade happy.