22 Dec 24
22 Dec 24
22 Dec 24
22 Dec 24
Markets  >  Equity  >  News  >  Insurance  >  Detailed News
Your Result On : News  | Insurance  | Detailed News
Back
TIMELINE FOR SETTLEMENT of Claims vis-a vis timeline for buying a policy -Mr. Manoj Kumar Saraf
23-Oct-2020
The writer of this article intends to highlight a widespread gap and the truth that getting the claim amount from the insurance company is not as easy as buying an insurance policy. It takes minutes to buy insurance, whether it is life insurance, motor, health or property insurance. But for the settlement of the claim the ground realty is that the insured has to run from pillar to post, whether it is to a Surveyor, Third Party Administrator, Insurance Company, Intermediary, ombudsman or to different Insurance Courts. There is a saying that “Buyer Beaware” in insurance business. Insurance companies are buying/underwriting risks at a consideration and the insured are selling/ transferring their risks to insurance companies with a commitment to indemnify in case of loss. Then why as a buyer, insurance companies are not so careful in buying risks as they are extra careful and conservative in settling and making payments of the claims.This is the truth of the Indian insurance sector today, where it has been observed that insured always feels at a mercy of the insurance company at the situation of the claim. This scenario needs to be changed. The regulator and the insurance companies should come forward and play a proactive role at the time of framing the insurance policies, taking those underwriting risks in to consideration. They should be more cautious and take extra time and make it easier for the insured to get their claims. It is only then the purpose of the insurance is met. This will also ensure insurance companies to find more business at their door step. COVID 19 has created an awareness among the masses of getting insurance and the insurance companies should see that more and more people are willing to sell their risks for their life, health and properties. The only thing the insurance companies need to justify is that the risks are in the safe hands, and they always stand beside the insured or its representative in case of loss. This trust of the insured and the insurance companies should be at the highest level because insurance itself means “ Loss of few shared by many”.
Owned by Radhey IT Solution Pvt. Ltd
Reg. Office: Tobacco House, 1,Old Court House Corner, 5th Floor, Suite No.514, 519, 520 & 521. Kolkata-700001 Tel: 033 2231 9012
Disclaimer   |    Privacy Policy     |     Scores    |   BSE   |   NSE   |   SEBI   |   RBI   |   Sitemap   |   Feedback   |    ODR Platform
Sanjeevani Insurance Brokers Pvt. Ltd.
IRDA DB-273/04 		Sabi Viniyog Pvt. Ltd.
RBI-FE.KOL.MC/02-2006
SEBI(RTA)-INR000004025
ARN No-29109
 Ramsnehi Viniyog Pvt. Ltd.
MCX/TCM/CORP/1246
MCX-31335
SEBI Regn. No. INZ000046331 		Seemran Viniyog Pvt. Ltd.
INB 241264135
Jhilmil Advisoy & Accounting
Services Pvt. Ltd.
Local Registration Authority of Digital Signature
       Copyright © 2013 All rights Reserved Radhey Group Of Companies                                                                             Designed,Developed and Powered by CMOTS Infotech (ISO 9001:2015 certified)