RESUME APPLICATION PAY PREMIUM
Fund Performance

Fund Performance

Knowledge Center

Knowledge Center

About Us

About Us

Tools and Calculators

Tools & Calculators

Quick links

Mobile (Download app)
  • Webpages
  • Documents
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment

For NRI Customers

(To Buy a Policy)

(If you're our existing customer)

For Online Policy Purchase

(New and Ongoing Applications)

Branch Locator

For Existing Customers

(Issued Policy)

Fund Performance Check

RESUME APPLICATION PAY PREMIUM

What do you want to do?

Quick links

Mobile (Download app)

Download HDFC Life App

Buy plans, track your policy, make renewal payments & monitor fund performance with HDFC Life App, Download Now!

Apple Logo Go to Google Play Store

Insurance Claims

down-arrow
Insurance Claims
July 03, 2023

The purpose of being insured is to protect your finances in case of any crisis and to ensure that your loved ones do not have to face the perils in such circumstances. While choosing an insurance plan, one of the key parameters that must be noted is the claim settlement ratio, which can give you a fair idea of the average rate of claims submitted to the insurer and the number of claims that were settled. Submission of a claim happens when the damage or the peril mentioned in the policy happens and you are seeking fulfillment of the claim. The insurance company is then supposed to verify the claim and reimburse you as per the terms and conditions involved. As an informed consumer, it is therefore, important for you to know how the claims are settled and how the capital benefits are paid, after verification of the claim.

This involves knowing about certain technical factors like deductible amount, actual loss, liability of the insurer etc. Depending upon the type of plan, claim settlement process varies. For instance, any insurance claim related to property (whether movable or immovable) involves meeting adjustors, seeking approvals for estimates and repairs etc. All this actually depends upon the type of plan, any add-ons etc. You must always stay informed about the details so that they can come in handy, if required.

  • Actual Cash Value Settlements:

    Understanding this is important as it helps you at the outset and right at the initial stage f purchasing the policy. An insurance plan that is based on the actual cash value (often related to an asset) can make you receive less amount than the current value of the asset. This is because such a settlement is based on the current value of the asset, which may be different (lesser than) from what it was when the asset had been acquired. The value of an asset may depreciate overtime and in case of any damage to it, the amount to which you are entitled may be less than the original cost of the asset.  

  • Replacement Cost Settlements:

    In terms of coverage benefits, such settlements score over the actual cash value settlements. Replacement cost settlements can negate the damage or loss caused by replacing the asset, depending on whether sufficient coverage was in place at the time of loss or damage to the asset. Therefore, on the whole, the situation for the policyholder comes back to what it was before the loss or damage took place.

    The procedure for filing of claims also varies from one plan to the other and the particular subject of insurance (for instance, in case of vehicle insurance, the subject of insurance is the vehicle). For example, in case of claim for vehicle insurance in the event of an accident, following are the steps to be taken:

    1. Call your agent and follow the directions your agent gives you to provide all documentation related to the accident and file your claim. You may need a police report.
    2. Keep copies of all your documentation and bills related to the accident. Jot down detailed notes following conversations about the accident.
    3. Check from your agent the time limitations for filing your claims and submitting bills.
    4. Check whether there are any estimates involved and the process from there onwards.

    The method for filing a claim obviously is different if you are filing a claim for let's say hospitalization benefit of a health related concern. But this gives a broad idea about the importance of documentation and carefully examining the terms and conditions at the very beginning. Online mode of filing a claim has made the process very simple in comparison of the offline mode.

HDFC Life offers online insurance policies for securing your finances for your loved ones in case of any mishap. For details, click on the mentioned link: https://www.hdfclife.com/life-insurance-plans

Related Articles:

 
 
 
 
 
 
Show Full Article
Hide Full Article

Term Plan Articles Term Plan Articles

Investment Articles Investment Articles

Savings Articles Savings Articles

Life Insurance Articles Life Insurance Articles

Tax Articles Tax Articles

Retirement Articles Retirement Articles

ULIP Articles ULIP Articles

Health Plans Articles Health Plans Articles

Child Plans Articles Child Plans Articles

Popular Calculators Popular Calculators

Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

LinkedIn profile
Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

LinkedIn profile
Reviewed By Reviewed By:

Here's all you should know about life insurance.

We help you to make informed insurance decisions for a lifetime.

What Is Insurance?

What Is Insurance?

Learn the essentials of what is insurance, its types, benefits, and how it protects your finances. Get insights into life and general insurance policies today.

Blue Chip Fund

Diversified Equity Mutual Funds

Insurance Overload: Are You Hoarding Policies Instead of Securing Your Future?

Find out exactly how many insurance products do you need to protect your familys future. Avoid policy overload and secure peace of mind with expert insights.

Insurance Overload: Are You Hoarding Policies Instead of Securing Your Future?
A Working Woman's Financial Security and Aspirations Previous
Why Looking at Insurance as Just a Tax-Saving Tool Could Be Wrong? Next
HDFC life
HDFC life

HDFC Life

Reviewed by Life Insurance Experts

HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER

We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

Popular Search

Popular Searches