Claim Services

Life Insurance is a financial cover for a contingency linked with human life, like death, disability, accident, retirement etc. Human life is subject to risks of death and disability due to natural and accidental causes. When human life is lost or a person is disabled permanently or temporarily, there is loss of income to the household. Though human life cannot be valued, a monetary sum could be determined based on the loss of income in future years. Hence, in life insurance, the Sum Assured (or the amount guaranteed to be paid in the event of a loss) is by way of a ‘benefit’. Life Insurance products provide a definite amount of money in case the life insured dies during the term of the policy or becomes disabled on account of an accident.

Who needsLife Insurance

Primarily, anyone who has a family to support and is an income earner needs Life Insurance. In view of the economic value of their contribution to the family, housewives too need life insurance cover. Even children can be considered for life insurance in view of their future income potential being at risk.

Term Insurance : You can choose to have protection for a set period of time with Term Insurance. In the event of death or Total and Permanent Disability (if the benefit is offered), your dependants will be paid a benefit. In Term Insurance, no benefit is normally payable if the life assured survives the term

Endowment Policy : An Endowment Policy is a savings linked insurance policy with a specific maturity date. Should an unfortunate event by way of death or disability occur to you during the period, the Sum Assured will be paid to your beneficiaries. On your surviving the term, the maturity proceeds on the policy become payable.

Immediate Annuity : In case of immediate Annuity, the Annuity payment from the Insurance Company starts immediately. Purchase price (Premium) for immediate Annuity is to be paid in Iumpsum in one instalment only.

Deferred Annuity : Under deferred Annuity policy, the person pays regular contributions to the Insurance Company, till the vesting age/vesting date. He has the option to pay as single premium also. The fund will accumulate with interest and fund will be available on the vesting date. The insurance company will take care of the investment of funds and the policyholder has the option to encash 1/3rd of this corpus fund on the vesting age / vesting date tax free. The balance amount of 2/3rd of the fund will be utilized for purchase of Annuity (pension) to the Annuitant.

Assurein as Insurance intermediary involves as a third-party entity that acts as a bridge between the policyholder (the insured) and the insurance company. Insurance Intermediaries in the insurance industry are commonly referred to as insurance agents or brokers. We as intermediary play a crucial role in helping individuals and businesses purchase insurance coverage and, when necessary, facilitate the claims process. Here’s how the insurance claim service by us works:

1. Policy Selection: When you decide to purchase insurance, you can approach us We. will assess your insurance needs, explain various policy options, and help you choose the coverage that best suits your requirements. As an Intermediary we have a good understanding of the insurance market and can provide valuable advice.

2. Policy Placement: Once you've selected an insurance policy, we will work with the insurance company(s) to place the policy. This involves completing the necessary paperwork, collecting premiums, and ensuring that the policy is properly underwritten and issued.

3. Claims Assistance: In the event of a covered loss or damage, the insured party (you) can turn to us for assistance in filing a claim. We can help you navigate the claims process, ensuring that you provide all the required information and documentation to the insurance company.

4. Communication with the Insurance Company: We act as a liaison between you and the insurance company during the claims process. We can help to facilitate communication, answer questions, and provide any additional information or documentation requested by the insurer.

5. Claim Settlement: The insurance company assesses the claim, determines coverage, and processes the claim settlement. We can help expedite this process by ensuring all necessary information is submitted accurately and promptly.

6. Advocacy: If there are disputes or issues regarding the claim, We can advocate on your behalf. We can help to negotiate with the insurance company to reach a fair and equitable resolution.

7. Continued Service: We will provide ongoing service even after the claim is settled. We can assist with policy renewals, adjustments to coverage, and address any other insurance-related needs that may arise.

It’s important to note that insurance Intermediary may work on behalf of the policyholder In exchange for their services, insurance intermediaries may earn a commission from the insurance company or charge fees to the policyholder. These fees and commissions should be transparent and disclosed to you when purchasing insurance through an intermediary.

Using Assurein can be beneficial because we provide expertise, convenience, and support throughout the insurance process, including when you need to file a claim.