Tuesday, May 24, 2022
  • Hyderabad
  • Telangana
  • Andhra Pradesh
  • India
  • World
  • Entertainment
  • Science and Tech
  • Sport
  • Business
  • ...
    • NRI
    • View Point
    • cartoon
    • Columns
    • Reviews
    • Education Today
    • Property
    • Videos
    • Lifestyle
E-Paper
  • NRI
  • View Point
  • cartoon
  • Columns
  • Reviews
  • Education Today
  • Property
  • Videos
  • Lifestyle
Home | Business | Insurance Should Be Bought Based On Need

‘Insurance should be bought based on need’

By B. Krishna Mohan
Published: Updated On - 01:48 PM, Fri - 22 April 22
Shilpa Arora, co-founder and chief operating officer of Insurance Samadhan

Hyderabad: Some insurance claims get rejected on technical grounds. There could also be cases of wrong products sold or other service-related issues. However, some consumers may find it difficult to get their grievances resolved. Technology platform Insurance Samadhan guides customers to deal with misselling, claim rejection, delay in claim processing, lapsed policies, policy rejection, and service issues. Shilpa Arora, co-founder and chief operating officer of Insurance Samadhan tells Telangana Today about the resolution assistance available

Common problems

Some customers are stuck with wrong insurance. They are sold in the name of loan, bonus on old policies, fixed deposits with higher returns, offer of free health insurance and other allurements. A few health claims get rejected on technical grounds. Some claims relating to fire, property and vehicle insurance are also dealt the same way.

Best practices to be followed

Customers should not get lured by offers. Insurance should be bought based on needs to cover risks pertaining to life, health and general. They should ask for product brochures and read the terms and conditions. They should always fill the proposal form, provide the information correctly and attend the pre-issuance call from the insurer.

Channels available

An insurance product is governed by terms and conditions laid down by the insurance regulatory authority. We help policyholders represent their case at the company level, IRDAI, ombudsman and other forums in a correct way. Customers need to share their policy details and upload the required documents for assessment. Login is provided at the time of registration. The complaints are filtered and our system generates pre-filled forms and documentation required to take up the grievances at various levels. So far, it has helped to get more than 14,500 cases to be solved and the value of these is about Rs 40 crore.

Timeframe

It takes 15-30 days for resolution. If the case is moved to an ombudsman or a consumer court, the resolution may take up to six months or more depending on the availability of dates for hearing the case. One time registration charge is Rs 500. It charges 12 per cent fee from cases successfully resolved due to its intervention.

Trends in Telangana

There are complaints of mispelling with a promise of a loan or a bonus on lapsed policies. We have seen some Covid claims getting rejected or offering partial settlements. Some health claims are also rejected. We are shortly coming up with a multilingual app Polyfix including in Telugu. The app would help them check the quality of their insurance policies, find errors if any and fix them so that they do not face any problems at the time of claims.


Now you can get handpicked stories from Telangana Today on Telegram everyday. Click the link to subscribe.

Click to follow Telangana Today Facebook page and Twitter .


  • Follow Us :
  • Tags
  • insurance
  • Insurance Samadhan
  • IRDAI
  • Shilpa Arora

Related News

  • Ramagundam MLA inaugurates 50-bedded extension block of Godavarikhani hospital

  • Telangana: 99.04 per cent students take SSC second language exam

  • TSRTC to launch home delivery and pick up services

  • Telangana: PJTSAU organises seed mela

  • KT Rama Rao pitches Telangana to investors

  • Ashirvad Pipes to invest Rs 500 cr in Telangana

Latest News

  • 40 units of blood donated for cause in Mancherial

    5 mins ago
  • Complete land acquisition for Village Sports Centres, Kothagudem Collector tells officials

    5 mins ago
  • Betting on Women’s T20 matches too, three held in Hyderabad

    6 mins ago
  • Former VC of erstwhile APSCHE Prof. P Neerada Reddy passes away

    9 mins ago
  • Revanth harassing me since long: Malla Reddy

    9 mins ago
  • Car catches fire in Karimnagar

    9 mins ago
  • Telangana Congress leaders object Revanth’s casteist remarks

    22 mins ago
  • Three Telangana State Sports School students for Khelo India Games

    29 mins ago

company

  • Home
  • About Us
  • Contact Us

business

  • Subscribe

telangana today

  • Telangana
  • Hyderabad
  • Latest News
  • Entertainment
  • World
  • Andhra Pradesh
  • Science & Tech
  • Sport

follow us

© Copyrights 2022 TELANGANA PUBLICATIONS PVT. LTD. All rights reserved. Powered by Veegam