There are many questions in the minds of people regarding health and life insurance claims, one of which is the special question, is there any time limit for making an insurance claim? If yes, when and what to do? Explain that there is no time limit for making a life insurance claim, but different limits are set on health insurance.
However, the insurer will check whether the policy was active at the time of the incident. In addition, they also examine the reasons for filing such delayed claims. If the reasons and documents are found to be correct, then the sum insured is given to you. Let us know under what circumstances insurance can be done.
Life Insurance: There is no time limit prescribed for Life Insurance nominees to report a claim after the death of the policyholder if an individual has not. Anoop Bansal, Chief Business Officer, Scripbox, says that there is no time limit for a nominee to make a death claim. A life insurance company has to adhere to a time limit when a death claim is made.
On the other hand, according to Sachin Dutta, Chief Operating Officer, Canara HSBC Life Insurance, there is still a provision to file a death claim in a case where both the policyholder and the nominee are not there. In such a case, the legal heirs of the policyholder are required to provide relevant supporting documents.
Health Insurance: There is a time limit prescribed for the policyholder to inform about the claim after hospitalization. There are different time limits for different types of health insurance claims, such as cashless or reimbursed. Naval Goel, Founder and CEO, PolicyX.com said that policyholders must adhere to the timelines to receive health benefits.
In case of availing cashless facility, the insurer has to inform about the planned hospitalization 48 or 72 hours in advance. In case of emergency, the insurer should give notice after 24 hours of hospitalization. Whereas to avail reimbursement, you can file a claim within 30 days for a maximum period of 90 days to get the discharge summary from the hospital.
Amit Chhabra, Head of Health Insurance, Policybazaar.com said that filing a reimbursement claim for more than 90 days can lead to rejection of the claim. Because the insurer investigates the reasons for the delay and the claim can be rejected if the claim is not genuine.