How Reimbursement Claim Works

At the time of buying a general insurance policy one factor to consider is to keep in mind which mode of claim settlement you prefer – one offering reimbursement claim or cashless claim. A reimbursement claim is where you make upfront payments out of your pocket and later seek reimbursement for it from the insurer. And a cashless claim is where insurer directly settles the claim with the service provider. For claiming reimbursement one needs to retain all bills, test reports and doctor’s prescriptions. One needs to approach the insurer as soon as possible.

On the one hand, a cashless claim limits your choice of service providers as you need to take services of only empanelled service providers. On the other hand, if you opt for reimbursement claim then you have freedom of choice regarding the service provider. For instance, in case of a health insurance policy, you can take treatment from your trustworthy doctor or in case of motor insurance you can get your car repaired from your preferred garage.

At the time of choosing reimbursement option, most probably one opts for affordable service providers as he had to make upfront payments so his sum assured does not get exhausted soon. So, keep these points in your mind while zeroing-in on any Investment insurance policy as making claim is the most important aspect of an insurance policy. Investment insurance policy

The plan is available exclusively online and is specially targeted at individuals seeking simple and guaranteed insurance solutions. The plan provides a steady return over the medium term while minimizing risk, and is the only tool in the market that covers the liabilities and provides money for a longer term to take care of the family’s monthly expenses.

The plan provides an option of ‘monthly income protection’ which provides a fixed sum of money until the retirement age and acts as a substitute for the salary received every month. With the rising prices of goods and services, the same income after ten years may not suffice to maintain the same lifestyle for the family, hence there is another option with inflation protection called ‘Increasing Monthly Income Protection’ where the cover grows at the rate of 10% per annum even after the death of the life assured. The minimum entry age for the plan is 18 years and maximum 55 years. The minimum maturity age for the plan is 28 years and maximum 75 years (for non-smokers). The minimum policy term is 10 years.

Follow us on ltd- ltd-

Click to know more on Investment Insurance Policy : Thank You