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Insurance Guide: Get Protected Against Insurance Fraud By Knowing Your Rights

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Almost everyone of us gets insurance policy to get protected against future’s uncertainties. There are a lot of types of insurances available in market and you can avail any of them from your favorite company. But how would you know about authenticity of the insurance company? How would you know about your rights as a policy holder? Many times we hear about some cheating or fraud cases in the news. If you don’t want to get cheated then you must know everything about the insurance which you already have or are going to get. Read on to find out insurance guide which will help you get protected against insurance fraud by knowing your rights. 

Insurance Guide

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IRDA (Insurance Regulatory and Development Authority) has a website to educate all consumers across the country. IRDA is the legal authority setup by government of India to protect and educate the consumers. It monitors and makes guidelines for all Insurance companies functioning in the country.

The IRDA website is very simple to use. You just need to visit the website and then you will see all help articles there. If you are going to buy new insurance then it will guide you what you should do, which plan you should go with, the Dos and Don’ts and a lot more.

This website is not limited to listing of various insurances but it also provides help on all types of insurances like Life, Health, Motor, Travel and Property. This website also makes policy holder’s aware of their rights which most of them don’t know about. Let’ see what information you get on it :-

Life Insurance

  • Why Buy Life Insurance :- Here you will get information like why you should buy life insurance, why it is needed, who needs it and how much life insurance is needed.
  • What Life Insurance To Buy :- In this section, you will get to know about all life insurance types like term insurance, whole life insurance, endowment, etc., with their merits and demerits so that you can easily decide which one you need.
  • How To Buy & From Whom to Buy :- Here you will find information and tips regarding how to deal with agents, what you should look for and how to deal.
  • Dos And Don’ts :- Here you will get a long list of things which you should do and things which you have to avoid to take care of your insurance policy.

Health Insurance

  • Why Buy Health Insurance :- Here you will find the reasons for which you should buy a health insurance.
  • What Health Insurance To Buy :- Here you will find what are the different policies, what are expenses incurred on them and what benefit you get in return.
  • How To Buy & From Whom :- It tells you about the Insurance Intermediaries, what they do, what are the tips to deal with them and more.
  • Dos and Don’ts :- Here you will find tips about the tings which you should do and things which you shouldn’t.

In the same manner, this website provides details about Motor, Property and Travel insurance.

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Making A Claim

If you are going to make a claim against your policy but don’t know the procedure, then don’t worry at all, as this website helps you in that too. It has listed all steps which you can follow for claiming your insurance.

  • Like in case of Life insurance it tells what are the formalities for death claim and if policy is matured then what are the formalities for that too.
  • If you are going to make claim for health insurance then it will tell you what are the formalities, how to make claim on a Cashless basis and reimbursement basis.
  • In Motor Insurance case it will tell you your formalities, what is third party claim, what is own damage claim and how to make theft claim.

If you feel you have been cheated or have any complaint against the insurance company, then this website also guides you on how to register your complaint, where to send letter, what are the number’s, what are the email addresses and more.

IRDA has defined TaT (Turnaround Times) for all insurance companies which they need to follow

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If you are having any problem then you have to register a complaint with your company and  if your company does not solve it, then you can take help of IRDA to solve it. For a complaint go through a process like :-

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If you want to help others, then you can join IRDA creating awareness program like Bima Bemisaal, Jago Grahak Jago and lot more.

If you want to know what are the charges you company can ask from you, what are the time limit for company to respond its consumer, when you can discontinue your policy and so on then you can download free eBook provided by them. eBook is available in several major languages of India so that you can read it easily and know every detail. eBook is available for every type of insurance.

Overall it’s a nice website which provides each and every detail which a consumer needs to know before making a buying decision related to insurance. This website also provide detail overview of Indian insurance market.

We will bring you the latest updates on the same as they happen. Stay tuned to Fingyan by following Fingyan Official Facebook Page and sign up for our free newsletter.

Also Read: How To Reactivate Inoperative/Dormant Bank Account

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