While this is proving a good alternative to travelers, the costs of incidental damage to property, rented equipment such as a car or a bike remains more or less the same. Travel insurance covers a host of potential risks such as trip cancellation, baggage loss, medical emergencies etc. This also includes 24/7 emergency services such as replacement of lost passports, re-booking cancelled flights, etc. If an emergency arises, travel insurance can help you minimize financial impact to a great extent. Here are the steps required to raise a claim:
Inform the insurance companyIn case of an emergency during your journey, the first step is to inform the insurance company about the situation. You can call their international partner helpline or contact their 24x7 customer service center and let them know about the situation.
Keep important travel documents handyAll the important travel and insurance related documents should be kept handy, as they may be required to file a claim. Relevant address and identity proof, claim forms, copy of policy, original receipts, police report (if applicable), and personal identity proof should be kept ready.
Claim documentsAfter you have informed the insurance company about a claim, you will be asked to fill the claim form and send it along with the insurance policy copy and other required documents such as an address proof, etc. You can send the claim form and the documents through post, fax or email.
Claims processingAfter the submission of the claim form and all other relevant documents, the same is verified by the insurer. While some insurers have their dedicated claims handling team, others may resort to third-party administrators (TPAs).
Though the period of claim settlement varies across insurers, in most cases the claim amount is paid within 10-14 days. It is directly paid into your bank account.
Note that most policies clearly outline the claims process and events when claims aren’t entertained. It’s important to know the situations when you can’t make a claim. Also, most insurers have a dedicated toll-free number where you can call and make a claim. Additionally, today, almost every insurer has provision for initiating a claim online.
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The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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