Insurance Claim? Or Insurance Maze?
Imagine this: You’ve paid your premiums religiously for five years. You treat your insurance policy like a safety net, tucked away for a rainy day. Then, the storm hits - a sudden hospitalization or a car accident. You file a claim, expecting immediate relief, but instead, you receive a cold, formal lettter. "Claim Rejected". You aren't alone. In the financial year 2023-24, health insurance claim rejections in India surged by a staggering 19.10% , with insurers disallowing claims worth nearly ₹26,000 crore . For a college student or a young professional entering the workforce, understanding this "Claim Game" is no longer optional; it is a financial survival skill. This article breaks down why insurance claims become a maze, using real data from FY23-24 and 2025 outlooks, and what needs to be change for a fairer system. 1. The Data: A grim picture of "Safety" Let’s look at the numbers first...