Insurers can settle claims solely with the policyholder
1 min readI’ve a relative residing in Africa. His daughter lives with our household. He has a mediclaim coverage additionally protecting his daughter on which he pays a premium into his non-resident exterior (NRE) account. The daughter was hospitalized just lately. The insurance coverage agency mentioned it is able to cowl the bills within the identify of the one who operates the NRE account. But the financial institution isn’t able to credit score the quantity into the NRE account. What ought to I do?
—Name withheld on request
Indian insurers can settle claims in Indian rupees solely. Further, the declare might be paid solely to the policyholder. Since the NRE account can not settle for the cost from the Indian insurer, you possibly can discover an ordinary checking account for the relative. You can share particulars of this checking account, together with a cancelled cheque of the mentioned account. Alternatively, when you’ve got nonetheless not paid the invoice to the hospital, you could possibly attempt for a direct settlement between the hospital and the insurer.
Abhishek Bondia is principal officer and managing director, SafeNow.in.
Subscribe to Mint Newsletters * Enter a legitimate electronic mail * Thank you for subscribing to our publication.
Never miss a narrative! Stay related and knowledgeable with Mint.
Download
our App Now!!