Tapan Singhel, Managing Director and CEO of Bajaj Allianz General Insurance, while speaking at Outlook Money’s 40After40 Retirement event, talked about critical terms that policyholders need to stick with to ensure acceptance of their insurance claim.
Singhel said 96-97 per cent of health insurance claims are settled smoothly, rejections often arise from non-disclosure of pre-existing (PED) conditions or policy sub-limits. “If you’ve hidden facts, that’s where the disconnect starts,” he advised, advocating for transparency.
Singhel cited regulatory safeguards, including mandatory cashless approvals within one hour and reimbursement claims settled within 15 days. He added, “By regulations, you’re empowered. Your claim will be paid unless there’s fraud.”
“Insurance is about dignity. Imagine your children debating hospital bills at your bedside,” Singhel said Singhel also launched Bajaj Allianz’s new women-centric health insurance.
Singhel also drew a broader parallel between economic resilience and insurance accessibility, citing NITI Aayog data. Around 7 per cent of Indians fall below the poverty line annually due to healthcare costs. “Adequate coverage isn’t just personal—it’s national growth,” he concluded.
