When you register a claim with us, with the certainty of a convenient, swift, and seamless process, we are confident you will have a hassle-free claim settlement experience. However, to achieve this, we require the availability of every critical component to evaluate and scrutinise your claim. One such crucial requirement to ensure prompt and successful settlement of your claim is the availability of an original cancelled cheque with your name printed on it.
Understanding What a Cancelled Cheque is:
A cancelled cheque is a cheque that has been crossed out, usually by drawing lines across it or writing “cancelled” across the front. The cancelled cheque confirms the provided bank account details such as the policyholder’s name, account number, IFSC number and branch address.
The Significance of Cancelled Cheque in Reimbursement Claims:
The cancelled cheque helps validate the bank account details and facilitates the electronic fund transfer (EFT) of the approved claim amount directly into the claimant’s bank account.
What does the cancelled cheque look like:
Addressing Challenges:
We seek your support in the availability of the cancelled cheque within the stipulated timeframe to avoid delay in the claim process and settlement.
Important points to note:
It is a mandate to share a cancelled cheque every time you register a claim. The cancelled cheque must also carry the name of the primary policyholder on the cheque leaf. If the policyholder’s name is not printed on the cheque leaf, a photocopy of the bank-attested passbook can be submitted as alternative proof.
What happens in case the primary policyholder is deceased:
If the primary policyholder passes away during hospitalisation, the reimbursement settlement for that claim can be done via a NEFT transfer to the immediate legal heir of the primary policyholder. If the heir is a minor, the settlement is done to the legal nominee of the policyholder. The heir/nominee must share an affidavit, bank details, and their cancelled cheque to receive the final payout.
Conclusion:
An original cancelled cheque is a mandatory requirement for all claim settlements. The cheque is essential to validating the provided bank information for prompt and successful claim settlements. Policyholders can facilitate seamless payouts and timely receipt of funds by adhering to these guidelines and providing a cancelled cheque.
