Under an insurance policy, the policyholder or a nominee makes a formal request to the insurer for the compensation of medical treatment, vehicle damage, third party property damage, loss of life, etc.Whilethepolicy is active. Such a request is referred to say an insurance claim. These expenses or losses may include -

• Life cover (in case of death or permanent and partial disability)
• Hospitalization expenses
• Expenses/losses incurred against the insured car, two-wheeler
• Expenses/losses incurred against the insured house
• Income replacement in the case of critical illness
• Expenses incurred on meeting with an accident
• Expenses/losses incurred due to unforeseen events while travelling

Aspects of an insurance claim are discussed below:

Who raises the insurance claim and with whom - the policyholder or a nominee raises the claim with their respective insurer.

When is an insurance claim made - an insurance claim is made when the policyholder has met with certain conditions against which the protection has been promised under the policy. For example, in case of health insurance policy, the claim is raised for the expenses incurred on hospitalization of the policyholder.