Critical Illness Insurance Benefit Payment and Tax Implications Workflow

Critical Illness Insurance Benefit Payment

Type: Send Email

The Critical Illness Insurance Benefit Payment process involves the following steps: 1. **Initial Claim Lodging**: The policyholder or their representative submits a claim to the insurance company, providing required documentation such as medical records and proof of diagnosis. 2. **Claim Review**: The insurance company's claims team reviews the submitted documents to verify the policyholder's eligibility for benefits under the terms of the policy. 3. **Benefits Assessment**: If eligible, the policyholder's benefit payment is assessed based on the specific features of their critical illness insurance policy, including the coverage amount and any relevant exclusions or limitations. 4. **Payment Processing**: The insurance company processes the benefit payment, which may be a lump sum or instalments, depending on the terms of the policy. 5. **Communication**: The policyholder is informed in writing of the outcome of their claim, including details of their benefit payment.