Indemnity Period in Insurance Claims: A Complete Guide

2022-09-08

721 Views

2 minutes read

Introducing BSE 500 Enhanced Value 50 Fund with Promise4Wealth

50 High-Potential Companies, One Smart Decision

Name is required Name should be Valid

Mobile Number is required Mobile Number should be Valid

Email is required Email should be Valid

DOB is required DOB should be Valid

Annual Income*

< 3 3-5 5-7 7-10 > 10

Annual Income is required

I agree that even if my contact number is registered with NDNC / NCPR, I would still want the Company to contact me on the given number and email id for the clarifications/product information sought by me and agree that I have read and understood the Privacy Policy and agree to abide by the same.

Please tick to proceed further.

Thank you for your interest in our product. Our financial expert will connect with you shortly to help you choose the best plan.

Insurance is a contract of Indemnity. Under the insurance contract, the insurer agrees to compensate for the loss that you are covered for in the policy in return for regular payments known as ‘premium’. Thus the insurer indemnifies you and provides you financial protection after you incur a loss.

But the insurer indemnifies or protects you only for a specific period which you agree upon. This is known as the indemnity period.

Thus the indemnity period is the period for which insurance cover is legally bound to accept the claims. It is the duration in which claims will be payable to you or your business. Thus claims which are made outside of this period are not entertained by the insurance companies.

When does the Indemnity Period Start?

The start time will depend on the policy, in some policies indemnity period can start right away, while for some it starts after a specific period.

Let's make this clear with an example:

Raj buys a policy on 10th Nov 2021 to cover his goods between 5th Dec 2021 and 5th Jan 2022. Thus, even though you have bought a policy on 10th Nov your indemnity period does not start until 5th Dec.

What Happens if the Loss is Discovered after the Indemnity Period?

At times, it may also happen that the loss is discovered later but has been caused by an event within the indemnity period. For example, due to leakage, water broke out and damaged your goods. But some more damaged goods are found later.

In this case, the insurer will also have to admit the claim.

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

How To Process Life Insurance Claims Thum Desktop

How to File and Process a Life Insurance Claim Easily?

Navigating Financial Responsibilities Thum Desktop

Life Insurance Claim Rejection: Know the Common Reasons

Life Insurance - Top Selling Plans

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.