In India, July marks more than just the arrival of the monsoon. It is also the month when a new financial quarter begins, and many individuals reassess their budgets, tax planning, and long-term financial goals. With this backdrop, July is the perfect time to make your annual insurance review a habit. Insurance policies—whether life, health, motor, or general—are not “buy and forget” products. They demand periodic evaluation to ensure that they continue to meet your family’s evolving financial and protection needs.
Why July?
July often
coincides with key financial activities for most Indians:
- Tax Planning Alignment – Many individuals begin
planning for tax savings early in the financial year. Reviewing insurance
policies in July ensures that your protection plans also align with your
tax goals under sections like 80C and 10(10D).
- Health Awareness – With monsoons come seasonal
illnesses. It is a reminder of the importance of robust health insurance
coverage.
- Financial Mid-Year Check – July is the halfway mark of
the calendar year, making it the ideal time to evaluate whether your
coverage is adequate and whether premiums are manageable.
Common Insurance Claim-Related Issues –
One of the
main reasons why an annual review is crucial is to minimize insurance claim-related issues
later. Many policyholders only realize the loopholes in their coverage when
it’s too late—at the time of making a claim. Issues such as delay in claim process,
claim rejection-related
issues, or even the mis-selling of insurance policy often crop up during critical times, leaving
families stressed both financially and emotionally.
Some
frequent pain points include:
- Delay in claim process due to incomplete or outdated
policy documentation.
- Claim rejection services citing non-disclosure of medical
conditions or technical policy clauses.
- Mis-selling of insurance policy where the product purchased
doesn’t align with the policyholder’s actual needs.
- Lack of awareness about add-ons,
exclusions, and waiting periods.
A thorough
July review can help identify and rectify these gaps in advance.
Health
Insurance: Your Monsoon Shield
The monsoon
season also brings unique risks for vehicle owners. Waterlogging on city roads
often causes engine seizures, short circuits, and damage that regular wear and
tear only worsens during heavy rains. Many policyholders are surprised to
discover that such damages are not always covered under basic motor insurance
policies.
This is why
July is the perfect time to:
·
Review your motor insurance policy for add-ons like engine protection, roadside assistance, and
zero depreciation cover.
·
Check exclusions related to hydrostatic lock or water damage, which are common in monsoon
months.
·
Assess claim history to ensure there are no unresolved claim rejection-related issues with your vehicle
insurance.
By aligning your annual insurance review with the start of
the monsoon, you safeguard both your health and your vehicle against seasonal
risks.
Key Takeaway -
July should not just be about rain and tax planning; it
should also be your insurance check month. A structured annual review
ensures that you and your family remain financially secure, with policies that
are up-to-date and reliable. And in case you encounter claim rejection-related issues or insurance claim-relatedissues, remember that subject matter experts are there
to support you. Making this July insurance review a yearly ritual will help
safeguard your financial future, rain or shine.
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