NPS portal
The subscriber must log in to the NPS subscriber portal at https://cra-nsdl. com/CRA/. The login id is the PRAN number of the subscriber.
Registration of claim
A claim form needs to be submitted online or offline to the insurance company for lodging a claim. Details of the policyholder, vehicle, driver, incident, police station details, and third party injury/vehicle details in case of accident and bank details of the policy holder need to be submitted.
Documents
The documents needed with the claim include policy document, DL, RC book, FIR copy, repair bills and KYC. In case of theft, final investigation report, all keys, service booklet and warranty cards need to be submitted.
Repair of the vehicle
Take the vehicle to the garage for repairs as soon as the accident happens. All bills issued by the garage need to be submitted to the insurance company.
Survey
Once the claim is lodged, the insurance company’s surveyor will assess the damage and repair costs and give approval within one working day. Any excess amount payable will have to be borne by the policyholder.
Guarantee or collateral
The bank may ask for a third party guarantee or collateral depending upon the value of the loan. Collateral can be in the form of insurance policy in favour of the bank.
Points to note
- Once a claim is made, no-claim bonus applicable on the policy will not be available for the next renewal.
- If there is an ongoing loan in respect of the vehicle, the insurance company will pay claim proceeds to the fi nancing company/bank and any excess needs to be borne by the policyholder.
(Content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)
