D.Swathi, BBA LLB, Saveetha School of Law, Saveetha Institute of Medical Technology Science (SIMATS), Chennai
Mr. Jinesh Jayan, Assistant Professor, Saveetha School of Law, Saveetha Institute of Medical Technology Science (SIMATS), Chennai
ABSTRACT
Insurance is a contract between an insurance company and a policyholder, where the insurance company agrees to compensate the policyholder for losses in exchange for a fee. The objectives of this study is To analyse that the involvement of third parties is often necessary to successfully navigate the claims process, To determine the major challenges faced during claiming (PMSBY) PMSBY is an accident insurance scheme offered by the Indian government. It provides accidental death and disability coverage at an affordable premium. This government insurance scheme is open to individuals aged 18 to 70 and cainsurance, To know that people trust insurance company will handle future claims fairly, To examine that Low- income Individuals and Less Educated Individuals struggles more to claim insurance. Pradhan Mantri Suraksha Bima Yojanan be availed through participating banks. This study used both primary and secondary data are used from journals, websites etc. independent variable such as age, gender, educational qualifications occupations etc. were also be collected. The current paper is based on descriptive method and sample size is 200. Low- income and less educated individuals often face additional challenges when filing insurance claims. These challenges may include limited access to resources, difficulty understanding complex insurance terminology, and a lack of knowledge about the claims process. To address these issues, insurance companies can implement measures such as providing clear and concise claim instructions in multiple languages, offering free or low-cost assistance programs, and partnering with community organizations to reach underserved populations. Additionally, government agencies can play a role in advocating for consumer protection and ensuring that insurance companies are complying with regulations that protect vulnerable individuals.
Keywords: Insurance, Less Educated people, regulations, Government, claim process
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