It is good to check your insurance policy immediately after you receive it. This will help you avoid surprises in the future!
Got your Insurance policy? Congrats! But your job isn’t done yet. You need to check the terms and conditions of the policy carefully. You also have to look at all the exceptions. Here are some of the things that you will have to take note of.
Point 1
What are the things I need to check immediately after receiving my policy?
- Is my policy as per my expectations?
- Are my personal details & nominee details accurate?
- Have I informed my family about the policy and stored the documents safely?
- What are the key things I should remember as a policy holder?
Point 2
Is my policy as per my expectations?
To ensure that you have received the policy that you expected, it is advisable to immediately review your policy document. Check for some key benefits like Sum Assured, Policy Term, Premium amount & Pay term to ensure that it is as per your need. If you have any doubts, call the insurance company to enquire/confirm the same.
Additional Reading: Everything You Need To Know About Life Insurance
Point 3
Are my personal details & nominee details accurate?
Accuracy makes for easy claim. Your policy document contains all your personal information, bank details, contact details and nominee details so do ensure that it is accurate and updated from time to time. This will help avoid any confusion during the claim process.
Point 4
Have I informed my nominees about the policy and stored the documents safely?
In case of an unforeseen circumstance, your family deserves utmost ease. Store your documents in a safe and accessible place and ensure that your nominees are aware of the policy details, benefits and all documents are easily accessible. This helps in avoiding unnecessary delays and makes for a smooth claim process.
Additional Reading: 11 Must-Know Health Insurance Terms
Point 5
- What are the key things I should remember as a policy holder?
A few things that are important for you to practice are:
- Keep a list of all the policies you own and standard claims practices along with your policy documents so that your nominees can find all information at one place.
- Pay your premiums regularly; it will help you get the right benefit out of your policy.
- Evaluate your cover every 5 years, just like your lifestyle – your cover needs an upgrade.
Checked your policy? Not happy with the terms? You can use the free-look period to return the policy and get your money back. Free look period is 15 days starting from the time you receive the policy. This is 30 days in case the policy is issued through the distance marketing channel.
Yet to get your own policy? The most sought after policies are right here!