After you buy the policy:
1. Once the proposal is submitted, you should hear from the
insurance company in 15 days
2. If not, take up the matter in writing
3. If any additional documents are asked for, comply
immediately
4. Once the proposal is accepted by the insurance company, the
policy bond should reach you within a reasonable amount of
time
5. If not contact the insurance company about it
6. When policy bond is received, check it and be sure that the
policy is the one that you wanted.
7. Go through all the policy conditions and be sure that these are
the same that were explained to you by the intermediary/ insurance
company official at the time of sale
8. In case of doubts, contact the intermediary/ insurance company
official immediately for clarification.
9. If necessary contact the insurance company directly
Maintaining the policy:
1. Pay your premium regularly on the due dates/ within the grace
period
2. Do not wait for a premium notice. It is only a courtesy. It is
your duty to pay the premium to avoid lapsation or other
penalties
3. Do not wait for your intermediary or anyone to pick your cheque
up. Make your own arrangement for paying the premium on time
4. If there is a change of address, contact details please intimate
the insurance company immediately.
Nomination:
1. After the policy is issued, you can change the nomination
by:
2. Filling a notice of change of nomination and
3. Sending them to the insurance company for them to register it in
their records
4. If the nominee is a minor, appoint an appointee to receive any
claim paid while the nominee is still a minor5.Get the appointee to
sign in the endorsement showing consent to act as an
appointee
5. Get the appointee to sign in the endorsement showing consent to
act as an appointee
If your policy lapses:
If you fail to pay the premium in time, your policy may lapse.
Contact the insurance company for reviving it.
If you lose your policy:
1. If you lose your policy bond, report it to the insurance company
immediately
2. Get a duplicate policy by complying with the formalities
3. The duplicate policy confers the same rights as the original
policy bond
At the time of a claim:
1. Comply with all the requirements of the insurance company
2. Whenever required, you should help the insurer in a prosecution
or for recovery of claims which the insurer has against third
parties
Rights:
You have the right to
Cancel a life insurance policy within 15 days from the date of
receipt of the policy document. If you disagree to any of the terms
or conditions in the policy. For Health policies the option of Free
Look may be exercised provided that the term of the policy is at
least three years.
1. Return the policy stating the reasons for objection
2. You will be entitled to a refund of the premium paid
3. A proportionate risk premium for the period on cover and the
expenses incurred by the insurer on medical examination and stamp
duty charges will be deducted
4. If it is a unit linked insurance policy (ULIP) in addition, the
insurer can repurchase the units at the price on the cancellation
date
ULIPs
1. You have the right to partial withdrawal
2. You have the right to switch funds
3. You can surrender the policy after the lock-in period from the
date of commencement of the policy
4. The nominee/assignee under a life insurance policy has the right
to the death claim amount
5. You can ask for alterations in the policy such as:
- a. Mode of payment of premium
- b. Term of the policy
- c. Increase in sum assured and
- d. Premium redirection