INSURANCE DOCUMENTS CHECKPOINTS WE GENERALLY FORGETvalid until: 04 Jul 2020date published: 04 Jul 2019
What are the Insurance documents points to be checked after getting an insurance policy? Remember at the time of claim you will be no more in this world or you may not in such a condition to go for claim yourself. Yes, it is true. So, your responsibility does not end after taking one insurance policy only.
Most Important Ten Insurance Checkpoints we generally forget.
Read the Insurance Policy Papers Carefully.
After receiving the policy paper, read each line of your policy thoroughly and carefully. Try to understand each word of the policy. Read all the exclusions carefully. All other terms and conditions are equally important. Check whether there is any hidden condition or not. Also, read if your policy has any violation, termination condition or not.
Double check the policy term, Premium duration, Premium amount, Insurance Policy Premium due date, Sum Assured Amount etc.
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Clear your all doubts.
During a reading of your policy, if you get any doubt clear that immediately. Discuss your doubts with your friends, spouse, parents and relatives. But, still in case of doubt please go to the nearest insurance office. Now a day most insurance companies have Toll Free Number and online email complain facilities. So, you can contact the company through Phone or by online email option.
Inform your spouse about Insurance Documents in advance.
It is found, that people take insurance policy but never inform it to their spouse or family members. Never do this, Always, inform them in advance. Inform them where the Original Insurance Policy Paper you have kept, the name of the policy, the company issuing policy, the claim process, Insurance documents required during the claim, where to claim, the time of claim period. Discuss the details with your children’s also.
Take an example. Unfortunately, you may fall in an accident and hospitalize. And, you are not in concuss state. At that time your family should be harassed in searching the silly documents only?
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Maintain a Diary.
Keep a record of your all policies, Policy number, investment details in a diary. Inform your family members about it. It will be your most important book. Here, your online Id, password, registered email, the registered mobile number must be mentioned. But, don’t disclose it publicly. Keep it in safe custody.
Check whether you have purchased the best Insurance policy you really need?
Check the policy documents, whether this is the policy you searched for? The type of policy like ULIP, Term Plan, Endowment Policy or Life Insurance Policy.
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