All rights are accompanied by certain duties and responsibilities, in this issue, we cover duties of a life insurance policyholder. Read on to know them…
1 Furnishing Full and Fair Information
As a policyholder, you are responsible to timely furnish all information sought by the insurer. The information so provided should be true and fair. This includes basic information (such as your age, address, etc.) as well as any other information which in the opinion of the insurer, could have a bearing on the risk to be covered (for e.g. a history of your past illnesses, etc.). Furthermore, you are required to:
Keep the insurance company informed about changes in address and contact details.
Notify the insurance company in case of transfer or assignment of the policy.
2 Preserving Documentation
You are required to preserve the policy document and other related papers. In case of loss or damage of the policy document, it is your responsibility to inform the insurer of the same. Thereafter, upon obtaining satisfactory evidence, the insurer would issue a duplicate policy document.
3 Reviewing and Understanding the Policy Proposal
You should understand the features, terms and conditions of the policy and understand their implications. You must have a clear understanding of the risks covered. The nominees too must be aware of the policy terms. Remember, you have the choice of returning the policy within 15 days of issuing of the policy if you feel that the policy terms do not meet your needs.
4 Timely Payment of Premiums
Policyholders should pay the due premiums within the stated time to continue to enjoy the policy benefits and avoid policy lapse. In case you have multiple policies, it is important to track them and note the premium due dates. The premiums should be paid through the official channels.
End Note
By knowing your rights and performing your basic duties, you can enjoy all the policy benefits with peace of mind.
1 Furnishing Full and Fair Information
As a policyholder, you are responsible to timely furnish all information sought by the insurer. The information so provided should be true and fair. This includes basic information (such as your age, address, etc.) as well as any other information which in the opinion of the insurer, could have a bearing on the risk to be covered (for e.g. a history of your past illnesses, etc.). Furthermore, you are required to:
Keep the insurance company informed about changes in address and contact details.
Notify the insurance company in case of transfer or assignment of the policy.
2 Preserving Documentation
You are required to preserve the policy document and other related papers. In case of loss or damage of the policy document, it is your responsibility to inform the insurer of the same. Thereafter, upon obtaining satisfactory evidence, the insurer would issue a duplicate policy document.
3 Reviewing and Understanding the Policy Proposal
You should understand the features, terms and conditions of the policy and understand their implications. You must have a clear understanding of the risks covered. The nominees too must be aware of the policy terms. Remember, you have the choice of returning the policy within 15 days of issuing of the policy if you feel that the policy terms do not meet your needs.
4 Timely Payment of Premiums
Policyholders should pay the due premiums within the stated time to continue to enjoy the policy benefits and avoid policy lapse. In case you have multiple policies, it is important to track them and note the premium due dates. The premiums should be paid through the official channels.
End Note
By knowing your rights and performing your basic duties, you can enjoy all the policy benefits with peace of mind.
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