Here are 5 things to keep in mind.
We are pleased that you have put your trust in us. Let’s take a look at some essential steps to take once you receive the policy document in your hand. If there is something amiss with it, you can take immediate corrective actions and save yourself trouble down the road.
Check the policy for errors, omissions and exclusions:
Always read the fine print of the policy document. Check all your personal information, bank details, contact details and nominee details correctly. Also review the policy benefits, sum assured, policy term, and the premium amount. If you have doubts, call the insurance company and get your answers.
Inform your loved ones about the policy:
It is a good practice to inform and maintain a written record about details of the policy and leave simple instructions that can be accessed by your dependents when you are not around to guide them.
Keep the policy document safe:
Your original policy bond is an important document that ought to be kept safely. It’s a good practice to keep digital records for your review.
Set a reminder for the next premium to be paid
If you have several insurance policies, keeping a track of their due dates will be exhausting. You can save yourself the hassle by automating your premium payments via your bank or credit card.
Educate the dependents on the claim process
It’s important to inform your nominee about the claim settlement process. In case of an unforeseen event, they should be able to claim without facing any difficulty.
Read more on: What to Do After Buying a Term Insurance
Stay Protected, Stay Secure. Jano Hamesha.
Reviewed By :
Prasad Pimple
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
