As a smart consumer, you should be aware of your duties and rights about your policy coverage and claims.

Duties:

When you buy a policy:

• Fill the proposal form yourself correctly and truthfully, it is the basis of the insurance contract
• Do not leave any column blank, do not sign a blank proposal form
• You will be responsible for any information in this document as it bears your signature. Disclose “all material information” about the risk you want to cover
• Select the term of the policy as per your needs
• Select the amount of premium you can afford to pay
• Choose between Single Premium or Regular Premium
• Choose your premium paying frequency such as annual, half-yearly, quarterly or monthly
• Opt for electronic payment of your premium (ECS) for your convenience, safety and records
• Ensure to register nomination under your policy. Fill the nominee’s name correctly

After you buy the policy:

• Once the proposal is submitted, you should hear from the insurance company in 15 days
• If not, take up the matter in writing
• If any additional documents are asked for, comply immediately
• Once the proposal is accepted by the insurance company, the policy bond should reach you within a reasonable amount of time
• If not contact the insurance company about it
• When policy bond is received, check it and be sure that the policy is the one that you wanted.
• 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
• In case of doubts, contact the intermediary/ insurance company official immediately for clarification.
• If necessary contact the insurance company directly

Maintaining the policy:

• Pay your premium regularly on the due dates/ within the grace period
• 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
• Do not wait for your intermediary or anyone to pick your cheque up. Make your own arrangement for paying the premium on time
• If there is a change of address, please intimate the insurance company immediately.

Nomination:

• After the policy is issued, you can change the nomination by:
• Filling a notice of change of nomination and
• Sending them to the insurance company for them to register it in their records
• If the nominee is a minor, appoint an appointee to receive any claim paid while the nominee is still a minor
• 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:

• If you lose your policy bond, report it to the insurance company immediately
• Get a duplicate policy by complying with the formalities
• The duplicate policy confers the same rights as the original policy bond

At the time of a claim:

• Comply with all the requirements of the insurance company
• 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
• You can
  • Return the policy stating the reasons for objection
  • You will be entitled to a refund of the premium paid
  • 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
  • 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

• You have the right to partial withdrawal
• You have the right to switch funds
• You can surrender the policy after the lock-in period from the date of commencement of the policy
• The nominee/assignee under a life insurance policy has the right to the death claim amount
• You can ask for alterations in the policy such as:
  • Mode of payment of premium
  • Term of the policy
  • Increase in sum assured and
  • Premium redirection