Your duties as a policyholder.
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Transcript of Your duties as a policyholder.
Duties as a
Policyholder
All rights are accompanied by
certain duties and
responsibilities…
Lets look at some of our
duties as a life insurance
policyholder.
Duties As A Life Insurance Policyholder
Our Duties...
1. Furnish Full and Fair Information
We 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 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 your insurer informed about changes in address and contact details Notify the insurance company in case of transfer or assignment of the policy
Remember! Failure to provide true and complete information to the
insurer could lead to rejection of a claim…
2. Preserve Documentation
You are required to preserve the policy document and other related papers
such as premium receipts, requests for change in nomination etc.
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.
The right documents are extremely important to ensure timely claim
settlement.
Remember! Proper record of all documents will allow you to operate the
policy with ease at all times…
3. Review and Understand the Policy Proposal
As an individual your life stage and your needs are unique. There is no one
best plan that suits everyone at every life stage.
Hence its important for you to review the policy details and ensure that this
is the right plan for your at that particular moment.
You should understand the features, terms and conditions of the policy and
understand their implications. You must also have a clear understanding of
the risks covered.
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 Premium
Its important to 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 only – refer to the
policy document on your insurer’s website for more details on the same.
Life insurance is a long term investment product. It works best only if your start
early, save regularly and think long term.
Remember! Payments through ECS/ Direct Debit, internet banking, credit
cards expedite the process…
5. Inform your Nominee about the Plan
The primary objective of a life insurance plan is to ensure the financial
security of our loved ones in case of an unfortunate life event.
Hence its extremely critical that they (the nominee) are aware about the
policy, its benefits and terms & conditions.
Remember! A sound understanding of the policy proposal will help the
nominee know the extend of coverage and the related exclusions, if
any…
Conclusion
By knowing your rights and
performing your basic duties, you
can enjoy all the policy benefits
with complete peace of mind.
Disclaimer
Insurance is the subject matter of the
solicitation. Please read the sales brochure
carefully before buying the plan. IndiaFirst Life
Insurance Company Limited. IRDA
Registration No. 143. Registered and
Corporate Office Address: 301, 'B' Wing, The
Qube, Infinity Park, Dindoshi - Film City Road,
Malad (East), Mumbai - 400 097.
www.indiafirstlife.com. SMS <FIRST> to
5667735 SMS Charges apply. Toll free No -
1800 209 8700.
Thank You