After receiving your policy
Here's what you need to do after you have received your policy.
- Always double-check all details
- Are personal details accurate?
- Is policy as per need or do I need to return it within the Free Look Period?
- Are the nominee details in the policy up-to-date?
- Have I informed my family about the policy and where it's kept?
- Are policy details like term, frequency to pay premium, plan name are correct?
- Remember the 15 days trial period!
Review your policy after receiving it to ensure that it is as you understood it benefits and terms. If you have doubts, contact the insurance company for clarifications. If you still feel that it is not suitable, simply return the policy within 15 days i.e. Free Look Period for offline plan and 30 days in case the policy is issued through Distance Marketing channel.
- Accuracy makes for easy claims
Your policy document contains your personal information and contact details, so please ensure that it is accurate and updated from time to time. Also ensure nominee details are accurate and updated from time to time. This makes for a smooth claims process.
- Ensure the long-term benefits
Insurance benefits you only in the long-term. For Unit Link plans, you need to stay invested for about 10 - 15 years to enjoy benefits as applicable premium charges decrease while investible premium amount increases. Also, as tenure increases, there can be eligibility for additions and benefits.
- Pay regular to stay secure
Pay premiums regularly to enjoy benefits. Missing a payment may leave you without cover and also the benefit of tax saving. Moreover, the amount accumulated through initial premiums is moved to a separate fund, where you do not enjoy the benefits of equity-linked returns.