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Features
Ref. No. KLI/22-23/E-BB/492
Know your Rights and Duties before buying a Life Insurance Policy. Here are certain rights and duties as an insured you must know before buying an insurance policy.
When you buy life insurance, you are investing money to secure yourself from any uncertain conditions in the future. To safeguard your interests, there are certain rights and duties that are granted to you while buying an insurance policy. These rights and responsibilities of the insurer and insured have been prescribed by the IRDA (Insurance Regulatory and Development Authority). Let’s look at the important terms and conditions you should be aware of:
1.If you disagree with any of the terms and conditions mentioned in the life insurance policy, you can cancel the plan within 15 days of getting the policy documents
2.You can return the policy stating the reason to the insurer
3.The premiums paid shall be refunded to you by the insurer
If you hold a Unit-Linked Insurance Plan (ULIP), the following rights also apply to you:
1.If you are canceling the ULIP policy, you can buy the units again on the cancellation date
2.You have the right to make a partial withdrawal from your policy
3.You have the right to switch the funds you have invested in ULIP
4.The policy can be surrendered after the lock-in period of the policy ends
5.The beneficiary has a right to the death claim amount of the Unit-Linked Insurance Plan
6.In ULIP, you can request for alterations for the following heads:
Here are some of the duties assigned to you as a policyholder for the below-given situations:
Duties of Policyholder While Buying the Policy
1.You have to fill the form truthfully without hiding anything as it an insurance contract
2.You should not leave any columns empty in the form
3.Any blank forms should not be signed at any condition
4.You will be held responsible for all the details mentioned in the form as it is signed by you
5.You have to disclose all the material information related to you as the risk cover is meant to secure you
6.The terms of the policy can be selected as per your needs
7.The amount of premium that has to be paid towards the policy can be chosen by you
8.You can select the frequency of premium payment
9.You should opt for an electronic payment mode for safety, to maintain records,and for convenience
10.The nominee should be chosen if you have bought a policy and their details should be entered correctly
Duties of Policyholder after Buying the Policy
1.You should hear from your insurer in 15 days after submitting the policy
2.If any other documents are asked for by the insurer, you should comply with their request
3.The policy bond should be made available to you in a reasonable amount of time after the proposal has been accepted
4.You should go through the policy bond once the proposal has been accepted and check if the drafted policy is what you actually wanted
5.Check the term and conditions mentioned in the policy to cross-check if they are similar to what was told to you initially
Maintaining the Policy
1.You should pay the premiums of your policy on the given due date
2.You should inform the insurer if there are any changes in your address
3.In case you are paying via a cheque, you should make arrangements to give it to the insurer instead of waiting for an agent to pick it up
Nomination
While changing the nominee for your policy, you follow the below-given instructions:
1.You can file a notice for a change of nominee
2.You can send the nominee to the insurance company to register their name
3.If the nominee is a minor, you can nominate an appointee to take care of the claim amount till the actual nominee is still a minor
4.The appointee has to provide their signature to show consent to be the appointee
Duties of Policyholder If the Policy Lapses
If you do not pay your premiums regularly, then your policy can lapse. In such a case, you should contact the insurance company to revive the insurance policy.
Duties of Policyholder If the Policy Gets Lost
1.You should contact the insurance company immediately if you have lose the policy documents
2.A duplicate policy bond should be requested and the formalities should be complied with by you
3.The duplicate policy bond given to you confers the same rights as the original policy bond
Duties of Policyholder at the Time of Claim Settlement
1.You should cooperate with all the requirements demanded by the insurer or a third party who is handling the claim process
Now, you know all your rights and duties that have to be followed if you have a life insurance policy. The life insurance rights have been given by the official government body, hence, all the insurance companies have to comply with the rules and regulations.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
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
Features
Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
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