The Buyt Desk
Know the nitty-gritty of your chosen policy before finalising an insurance plan.
As a vigilant person, you understand the significance of insurance in life. You purchased it and paid premiums without gaps. Now, the time came to claim insurance. You called the insurance company, they start narrating to you the various terms and conditions.
There is no point mulling over the topic at this point because insurance companies have stringent laws regarding insurance claims and there is no exception in them. That is why it is important that at the time of deciding on the insurance, you assess your requirement and the features of the product.
Remember! Insurance product is not as simple as consumer products. It comes with conditions which you should understand clearly, waiting periods, riders, exclusion clauses, non-forfeiture regulations, etc.
Under the existing bancassurance guidelines, banks are allowed to sell insurance policies from many different insurance companies. Therefore, many times bank personnel don’t know all details of the insurance policies they are selling. Therefore, it becomes more important for insurance buyers to be more vigilant about the products they are buying. And this could be done by following these checklists.
Product Evaluation – You should never make the mistake of buying health insurance in haste. It might cost you more than you imagine. Many times insurance personnel recommend the wrong product for achieving their sales target. It is imperative that you go through every detail of the insurance you wish to buy. You can read the policy paper thoroughly, on the website, or visit the insurer’s office to collect more information about the same.
Some insurers perform pre-issuance verification with customers before taking the signature of customers on the document but not all of them. If you don’t receive calls from the insurance company, no problem, visit their office and check every detail, like policy conditions, its features and structures, waiting period and exclusions. You can also make a list of information that insurance personnel have told you about and cross-check all of them.
After Sales Service – The insurance company is not for selling the insurance and deducting premiums. It is an organization that has committed to taking care of the policyholder’s family in their time of need. Hence, the after-sale service should be good and also have a strong touch base where you can reach for anything and anytime.
