Thinking of an Insurance Policy? Things to do!
If you are planning to buy an insurance policy then in addition to choosing the insurance company you should also take care of few things.
Don’t rely on the agent: Don’t let the advisor fill up your application form. Ask him if you get stuck, but try and do it yourself. If for some reason you can’t, go through the form after the agent has filled it up. Don’t just sign in the boxes blindly and think your job is done.
Don’t hide your health condition: Do no hold back information on your health and family medical history. Also, don’t hide facts like tobacco and alcohol consumption.
Don’t avoid medical tests: Contrary to popular perception, a rigorous medical test actually helps the buyer. If a company gets the tests done, it rules out the chances of the claim being denied on account of pre-existing diseases.
State correct information: Besides the health condition, you should also be completely honest about your age, occupation, income and other insurance cover. Your age defines the risk, so any inaccuracy can lead to rejection. If your work involves risk, give the true picture.
Inform insurer about inaccuracies: If there is a mistake in your policy, notify the insurance company. If the alteration has a bearing on the original terms, you may have to undergo additional medical tests.
Submit genuine documents: The insurance company requires copies of your PAN card, identity proof, birth certificate and other documents when you buy a policy. Don’t submit documents that have the wrong address, differently spelt name or different birth date. These can pose problems when making a claim.
Don’t let policy lapse: Last, but not the least, pay your premium by the due date so that the policy doesn’t lapse. You get a 15-30 day grace period, but this is only for paying the premium. The cover stops if the premium is not paid.