General Insurance: Know your rights and duties

A General insurance policy is a contract that you sign with your insurance company. Often, most policyholders fail to get the maximum benefits from their policies because they aren’t aware of all that the policies entail.

In this article, you will find all that you need to know while purchasing an insurance policy — be it vehicle insurance, home insurance, travel insurance, commercial property insurance, health insurance or others. By being aware of your rights, you can make smart decisions to get the most out of your policy premiums.

Customer Duties:

These are the primary duties that you have to fulfil as a customer.

During the purchase of the policy:

• Fill up the insurance application form truthfully and correctly. Don’t provide any details that are not true, as it may even lead to the negation of your contract later on
• If you aren’t sure of what to write in a particular column, ask your insurance agent for assistance
• Never sign a blank proposal form, or sign a form without reading
• As a customer, you are responsible for all information provided in the document that has been signed by you
• Don’t be pressurised into choosing a policy that doesn’t suit your specific financial needs
• Choose the term, premium amount, mode of premium payment (one-time or regular), premium frequency (monthly, quarterly, semi-annual or annual); based on your convenience. You can also choose to opt for the Electronic Clearing Service (ECS) facility for hassle-free premium payment.

After purchasing the policy:

• Once you receive the approved policy documents from your insurance company, go through them carefully
• If you have any doubts/queries, get in touch with your insurance company immediately to rectify/resolve it
• If there are any changes in your personal details — like address, mobile number — inform your insurance company.

Premium payments:

• Pay your premiums regularly within the due date. Most policies offer a grace period after the due date, till which you can pay the premium without paying any penalty
• To avoid policy lapse, it’s your duty to pay the premium on time.

Loss of policy:

• If you accidentally lose your policy document, contact your insurance company and get a duplicate policy document immediately.

During claim submission:

• During claims, provide all the details required by your insurance company for speedy disbursal of funds.

Customer rights:

These are rights that you’re entitled to as a General Insurance customer. Knowing your rights will help you take the right course of action while handling different aspects of your insurance plan.

As a customer, you have the right to cancel your insurance policy within 15 days of receipt of the policy document if you find that you don’t agree with any of the terms and conditions specified in the policy plan.

What happens when you cancel? You can return the policy and ask for a refund of the premium. The insurance company deducts the expenses incurred and refunds the balance premium.

As a customer, you have the right to make modifications like:

• Change of the term of the policy
• Mode of premium payment
• Premium frequency.

Get in touch with your insurance company to make any of these changes.

Wrapping up: Be aware of your rights and duties

A General Insurance policy provides you with plenty of benefits. As a customer, you should be aware of your rights and duties, so that you can derive maximum benefits from it.

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