Duties of a policyholder

A smart customer should be aware of his duties when he buys an insurance cover. Below are some of the duties of a policyholder compiled from IRDAI’s website:

When you buy a policy

1. Fill the proposal form correctly and truthfully; it is the basis of the insurance contract. You should not leave any column blank or empty and never sign a blank proposal form. This is because you will be responsible for any information in this document as it bears your signature.

2. Disclose all material information about the risk you want to cover

3. Select the term of the policy as per your needs, select the mode of premium payment — single or regular payment — and the premium amount you can afford to pay

4. You must register nomination under your policy and fill the nominee’s name correctly

After you buy the policy

1. Once the proposal is submitted, you should hear from the insurance company in 15 days. If ,you don’t, take up the matter in writing and, if any additional documents are asked for, comply immediately

2. Once your proposal is accepted by the insurance company, the policy should reach you within a reasonable time. If not, contact the insurer

3. When the policy bond is received, check it and be sure that the policy is the one you wanted

4. Read the policy documents and ensure that you were made aware of all that is explained by the agent or other intermediary or insurer directly at the time of sale. In case of doubts, contact the insurer or agent immediately for clarification

Maintaining the policy

1. Pay your premium regularly on the due dates or within the grace period

2. Don’t wait for a premium notice for making the payment; pay premium to avoid lapsation or other penalties.

3. In case of change of addresses, intimate the insurance company at the earliest

4. You can change your nominee after the policy is issued by filing a notice of change of nomination and sending the same to the insurer

At the time of a claim

Whenever required, you should help the insurer in a prosecution or for recovery of claims which the insurer has against third-parties

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