INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

3rd Floor, Parihram Bhavan, Basheerbagh, Hyderabad-500004.

Websites : www.irda.gov.in & ww.policyholder.gov.in

Real Value of Insurance through Right Buying – A Few Tips

  1. Make sure you purchase insurance policies from Registered insurance companies directly or through

  2. registered corporate agents/Appointed insurance agents by Insurer

  3. Licensed Insurance Brokers

iii. Licensed web aggregators

  1. Registered Common Service Centers (CSCS)

  2. Registered Insurance Marketing Firms (IMF)

  3. Verify genuineness of the person and the entity before making any payment

  4. Ask for the identity proof of the person/entity soliciting insurance

  5. Ask for the detail of address and telephone number of theperson and the entity concerned, e specially in case of telesales

iii. Check the IRDAI website to verify the details of insurance companies, brokers corporate agents and web-aggregators. / IMF

  1. Check the authenticity with insurance companies about the agents.

  2. If the premium is paid through cheque, please ensure that it is in the name of the registered insurance company; and obtain receipt of payment

  3. Do not make payment in the name of any individual; or if the payment is by cash, make sure it is not without ascertaining the credentials

  4. Choose the insurance product suitable to you based on the following:

  5. Life stage, financial position and financial requirements

  6. Purpose of the policy to be purchased-

  • To insure against risk to life or property

  • As long-term savings

  • To take care of hospitalization needs in future

  • To save for old age/ pension/ annuity

  • And to meet statutory requirements

iii. Benefits offered in terms of adequacy of sumassured/ sum insured

  1. Tax incentive, if available

  2. Ensure the following while purchasing any insurance policy

  3. Read the prospectus and proposal form carefully

  4. Fill in the details completely before igning the proposal form

iii. Retain a copy of the proposal form for ready reference

  1. The insurer has a duty to furnish free of charge a copy of the proposal form within 30 days of the acceptance of the proposal. Please collect the same along with the insurance policy

  2. Follow up with insurer or agent/broker for prompt receipt of policy document.

  3. Life insurance policy mainly provide risk coverage for life. But it can also serve as a tool for long investment and involves long term commitment. Take care of the following after receiving the Life insurance policy:

  4. Read the policy document carefully

  5. Check the mode of premium payment, term of the policy, maturity benefits offered, lock-in period, surrender value etc.

 iii. ensure that the terms and conditions as per policy document are the same as indicated in the prospectus at time of sale process

  1. if you  disagree with terms and conditions, return the policy to the  insurer within 15 days ( 30 day in case of electronic  policies) from the date of receipt of policy for refund of the premium paid after  deducting proportionate risk premium, the expenses incurred by insurer for medical examination, stamp charges.

  2. Pay premium regularly and promptly; and do not allow the policy to lapse

  3. Continue the policy without a break to ensure maximum benefit of the insurance policy as full insurance cover and other benefits will be available only on timely payment of premium

vii. Inform the family members about the purchase of insurance policy and its benefits, especially to the nominee.

  1. Never fall prey to fictitious offers made by spurious callers promising high returns or unreasonable gains involving sale or redemption of insurance policies or other financial products.

  2. Never fall prey to calls made in the name of IRDAI offring bonus or profits on invement.

IRDI neither declares bonus nor involves in sale of any knd of insurance or financial products or in investment of premium of insurance companie whatover.

  1. If any unlicensed intermediaries or unregistered insurers solicit insurance, file FIR with the police and intimate IRDA. Any payment made to such unlicensed intermediaries or unregistered insurers is at your own risk.

    Not only this, but also the following………… Not only this, but also the following…………

HAVE YOU PLANNED FOR A LONG RETIREMENT

INSURANCE REGULATORY INDIA Not only this, but also the following….. so Not only this, but also the following…………Not only this, but also the following…………

EDUCATION AND EMPLOYMENT

INSURANCE REGULATORY INDIA Not only this, but also the following………… and Not only this, but also the following so Not only this, but also the following…………Not only this, but also the following

Unemployment Is One Of The Greatest Problems

INSURANCE REGULATORY INDIA Not only this, but also the following  and Not only this, but also the following

Share on FacebookShare on Google+Tweet about this on TwitterShare on LinkedInPin on PinterestShare on StumbleUpon

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.