I have lost my life insurance policy document. How can I get a duplicate one? I don’t have any receipt for the payment made.
The first step is to promptly inform the insurer and provide all possible information that can be related to the lost document (like name and address). You may also be required to submit an indemnity bond.
Most insurance companies have digitalised versions of policy documents and hence it should be easy for the company to issue a duplicate one after verifying the details.
However, it should be noted that a life insurance policy document is an important document and has to be kept in safe custody. It forms the basis of how the claim money will be received by you or your heirs.
As a thumb rule, you should keep this document in a bank locker or a safety vault along with other important official documents.
I plan to buy a term plan. The rates offered by different insurance companies vary a lot. Can you suggest the things that I should look at while buying a term plan?
Different insurers follow different underwriting policies and so the premium rates may vary. A detailed comparison has to be made — on the basis of ease of purchase, medical checks required, premium-paying options, the term of the cover, additional features, if any, etc. I would like to caution that any comparison should be under similar conditions or else you may get a lower quote with totally different conditions. For example, if you get a lower premium, check if the policy requires stringent medical underwriting. Also check if there are additional covers, like accident, partial or total disability, critical illness.
I want to take a loan against my endowment policy. How should I go about it? How can I get the best deal?
You have to make a written request stating the details of the policy. Once the company receives the request, the maximum loan amount that you can be given will be calculated along with the rate of interest and informed to you. Before that, you should see if you have complied with the terms of the policy such as the minimum premium paid and the balance term of the policy.
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I got a medical insurance for my parents from a public sector company through a broker based in New Delhi. I am based in Mumbai. This policy is meant for people with pre-existing diabetes and blood pressure and my father has both. But in the policy documents, the period of pre-existing disease is stated as 19 months, whereas my father has had diabetes for 20 years. I have asked the broker to get this rectified. There has been no response from him since the past month and a half. If my father is hospitalised in the interim, can this affect the claim? Is there an option to get this mistake rectified from Mumbai? Also, when the policy comes for renewal next year, can I renew it from a different city?
This may affect the claim as your father has had diabetes for 20 years while the policy mentions the period as 19 months. The other important thing to be noted is that all changes in the proposal form, if any, should also be informed to the insurer directly in addition to your agent/broker/distributor.
There are various ways to inform the insurer – call centre, e-mail or a written request at the servicing office. This will ensure quick action so that it does not affect the claim in any manner. Most insurers now offer “anywhere” renewal facility.
Kamesh Goyal is the country manager of Allianz, and chief executive officer of Bajaj Allianz Life Insurance.
Send your queries at yourmoney@bsmail.in