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Your Rights before Buying an Insurance Plan
In today’s time, everyone is well aware of the significance of life insurance plan in our lives. But just for the sake of buying a life insurance plan, people often miss to know their privileges and rights as an insurance buyer. Generally, for many buyers finalizing the plan according to their requirement is the matter of utmost importance. However, there are several other aspects which are equally important and should be considered while zeroing in on a life insurance plan.
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- Your Rights before Buying an Insurance Plan
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As per a review made by the leading insurance analysis company, it shows that the awareness of rights among the consumers is very appalling. So further, in this article, we have elaborately discussed the rights and privileges possessed by the insurance seekers while buying an insurance policy.
Know your Rights as an Insurance Policy Holder
Before you buy a plan, don’t miss to check the flexibility of plan like what is the grace period of the plan? What is the free look period? How many days does it take to settle the claim? Having clear information about all these points, while buying a plan, is very crucial.
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Right to Receive Information about your Insurance Policy
According to the guidelines stated by IRDA, the insurers must provide all types of information asked by the policyholder. An insurance buyer has all the rights to query about all the significant information including the advantages that he/she is liable to get from the policy. The insurance buyers are required to fill a certificate form as provided by the insured in order to certify whether they are cognizant about the necessary features and information offered by the policy. As per the IRDA guidelines, it is clearly stated that at the time of selling the policy, the insurance company must provide all the required information related to schemes to the buyers. This helps the buyers to analyze whether the plan is of their interest or not.
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Right Concerning the Termination of Insurance Policy
In case, the policyholder is not satisfied with the insurance plan after buying it, then he/she can cancel the policy within initial 15 days and are accountable to get the entire amount back. In case of free look period, the insurers are only liable to cut the surrender charges. In most of the cases, the policy buyers are unaware of this facility and face difficulties due to it. So, in order to avoid being fooled by the insurance agent, it is very important to have prior knowledge of the plan. With a bit of research and awareness, one can save a lot of time and money.
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Right Related to Premium Payment
For some of the insurance holders, it becomes difficult to pay the premium in the lump-sum amount at times. So, keeping the convenience of customers in mind IRDA has provided right to the insured to change the frequency of premium payment. One can apply the commencement form, of the respective year, to change the premium amount.
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Rights for Filing Complain Against Any Insurer
If the policyholder finds anything wrong in the process of policy then he/she has all right to file a case against the insurance company. These types of issues mostly arise when the insurer charges more for the premium or make excuses at the time of maturity. In such situations, most of the time policy buyers fail to take adequate action against the insurance company because of their lack of knowledge. So, in case this type of issue arises, don’t forget to file and case and complaint against the company, because no insurance companies want to take the hassle of these problems and will work immediately.
While some of the insurance buyers may think that winning a case against the insurance company is next to impossible, but it’s not true. If you have a well-equipped knowledge and your case is legally valid then the insurance company will surely be questionable by the IRDA. As per the requirement, the insurance buyer can also contact to IRDA and IGMS to complain such issues and can also get the assistance of consumer forum.
As there do large numbers of insurance companies exist in the market, it is very crucial to have a proper understanding and do research for choosing the most beneficial plan. Remember that you have all the rights to check the policy documents and know the pros and cons of the policy. By knowing your rights and privileges towards the policy, you can easily spot the discrepancy and make the best use of your policy.
You may also like to read about term insurance
Note: Check all the best term insurance plan in India.
Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
˜Top plans are based on annualized premium, for bookings made through https://www.policybazaar.com in FY 25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.
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