Just buying the right term insurance policy online for you or family members is not enough. The process continues well after you have bought the term plans as there are a few things to take care of. This is to ensure that all your hard work and time spent to buy the best plan hasn’t gone waste and there are no issues lurking below the surface that can spring up nasty surprises later on.
Follow these steps right after you have purchased a plan online to be safe and secure:
1. Check Policy Document
Immediately after receiving your policy, check for any errors and mistakes in printing of the document when it comes to mentioning the name of the policyholder, the term of the policy, sum assured and other such details. Also, one has to check for inclusions and exclusions that may have been overlooked while buying the online term insurance plan
2. Inform Nominee
You don’t want a scenario where your family members or the nominee of the policy don’t even know that the policy exists. Therefore ensure that you keep the policy documents at a safe place and inform your family members and the nominee about the same so that they can file claims at the time of need.
3. Explain Claim Process
This is yet another very important thing to do, especially if your family members are not educated enough or not aware about the technicalities of insurance. Explain to them what needs to be done at the time of death, whom to approach and what kind of documents would be necessary to get the claim approved by the insurance company. Also, it would be a better idea if all necessary documents like the ID card, proof of age, photographs, etc. are kept handy and readily accessible to avoid inconvenience. Depending upon the requirements of your insurance provider, you can make a list of documents needed to file the claim and keep it along with policy only to make it easier for everyone.
4. Wisely Use the Free-Look Period
Every insurance provider offers you a free-look period during which you can decide if you want to continue with the online term policy or want to surrender it. This is usually a period of 15-30 days, depending on individual insurers from the time of purchase of the policy. If you are not happy with your decision or want a better plan, you can surrender the policy within this stipulated period without any charges.
5. Remember Renewal Dates
It is very important to renew your policy on time to enjoy the benefits. Any lapse can result in termination of the policy or a break can cause benefits to diminish or waived off. Generally, the insurance companies do remind the customers, but it is better to have your reminders set up for precaution sake.
Don’t forget to Read this Articles: List of Top Online Term Insurance Plans in India
It is important to take care of these little things to be safe than sorry. It is your hard earned money that has been invested to provide financial security for your family in your absence. Let the term plans work in the best way for you to meet the financial needs of your loved ones.