Banking and Finance

General Insurance – Duties and Rights

In our last blog, we looked at the Term Insurance Plan. Pure Life Insurance is one of the most important Product providing financial security to the family after the policy holder demise.
Let is now look at another interesting product – General Insurance. To start with, lets see what General Insurance means.
It is a contract/a protect plan that we sign with the insurer provider. It is an agreement that you sign with your insurance agency. Unfortunately in the world of today, most policyholders do not look at the nitty – gritty of the Insurance Policy.  As a result, we lose out on policy benefits.
Therefore, in this blog, you will discover all that you have to know while deciding and signing a contract for general insurance policy.The various general insurance policies are Travel Insurance, Home Insurance, Business property protection, Medical and many others.
What to take an Insurance Policy?
As a customer, it become very important that we understand the importance of insurance and access through the product features to know what will be the best option for us. Some of the objectives that we need to look at and fulfill as a customer are:
  • Carefully read and understand the Insurance policy terms and key features before getting into a contract.
  • The application form needs to be fulfilled accurately and truthfully. Don’t hide any vital information, especially related to health while taking any insurance.
  • Don’t hesitate in asking for guidance from your insurance agent, should you have difficuties in fulfilling the form
  • Always reached and tick the right boxes declaring whether you have taken a Single premium or a regular premium product.
  • Select the premium term, Premium amount, method of premium installment (monthly, quarterly, half-yearly or yearly); in light of your comfort. You can likewise pick the Electronic Clearing Service (ECS) office for issue free premium installment.
  • Never sign a black form
  • Once the policy is issued, recheck the policy details, and inform agent/ insurance provider company for correction of errors is any.
Premium installments payments: 
  • Pay your insurance premium on time every time. The insurance company also provide a grace period of one month for insurance policy payment should you have missed paying the premium payment by due date.
  • You may have to pay a penalty for reviving a lapse policy. The Lapsed policy may not be revived at all.
Client rights:
Across all general insurance provider companies, the following customer rights are apply.  These are rights that you’re qualified for as a General Insurance client. Realizing your rights will enable you to go in the correct direction while taking care of various parts of your protection plan.
As a client, you reserve the option to make alterations like:
  • Change of the term of the arrangement
  • Method of premium installment
  • Premium recurrence.
To conclude, I would like to share that as a customer we must be aware of our rights and duties so that we cab make the best use of the policy offers.
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