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Know Your Rights as an Insurance Buyer

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Life insurance is one of the favorite options for investment for millions of insurance seekers all over India. Nonetheless, very few of us rarely know the kind of problems that we tend to face, or the rights that we ought to know as policyholders. A Survey during the year 2011, conducted by National Council of Applied Economic Research (NCAER) shows that the level of awareness amongst the policyholders is extremely fragile.

However, there is something to look at now, and that is regulatory changes that have been happening in the past few years to empower the customers as per their requirements and needs. Say for instance, the health plan portability is one such issue that became operational during the year 2011 and has indeed instilled the aspect of fear in many insurance companies. There are a few basic rights that an insurance Policyholder must be aware of.

1)Insurance Policy Cancellation

Any insurance policy, if found unsatisfactory, can be cancelled within 15 days of time and you get your money back with ease. If it’s a medical policy that you have chosen, the insurance company can go ahead to deduct the expenditure that was involved in performing the medical tests, stamp duty, and so on.

However, not many life insurance buyers are aware of this feature, unlike individuals who give in a thorough reading at all the terms and conditions that are present. Nevertheless, there are several orders which state that the Free look period starts from the day the documents reach the buyer.

2)Providing a Detailed Information

It is the sole responsibility of the Insurer to provide information to the customer about the terms and conditions of the cover. It will help the buyer to decide if the plan suits him to the best of his interests. Now, if you do not understand the terms of the cover, you have the right to demand information as required.

3)Response From the Insurer Within the Desired Time Frame

It is the sole responsibility of the insurance company to provide complete details to the Insured person or his Beneficiary in times of financial relief. If the relief reaches the beneficiary after quite some time, it is the duty of the insurance company to let the beneficiary know the reason for the Claim being deferred.

Death claims and other medical claims need to be settled within 30 days of time and if the claim is within two years of buying the policy, the insurance company can take up to six months to investigate the cause of death and then grant the claim. Also, grievances of any sort pertaining to the insurance policy should be settled within 15 days of time.

4)Refusal to Renew Insurance Policy

It is well known that the rise in costs have hit everyone, especially senior citizens. With that purview in mind, insurance companies cannot refuse to renew medical or life insurance, unless there has been a case of fraud, hazard, or manipulation of facts.

With the above information at hand, it should now be easier to understand various aspects of an insurance policy and understand the pros and cons of any insurance policy deal.