It is a known factor that life insurance policy is an essential factor for everyone. Buyers concentrate more on the policy and examine whether it is suitable to them? But there are many more factors, which needs much more concentration of the buyer. Insurance rights are the utmost important factor among many.
Many buyers suffer from being unknown to these insurance rights. You need to know the answers to specific questions for sure, such as
- What is the flexibility of your plan?
- Your grace period?
- What does it mean by a free look period?
- How much time does an agency require settling your claim?
Without confirming such aspects, you may not solve a few problems within the insurance period.
Right to Receive:
According to the IRDA, every insurer is liable to provide all the information regarding the insurance policy. Including the advantages of he/she is liable to under the insurance plan. Insurance buyers can ask questions concerning their insurance policy. It is the basic right of an insurance holder to know everything about the insurance terms and the company before signing the policy.
Right concerning your termination policy:
Many don’t even know the term termination. When an insurance buyer is unsatisfied with their insurance policy terms, then can terminate the policy. But he/she must decide within the first 15days about terminating their policy. For the free look period, the insurer will only deduct the surrender charges. Other than this, you can get back your premium amount. Many people struggle and even lose the premium amount because of not having prior notice.
Right about your premium amount:
Sometimes it is difficult to pay out a large amount in regular long intervals. You can talk to the insurer and change the frequency of the premium payments. They can reduce it into more convenient intervals for the insurance holder. It will reduce your burden of paying a large sum all at once.
Right regarding the complaints:
If an insurer holder phases any problem or dispute regarding their policy, he/she can file a case against them. Such situations arise commonly when the insurer delays the payment at the time of claim period/maturity period.
Many life insurance holders were afraid to file against a company because of a false assumption, that winning against a company can be next to impossible. But if you have a genuine reason and all the relevant documents, it is possible to win against a company. When you are not wrong, there is nothing to be afraid about.
You can even take help of the IRDA and submit your complaint through the customer forum to get reliable help from them. It is necessary to acknowledge all the terms concerning your policy, before filing a complaint against them. If at any point you are wrong, you will be at a great loss. At Swift life Insurance, our team will explain everything to you about your insurance policy. We go with the IRDA rights and make sure of the insurance holder’s requirements.