General Insurance: Know your rights and duties 21th Jan 2020
It is important to have general insurance as it protects you against several unforeseen circumstances and comes as a financial aid in times of distress. However, it is often that people who buy insurance policies are unable to make the best out of their insurance plans are they are quite unaware of what their insurance policy has to offer. It is the job of the general insurance company to settle your claims, and as someone who has purchased the insurance, it is your job you be aware of your rights and duties.
Rights of a policyholder
● If the terms and conditions mentioned in the policy documents do not match with what you were promised at the time of buying th policy, then you can cancel or return the policy within a timeframe of 15 days. After cancellation, your insurance premium will be refunded to you after the deduction of processing costs, such as stamp duty, medical charges, et cetera.
● The nominee of the insurance policy gets the right to file a claim on the insurance in case of the unfortunate death of the policyholder.
● Depending on the insurance you have opted for, you get the option to modify it. You can change the mode of payment, the sum assured, the premium paid and the policy tenure of your insurance policy.
● If you have chosen a United Linked Insurance Plan (ULIP), then you have additional rights on your insurance policies that involve making partial withdrawals, switching funds, and surrendering the policy after completing the lock-in period.
Duties of a policyholder
● You must spend time researching about the insurance, such as looking at the benefits it offers, the premium you have to pay, and the type of cover you will get, among others. It would help if you also compared your policy with other insurance providers to ensure that you are getting the best deal.
● Make sure to fill your details correctly in the policy documents
● After buying the policies from a general insurance company, you must make sure that you are paying the premiums on time. It is better to opt for an automated payment system, so you do not miss any dates.
● If you move places, make sure that you share the information about your address change with your insurance company.
● If you want to change your nominee, you can do so by filling up by ‘change of nominee’ form. If your nominee is a minor, then you can get an appointee to sign an acknowledgment on their behalf.
● In case you lose your insurance policy, you can identify your insurance service provider about it and get a duplicate document.
It is important to cooperate fully with your insurance company, as it makes sure that your experience is smooth and hassle-free, and your queries are resolved on time. If you are looking for a good, reputed and trusted insurance company, then your search could stop at Magma HDI insurance. It offers products for everyone and comes with prompt customer service. Besides, it also has a hassle-free claim processing service which eliminates frequent rounds to the insurance office. With a vision to be the most preferred, vibrant, and responsible insurance company, fulfilling the aspirations of all its stakeholders, Magma HDI general insurance company could be your one-stop for all your insurance needs.