Life Insurance

Importance of disclosing correct information before signing up

You may take the effort of sending a bouquet of flowers for your wife's birthday; however, if you do not give the right address, they may not reach her on time. Similarly, you may have decided to take up insurance, but filling the right information while signing up is crucial for it to be effective.

Significance of giving right health/medical information

Many times, insurance agents or family friends may advise you to withhold information related to a medical condition for fear of paying higher premiums. However, this is a bad idea. Your insurance company may trace your medical records and reject your claim eventually. The purpose of getting an insurance policy in such a case would not be met.

Most insurance policy contracts clearly mention that the claim amount or the sum assured would not be paid out if correct or complete information related to health or medical records is not provided.

When you buy an insurance policy, fill in the details very carefully. Make sure that your medical or health related details are mentioned accurately. If this information is incorrect or partial, your claim maybe held up.

Significance of giving right contact information

It may seem like a small thing, but providing the right contact details is also crucial. The insurance company will communicate important updates and details related to your policy through the contact information that you provide. While filling the form, double-check your address, phone number and mobile number. If possible, also provide an alternate number in case the company is not able to reach you on your phone.

Understanding the policy thoroughly and filling the forms accurately will enable you to make the best of your life insurance plan.

Guidelines for filling up an insurance form