Rights and Duties
As a policyholder, you have the right to:
- Have complete knowledge of the policy\plan you are planning to purchase (Terms & Conditions, Benefits, Policy Term, Pay Term, Premium)
- Exercise the Free look period
- Lodge a grievance against the insurer
- Know the timelines and procedures related to Claims
- Obtain a copy of the application form along with your Policy Document
As a policyholder, it is your duty to:
- Keep your contact information updated with the insurer at all times
- Ensure timely premium payments to enjoy continued policy benefits
- Not handover or disclose any information related to your policy to a third party
- Obtain an acknowledgement for the premium paid or any document provided to the company
- Inform the insurer if any third party has promised fake bonuses on cancellation of policy
- Appoint a nominee in the policy
- Keep your beneficiaries informed about the policy
- Not sign blank application forms and fill all details yourself
Making the premium payments
- You can make cash payments of premiums upto Rs.50,000 per policy holder per month
- Kindly do not prepare any cheque or draft which is payable to any individual
- All premium cheques should be made payable to "Aditya Birla Sun Life Insurance Company Limited" and all cheques to be marked as "A/c Payee"
- Kindly fill in the cheque carefully as recent RBI guidelines indicate that any corrections /alterations of payee name or amount in payment instruments (cheques) will not be honoured even with a ratifying signature
Making a nomination
- Appointing a nominee helps your loved ones to get hassle free access to the policy benefits in the hour of need.
- Appointing a nominee for the policy is possible only where the owner and the insured is the same person.
- You may nominate more than one person under a policy; however percentage wise nomination is not permitted.
- You may change/add nominees anytime during the tenure of the policy.
- A minor can be nominated, however for all such nomination an appointee who is a Major need to be appointed.
- Click here for the nomination form to be used for fresh/addition/change of nominee. Kindly take care to complete the form in all respects
Know our regulator
- Insurance Regulatory & Development Authority of India (IRDAI):
- IRDAI is the regulator for the insurance industry
- Various regulations, guidelines & circulars for the insurance industry are issued by IRDAI
- IRDAI also ensures adherence to the Insurance Act, 1938
Completing the Proposal Form
- Please do not sign blank proposal forms/service request forms
- Kindly countersign any modifications made in the proposal form
- Please attach the documents applicable to your annualized premium as they are mandated by regulations:
- <Rs.10,000 - ID proof
- >Rs.10,000 but <Rs.1 lac - Id proof, photograph & address proof
- >=Rs.1 lac - Id proof, photograph, address proof & income proof; PAN card
- Kindly make sure that while filling the proposal form for any policy, all material disclosures are made. (Especially with respect to your health, earlier policies held by you, etc.) – As per Section 45 of the Insurance Act, 1938, if any claim has been received within 2 years of risk commencement date and if investigations prove that there was material non-disclosures / misstatements made in the proposal form/during issuance of policy, the insurance company has a right to deny the claim.
Standardization And Enhancement Of Security Features Of Cheques
As per the directives issued by RBI, with effect from January 1, 2014, a separate clearing session will be introduced for clearing of non- CTS 2010 standard cheques. This clearing session will operate thrice a week. Accordingly, there will be a delay in realization of non-CTS 2010 cheques.
Therefore, to facilitate faster and safer processing of cheques, we request you to surrender your existing non-CTS-2010 standard cheques on or before December 31, 2013 and place a request for issuance of CTS-2010 standard cheques with your bank.
- The Branch address and IFSC code should be on the top left side of the cheque (instead of the bottom).
- The word "CTS-2010" must be printed on the left hand side of the cheque near perforation.
- Date space will be in a box format.
- Rupee symbol should appear in the space where the amount in figures/numbers is mentioned.
- CTS 2010 watermark must be present (this can be seen if you hold the cheque against a bright light).
Sample image of a CTS-compliant cheque leaf:
Just observe if the 5 things mentioned above are visible on your existing cheque leaf or not. If they are, then your cheque book is CTS-compliant. If not, we would request you to visit your bank and apply for/collect new CTS-2010 standad compliant cheques for efficient banking activity.
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