Insurance

Policy Holder's Duties and Rights

Policy Holder's Duty:

It is the policyholders’ duty to:

  • Provide all required information truthfully;
  • Not to misstate or make false declaration;
  • Complete the proposal form and nominate the beneficiary;
  • Meet all documentary requirements at the time of taking out insurance policy;
  • Make claim in accordance with policy provisions and follow the claim process;
  • Complete all documentary requirements for recovering claim.

Policy Holder's Rights:

The insurance policyholder has the right to:

  • Choose the insurance product he/she wants from the insurance company of choice.  Do not get under the undue influence or pressing persuasion from any insurance agent;
  • Take quotes from multiple insurance companies and compare these to make any final insurance purchase decision;
  • Paying the insurance premium at any time until grace period expires;
  • Shift his/her investments between various funds in a unit-linked insurance policy;
  • Add the riders to his/her insurance policy at any time and get additional insurance coverage;
  • Ask for any valid benefit stipulated in the insurance policy document;
  • Ask the insurance company to act in accordance with the written terms and conditions of the insurance policy;
  • Refuse to accept anything contrary to the insurance policy document provisions.
  • Lodge compliant with the designated dispute resolution forum regarding maladministration of the insurance company or its representative or agent.
  • Surrender the cash value policy at any time and obtain underlying amount of the insurance policy;
  • Obtain a loan on the savings insurance policy as assignment.