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.