Team AckoNov 22, 2021
An insurance transaction is slightly different than say a transaction involving other products and services. This is mainly because you are not getting anything tangible in exchange for making the premium payment. Insurance is a promise made by the insurer to the policyholder based on the terms and conditions of the policy.
In case of an online health insurance/medical insurance transaction, you should receive your policy document in return. It is like your go-to document if you want to raise a claim. It can also be viewed as a receipt for making the insurance premium.
But your task as a policyholder does not end with merely receiving the policy document. You need to go through the document in detail to verify the details mentioned in it. If there is anything mentioned incorrectly, you need to take corrective action by getting in touch with your insurance company via call or email.
Read ahead to know which are the important things you need to check in your health insurance/medical insurance policy document.
Different insurers might present information in a different format. However, the following information must be included in your health insurance policy document.
Your name must be mentioned accurately in the policy document. That is what will clarify entitlement. Along with the name, your contact number and residential address also must be mentioned to receive any official communication.
The policy number is your identity as far as the insurance company is concerned. Your details are stored as per the policy number so that they can be tracked easily.
The document must clearly state the start date and end date of the policy. You must make a note of the expiry date and ensure to renew the policy in a timely manner.
This section contains information about the intermediary. Even if the policy is directly purchased from the insurer, this section ideally features details related to an online purchase, telephonic purchase, etc.
Cover details include the extent of Sum Insured for which the policy is purchased. A list of purchased Add-ons should also be clearly stated.
A nominee is a person to whom your Sum Insured shall be given in case you are deceased due to a covered illness/condition. Therefore, make sure you put thought into choosing your nominee and crosscheck if the name and relationship are declared aptly.
Here, a break-up of the premium calculation is expressed in a tabular manner. One can understand the exact calculation including the amount for tax by looking at the table.
In most cases, the tax-saving amount as per Section 80D of the Income Tax Act is also included in the policy document. If not, then it needs to be asked for separately.
Verify if the document received has a signature of the authorized person. Also, check if the document is on an authentic letterhead.
The address and contact information of the insurer are always declared in the policy document. You can reach out to the insurer by calling or sending an email if you need further queries.
In case you do not have a satisfactory experience with your current insurance company, you can choose a different insurer at the time of renewal. Make sure to compare health insurance plans online before making the payment.
Do not be overwhelmed by the low-prices, spend some to research about the cover, the customer service, etc. and select a plan that meets your requirements. Also, go through the Policy Wordings before buying and the Policy Document after buying to avoid issues at the time of claim settlement.
Also, check: Nominee in Health Insurance
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ACKO General Insurance Limited
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Category: Non-Life Insurance
The use of images and brands are only for the purpose of indication and illustration. ACKO claims no rights on the IP rights of any third parties. The ratings are derived from reviews and feedback received from Google and Facebook users on their respective platforms. | *Savings of upto Rs. 50,000 have been calculated on the IDV of Rs. 18,00,000 and 0% NCB. Amount saved is in comparison to tariff rates. Product name: Private Car Policy - Bundled | UIN: IRDAN157RP0014V01201819 |
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