Indian Insurance Industry - Insurance in India has growth in recent years - Principles of Insurance Insurance Interest Good Faith

OTHER FAQs FOR INSURANCE

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Q.1 What kind of information and documents do I need while filing  a death claim?

Ans.   The following are some of the information and documents required by the insurance companies:-

1. Insurance Policy in Original / Certificate of Insurance / Policy number 
2. Date of insured's death & Certified death certificate
3. Date of insured's birth 
4. Beneficiary's name and his / her relationship with the insured
5. Beneficiary's date of birth

Q.2 : What happens if one's insurance policy is lost?

Ans : You should approach the insurance company for issuance of the duplicate copy.

Q. 3 : When and why does an Insurance Policy lapses and how can the same be revived ?

Ans : An insurance policy lapses if the policy holder fails to pay  his premium within grace period after the due date of payment.   The policy holder can revive such a lapsed policy during his lifetime as per the terms of the insurance policy.

GLOSSARY :

Guaranteed Additions:-  Sometimes the insurance companies assure its policy-holders that a certain amount per thousand of the assured sum will be paid as bonus annually.  Such bonus is declared irrespective of the performance of scheme / insurance company.   

Loyalty Additions : Some of the polices provide that  addition to the guaranteed additions, the policy holder is entitled to get additional bonus if he / she continues to hold the policy.