Filling Life Insurance Form? Know What All Questions are Asked

Life insurance has become a necessity than a choice in today’s uncertain times. Yet, 75% of the Indian population is not sufficiently insured. While there are many reasons for this, some that eminently surface may include lack of knowledge about the type of insurance cover , the procedure for the application and the follow-up process.

1. Select the type of Insurance Policy: Foremost, you must know what kind of policy cover is the best suited given your circumstances. Also, determine the duration of the policy, so that it adequately substitutes the family income in your absence. It is advisable to opt for a term policy, which is a fairly inexpensive and easily available choice of insurance that provides an assured sum of money to the family of the deceased.
2. Input your personal information correctly: While filling life insurance form, the insurer will ask certain questions to understand you better. These will include gender, age, weight, general health condition, existing medical problems, habits such as smoking or drinking, etc. You would also be required to fill in your complete address and contact details. It is important to share all true information since the insurer will verify the same through medical exams and reports.
3. Apply for the policy cover: You can apply for the policy online or offline. Your application will then be verified by the insurer, and you would be required to sign some critical paperwork. Be sure to read these papers carefully before signing. Once verified, the insurer will request for a binding payment, which is subject to cancellation or increase depending on the medical exam. The medical exam results are especially important since they put the final seal on the premium amount.
4. Wait for policy approval: After the verification and medical exam, there is nothing from your end to do. The insurer will send a confirmation email and a copy of the policy documents to your registered address. This process can take weeks, and meanwhile, the insurer or agent might call to confirm certain details.

Post receipt of the policy documents, the insurance is considered active. You must track the premium deductions and inform your family about the policy coverage so that they are well informed in case of any eventualities.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.