Comments
To help customers understand insurance products better before entering into a contract, HDFC Standard Life has started a new initiative where the policy buyer would have to fill in an extra questionnaire. Called ‘Most Important Document (MID)', the one-page questionnaire has become a mandatory element of the company's policies from April 8 this year.
It attempts to explain the key product features to customers who will be required to fill the page and sign across, thereby acknowledging full understanding of the product at the time of filling up the proposal forms.
“Customers should buy products for the right reasons and we encourage them to spend time in understanding the products they plan to buy in line with their needs, read up all necessary product literatures, and fill up the MID form. The objective is to minimise mis-sale,” said Mr Amitabh Chaudhry, MD and CEO, HDFC Life.
The insurer also provides a 30-day free look-in on all ULIPS launched after September 1 and a grievance-handling system with comprehensive investigations/counseling to customers in case of complaints.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.