Managing your policy if the agent quits

A large percentage of the agent-force in the life insurance industry is now only involved in the business on a part-time basis. Because of their other professional engagements, agents may not be able to invest adequate time and effort to service customers and may often opt to remain inactive or even exit the profession. So to be on the safer side, be familiar with procedural and documentation requirements related to your policy.

This way, you will never find yourself in the position of an ‘orphan’ policyholder unable to have your requests serviced.

Always be up-to-date on your insurer’s contact details and use the other channels made available by the company to address your policy related needs. The channel options include the company’s customer care number, branch and other office addresses, websites, etc. Even if your agent is available and you feel the need to contact the company directly, do not hesitate to do the same.

Life insurance offers protection against uncertainty. Since insurance documents are at most times required at short notice, it is necessary to keep paperwork organised and handy. Your beneficiaries need to know your policy details as all correspondence with the insurer requires this information. Maintain a database of all communications related to your policy for future reference.

Keep all information related to premium payment bills, maturity date, etc., close at hand to avoid any concerns later.

Information discrepancies often delay issue management and claim settlement. Ensure that your contact details and other personal information with the insurer are frequently updated and current. There are a host of services you can avail by updating your mobile and landline numbers, email-id and address.

Policy updates, including tax certificates, policy account statements, service information, premium payments receipts, etc., are emailed to policyholders. Important policy updates such as payment alerts and NAV alerts, payment receipt confirmations, premium payment reminders, service confirmations and fund value can be received by SMS.

We are often comfortable dealing with a familiar face (the agent) when paying premiums rather than meeting new faces each time or doing it ourselves for fear things may go wrong.

If you are stuck without the agent to turn to, premium payments can be made by depositing cheques or demand drafts at the insurer’s branch offices. If the premium is below a certain amount, it can also be paid in cash. Always collect an acknowledgement for all cash payments. Receipts for cheques and drafts are provided once the payment is honoured. Technology can be used to pay premiums too. You can opt for ECS or direct debit of premiums so as to prevent any slip-ups. Payment can be done utilising online options like net banking or your credit card too.

Most policies can now be managed online on the insurer’s website. Register for this facility on the website or by contacting the insurer's customer care department's toll-free number.

Services related to NAV updates, duplicate premium receipts, grievance redressal and lapsed policies, besides information on products and services, branches and medical centres, are available on your desktop at the click of a mouse.

It is necessary for the beneficiary to be well aware of the entire claim settlement process at the time the policy is bought.

The claim process, also known as claim intimation, can be initiated by visiting an office of the life insurance company or by writing an email. There is no specified time limit for submitting the claim, but it is best to initiate the process at the earliest to facilitate timely settlement.

The claims process is a matter of submitting the requisite documents in the manner prescribed by the insurer. All documents must be in original or attested photocopies.

An agent is not essential for policy servicing. All insurance companies have established processes to directly deal with customers in case of any service requests.

(The writer is Deputy CEO of Birla Sun Life Insurance)

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