8 Things to do after you have bought a Life Insurance Policy

You must check a few things in your policy document
Keep updating key changes that happen in your life

To ensure that the effectiveness of your life insurance policy is maintained throughout its tenure, you need to take a few precautions. We share with you 8 things you must do after you have bought a Life Insurance policy to be sure that nothing from your side has been left untended in the policy. It will eliminate any reason for complication arising during the benefit payout. Do take a close note of them:

After purchasing a life insurance policy, check the policy documents for any errors and omissions. Some typographical or other mistakes might get crept into the document inadvertently. It is necessary to get these rectified in time so that there are no administrative problems at the time of claim or maturity.
Every policy has a list of things/scenarios that are counted as inclusions and those which are counted as exclusions. You should go through policy documents to understand what your policy covers and what it doesn’t.
Inform your spouse or nominee/s that you have purchased the policy and that they are the beneficiaries. If they don’t know about the policy’s existence, they will be in no position to claim the benefits that you had envisaged for them. The whole idea of life insurance is to ensure that in case of a claim (i.e. during demise of the policyholder), the nominees can reach out to the insurance company to get the claims paid.
Keep the policy documents safely. Make sure you have physical and digital copies of the same and that the nominees have access to these documents at all times.
Find out the exact claim process of the policy and make sure you pass on this knowledge to your family. Different insurance companies have different claims procedure and you don’t want your family to struggle to find the process and claim the money.
Write the policy related information in a record keeping book. This book can act as a guide to help your family in case of your absence. Exide Life Insurance’s My Money Book can be of great help to you in systematic record keeping of all your financial records.
It is possible that you had purchased your policy years back and now with time, there are changes in your family structure. You may now want to change the nominee of your policy. If that is the case, do it as soon as you can. This will ensure that in case of claim, only the rightful nominees (chosen by you) get the policy benefits.
The sum assured in the policy you bought years ago might not be sufficient now. For example, a policy of Rs.20 lac would have been good enough when you were single. But now with a spouse and two children, it is not enough. So make sure that you revisit (every couple of years) whether your life insurance cover provides enough protection or not.

Everything you wanted to know – Life Insurance

Traditionally, Life insurance has always been a way to protect your survivors and dependents against financial hardship. Simply put, Life insurance offers financial protection to you and loved ones when you retire, die or are unable to continue providing financially due to unforseen incidents.

8 Things to do after you have bought a Life Insurance Policy

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Everything you wanted to know – Life Insurance