- An agent should possess a valid license, identity proof and business card of the company represented.
- An agent should provide you with information on all the life insurance products available.
- An agent should understand your needs based on a judgement of your asset liability gap, annual income, standard of living and age and recommend a solution that fulfils your long term savings and protection goals.
- The agent should do a risk profiling exercise to understand and suggest what kind of plan suits your need—a traditional insurance plan or unit linked insurance plan. In case, you are offered a ULIP, the agent should advise you on what kind of an investment fund fits your profile.
- The agent should inform you about the premium you will have to pay for your policy and you need to be informed of the various premium payment terms and options available to you.
- Your agent has to inform you of all the information required on the proposal form and the importance of the information for the purchase of the insurance contract.
- Your agent should also advise you to provide all necessary correspondence details like complete postal address, primary and alternate contact numbers, email ID, etc.
- Your agent has to clearly mention to you the importance of disclosing vital information pertaining to your health, income, lifestyle, occupation and other insurance policies and the consequences of non-disclosure.
- Your agent should provide details of all the documents that are required at the time of filling the proposal form.
- The agent has to advise you to appoint a nominee, who will ensure that the terms in the policy are carried out in your unfortunate absence.
- The agent should inform you of the various means of communication that you can use to contact the insurance company for matters related to your policy and for policy servicing.
- The agent must provide assistance and help arrange for all the medical tests and other related formalities.
- The agent should guide you on the various tax benefits that you can avail from your insurance policy.
- The agent should visit you at least once a year and conduct an assessment or review of your other needs that might have arisen in due time and provide you solutions accordingly.
- The agent should help you with respect to any changes that you want to make to your policy, e.g. changing bonus options, switching and redirecting premiums and assist you in taking a loan against your policy.
- It is the duty of an agent to remind you to pay your premiums on time to avoid your policy from lapsing.
- The agent should provide assistance to revive your lapsed policy, if required.
- The agent must provide the necessary assistance to the beneficiary in complying with the requirements to settle a claim.
This information may seem like an instruction booklet with a lot of ‘do this’ and ‘do that’. However, the need for this information is extremely important. Without this information we will all be groping in the dark.
Article contributed by Max Life Insurance.
Your investment objective and insurance
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