Procedure for Correction of Mistakes in Insurance Policy

How to proceed with rectification subroutine of Insurance policy’s misapprehensions...?

Insurance stands topmost in the case of long term investments. Currently these policies time span is from 5 years to 20, 30 years and beyond it. If we consider this type of long term policies, in many instances we have to consult the company for change in the address or modifications in determined investments should be conferred with insurance company.

Although slews of companies via online resolving policy holders bother already few situations had to be handled directly. General problems dealt by policy holders, we will study method acting in that particular situations. 

Delayed Policy Document

Later signing on proposal form and foremost premium is paid, to acquire policy document into hands it requires at least 2 to 4 weeks. Even after one month policy is not acquired once enquire insurance company and aware reasons for delay. In most instances time lag reason is policy documents delivered to other people address and reverted to main branch office or hassle in recognizing address by the courier company likewise situations. Remember whenever to register any claims policy documents are mandatory. Hence delay in case of policy document must be compulsory enquired.

If Policy is Inadequate for Intended Aim 

Once examine aptly after acquiring policy documents into your hands. Mainly ascertain that policy is adequate for intended aim or any indifference is exhibited from the information foretold by agent prior to acquiring a policy. In case you perceive policy is contradicting once goals or sensed that agent deceived you with false information, policy can be reverted to company. Insurance companies do not charge anything. Paid amount is entirely reverted. After receiving policy document in hands this decision should be resolved.

In case of Errors Origination 

While printing policy documents publishing errors are common. Errors occurs at address, names, Date of birth likewise matters. These types of mistakes have to be resolved immediately. Otherwise during claim troubles have to be confronted. Up to certain extent errors can be averted by self filling of the proposal form instead of agent/representative interference.

Regarding Claims 

In life insurance if at all subsists a very crucial subject that will be purely about claims. Despite after submission of all papers and documents if claim is being delayed it should be conveyed before higher authority in the company immediately. Apart from such further problems arose during renewing, Ulip policies, and transfer of funds. In such situations they can be resolved by conferring with the company.  

Carryout in this Manner

To resolve the above specified problems insurance companies are affording dozens of solutions including presentation of such problems directly before company and other facilities are availed.

Toll Free Number 

Now every insurance company is providing Toll free number. If any problem bobs up this number can be called. Calls are not charged. But before calling retain your policy number with you. Currently with the aid of social networks sites like Facebook, Twitter problems can be conveyed.

Lastly IRDA 

Although once problem is conveyed before company it is not resolved, subsequently present it before control board IRDA Ombudsman or Grievance cell directly.