Rights of an Insurance Policy Holder

Rights of an Insurance Policy Holder

As a consumer, Insurance Policy Holder has certain Rights. Lets have a look upon them:

  • At the time of buying an Insurance Policy, the proposer has the Right to know all the material information in respect of the proposed cover to enable him to decide on the best opportunity that would be in his or her interest.
  • Even if the Proposer does not fill up the proposal, he is entitled to a certificate stating that all the material information is explained to him by his agent and he has fully understood the significance of the proposed contract.
  • A written Policy Document must be provided to the Policy Holder within 30 days of acceptance of his proposal by the Insurer & it must be provided to him free of cost.
  • A fifteen Days FREELOOK PERIOD is given to the Policy Holder, after his policy is issued by the Insurer, within which if the Policy Holder is not satisfied with the Policy can opt for surrendering the Policy. If the Policy Holder makes his decision to opt-out in Free-look period, the proposer is entitled to get re-imbursement of the Premium paid after deduction of certain nominal charges. That’s why the Insurer must have written records for the timing of delivery of Policy Document to the Policy Holder.
  • Insurer is to raise any query or requirement of additional documents all at once and not in piecemeal within 15 days of receipt of the claim.
  • A claim is to be paid or disputed giving all relevant reasons within 30 days from the date of receipt of all relevant papers and clarifications required.

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