In life, you constantly try to safeguard your loved ones and all you own — you safeguard your parents' health and your vehicle and home. However, there are instances when you fail to defend an important asset in your life: yourself. When you are the primary earner of your family and anything unfortunate happens to you, things may not go as expected. In such a case, your family will have to cope not only with the severe emotional loss, but also with financial difficulties.
Overall, life insurance is important for your family's financial security and financial planning. Overall, purchasing a life insurance policy is simpler than you would expect. All you must do is be disciplined and cautious while choosing a life insurance coverage offered by life insurance providers. Bajaj Allianz Life Insurance is dedicated to help in providing a stress-free life insurance purchasing experience.
The various steps to a quicker policy issuance are as follows:
• Keep PAN card, recent photo, and other KYC documents ready for KYC verification
The KYC verification procedure, which takes just a few minutes or hours to complete, necessitates a list of documents. For KYC verification, keep a recent photograph, evidence of identification, proof of residence (Voter ID/passport/driving license/Aadhar card/MGNREGA work card), PAN, and proof of age.
• Share all your existing life insurance policy details
At the time of filling out the proposal form for a new policy, details of all your life insurance policies must be submitted. The insurance provider will need to see your income records to determine whether you are eligible for life insurance. Thus, all life insurance policies from any company should be shared (including Bajaj Allianz Life’s).
• Provide your bank account details
You should be aware that maturity/survival benefit payments made under your life insurance policy will be deposited directly into your bank account via an electronic payment method. As a result, policyholders should ensure that their bank account information is up to date, as the life insurance provider will require it to make the maturity/survival benefit payment through NEFT. Bank passbook copy/cancelled cheque/bank declaration with seal are examples of proof of bank account details.
• Points to remember while filling nominee and other details in the Proposal form
Avail the nomination facility and nominate immediate family members only. Avoid nominating others as far as possible. If the nominee is a minor, add an appointee who can receive the claim money during the minority of the nominee. update/modify the nominee in case of events like marriage of the life assured or death of the nominee, etc.
Many customers prefer to purchase the policy from an insurance agent (or the relationship manager at the bank), rather than to buy online. While the agent can help you zero down on the policy to be purchased and complete the paperwork, it is advisable to fill the proposal form yourself and/or ensure all the details mentioned in the form are correct.
• Submit valid income proof documents such as Form 16, salary slips, ITR etc.
Based on the papers you present as evidence of income; the life insurance company assesses the risk and your capacity to pay the premiums on time. Mismatch in the income statement may hinder your life insurance policy buying process. Submit the most recent three months' payslips, together with a bank statement showing all three salary credits, and/or the most recent three years' Income Tax Return (ITR), along with a Computation of Income (COI).
• Schedule a medical test, choose either physical or video option.
You must take a life insurance medical examination at pre-login stage as part of the life insurance buying procedure. The life insurance company will assess your health condition and risk profile based on the results of the medical tests. the insurer will provide revised quotation for you, if required, according to the results provided by the medical examination.
• Disclose existing health conditions, if any
For a smooth claim settlement, it is advisable to be honest about your pre-existing ailments and other data in the application form. Yes, in some cases, on disclosure of pre-existing ailments, you will not be covered until the waiting period has passed, but it is preferable than having your claim denied later on account of non-disclosure. So, if you have any medical issues, let your life insurance company know about the same in the application, since the policy is underwritten based on your health information. Because the insurer depends on you to give accurate information, providing false information may lead to declining the claim.
• Be available for video pre-issuance verification call (PIVC)
Pre-issuance verification call is a mechanism for life insurance providers to check that the proposal requested fulfils the requirements of the consumer. It is the insurance provider’s responsibility to conduct pre-issuance verification calling before issuing a new policy to check the whether the customer is aware of the product chosen and the policy terms and conditions.
Insurers must ensure that PIVC contains important proposal data such as the sum assured, the premium amount due, the policy term, the premium payment term, and obtain customer confirmation. Therefore, be available to complete video pre-issuance verification call through a link you will get on your registered contact number.