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Buying insurance? Know your rights first

October 19, 2017 08:08 IST

Buying insurance? Know your rights first

Naval Goel of PolicyX answers some important questions before buying insurance policies

Illustration: Dominic Xavier/

Although buying insurance of all kinds has become mandatory these days, there are still unanswered questions for the average consumer when understanding the intricacies of the policy rules and coverage.

Many insurance companies are trying their best to simplify the policy documentation by bringing more transparency to the products they offer and their pros and cons. 

It is, however, the duty of the customers to educate themselves about their rights and duties before buying an insurance policy.

The Insurance Regulatory and Development Authority of India (IRDA) has come out with specific responsibilities that the customer has before buying an insurance policy. 

They have also highlighted the general rights a policyholder has that need to be known. Knowing your rights is particularly useful during appeals when claims get rejected.

At the time of buying:

There are certain key points to remember when you decide to buy an insurance policy:

After buying your policy:

How to maintain your policy:

Registering nominations:

Nominations can be changed at any time during the policy period as per your convenience:

Understanding policy lapses:

Conditions for a policy lapse is chiefly due to non-payments of premiums, but gather details of all the reasons from the agents or the company directly.

Handling policy lapse:

Claim process:


Unit linked insurance plans or ULIPs:

Naval Goel is CEO and Founder,

Naval Goel