Did You Know the Things That Must be Read in a Life Insurance Policy?
Know The Contents Of Your Life Insurance Policy
Many people who have insurance but have forgotten to read the policy. Whereas polis are legal documents that formed the basis of the customer's relationship with the insurance company. In case of dispute, the reference is the provision in the policy.
It has become a habit that insurance buyers don't read policy. His reason is because of his thick, his writing is too small, and full of legal terms. The habit unwilling to read the policy can cause problems in later life especially when filing a claim.
At the time the claim is rejected, the customer does not usually receive and feel cheated. However the customer can not do anything because the insurance perusaan still work based on policy. By law, the position is very strong because all insurance are already described in the policy.
Things that must be Read in a life insurance policy
Not a problem at a later date, should the owner of a life insurance policy compulsory study and read the policy. Policyholders also are required to understand the rights and responsibilities that you will get when buying life insurance that you have selected.
The following 6 mandatory read in life insurance policy:
1. The right to Study Polis
Many policyholders who did not know that the insurance companies actually give time to the customer to read first, and if the objection can cancel the policy without penalty (the entire premium money is being restored).
There are provisions for learning the ÔHak PolisÕ that the customer get 14 calendar days from the date of issuance of the policy to read the policy. In this period, the customer can cancel the policy without incurring fines and money premiums refunded everything.
Take advantage of this right with their best, make sure that the agent also provides policy documents as soon as possible since it was approved.
2. Data Holder and the insured
Because the policy is a legal document, the customer must ensure the data is accurate and properly insured. This is very important, because when the later calamity and would do claim, data in the policy which became a reference for the insurance.
Don't get the wrong data. If that happens, the process of payment claims will be hard to do. Therefore, in addition to filling in the data carefully and accurately in the initial filing, rechecking in polis is also not less important. By rechecking will certainly help ensure the accuracy of the data.
3. The benefits of protection insurance
Make sure the insurance benefits listed in the insurance policy is in compliance with the desired. Regarding benefits, important things of note are:
The magnitude of the sum assured (UP) for the protection of inhabitants. This is the value of money which would be received by the beneficiary if the insured suffered a disaster.
The magnitude of the sum assured (UP) for the protection of inhabitants. This is the value of money which would be received by the beneficiary if the insured suffered a disaster.
Period of coverage. To the insured in the insurance provides protection to what age.
How do claims about documents required and limits the time of filing. For example, insurers stipulate that claims submitted in writing, accompanied by the original files as listed in the insurance policy filed within 90 days from the time the insured dies or the end of the protection period. Do not pass 90 days because it would be rejected by insurance.
4. The provisions of the Premium
The premium is concerned, the important things you should know are:
The amount of the premium payable, payment period (monthly, six monthly, or yearly), the chosen method of payment (transfers, account debit, or credit card) and the currency of payment.
Conditions if the late pay a premium. Usually given grace period for 1 month since the premium payment deadline, where within this period even though premium has not been paid, but still effective protection (a claim still accepted). Off of the grace period, the policy lapse, where by that time if the calamity was not protected by insurance.
The recovery policy is dead. To revive a dead policy, without the need to restart the process again, called recovery. Time limit needs to be seen and the requirement to perform recovery if the policy is dead.
5. terms of Exception
These are the terms that govern things anything that causes a claim could be rejected, concerning, among others:
Su1_c1d3 policy before the age of 2 years.
Criminal action.
Live execution of a death sentence by the Court.
6. Discounted Costs
Discounted cost is important because the cost of reducing benefits to policyholders, especially for those who take the insurance unit of the link, as it contains elements of investment. Many costs that need to be observed, among other things:
The Cost Of Maintenance. This premium imposed on the basis of which the magnitude is based on a certain percentage, which is the commissions to agents and insurance companies
The Cost Of Basic Coverage. This is insurance costs are calculated based on age, gender, and the basic sum assured. This fee will be deducted each month from the units on the value of the policy.
The Cost Of The Changes To The Allocation Of Investment Funds. There is no fee for 4 times the first transaction in 1 year policy and charged Rp50 thousand that will apply to any subsequent investment fund allocation changes made in one year for the same policy
Monthly Administration Fee
Fund management fees (per year), calculated from the percentage of investment funds-
From now on never not read Your life insurance policy. Though already read proposals, you remain obligated to read the policy. Because the policy is a legal document that became the basis of the agreement with the insurance company.