Procedure of taking Life Insurance Policies :
The procedure for taking out a Life Insurance Policy is as under:
A. Fill a proposal form providing information such as his name, age, occupation, medical history, particulars regarding his health and that of his parents, the amount he wishes to be insured for, the type of policy, the rate and mode of premium and name of the nominee.
B. Submit proof of age (Birth certificate, and baptism certificate for Christians, high school certificate, service book , passport, adhar card ).
C. Obtain an 'Age admission certificate' from the Insurance Company.
D. A medical examination by Insurer’s-approved doctors. The doctor's report is sent directly to the Insurer. This step is often bypassed for someone very young or if the insured amount is very small.
E. After the medical report, the Insurer’s agent's confidential report is submitted to obtain impartial information about the individual.
F. An assessment of risk is made based on the information obtained. If the life proposed is found insurable, then the Insurer accepts it and sends an acceptance letter along with a premium notice stating the amount of the premium payable and the due date.
G. On and from the date of payment of the first premium, the risk of the Insurer commences on the life proposed and he/she becomes life insured. However, in case of certain policies, the risk commences from a later date. Once the risk commences, Insurer becomes liable to pay the full amount of insurance in the event of happening of the insured event.
H. The signed and stamped original policy documents are dispatched to the individual.
