Things to consider after buying an insurance policy

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Buying an insurance policy is not enough. There are many things that you need to do even after buying an insurance policy. The list could go long from informing your family to revisiting your sum insured every year. To support your family at the time of need here are a few must-dos after buying an insurance policy:

Inform your nominees

First things first. You should inform the family members about the insurance policies and should also explain to them the claim settlement process. The simple step keeps them prepared in case of any eventuality. The conversation might not be easy to have but by taking nominees through the claim process you will keep them abreast of the claim process. They will be aware of important documents that are needed while filing a health and term claim. If the insurance policy is bought from an agent, it is important to share her or his contact details so that they know whom to contact for help in settling the claim process.

Policy documents

Your family member should know about all the insurance policies. Apart from knowing about the details of the policy they should also know about the whereabouts of the policy document. Your spouse or other family members should know where policy documents are kept so that they know where to look for them in case of an untoward event.

E-policy

In this digital age, you have the option of going for an Electronic Insurance Account at the time of filling the proposal form. It keeps all your insurance documents in digital form, which become easy to access at a later stage. Recently Insurance Regulatory and Development Authority of India (IRDAI) asked insurers to issue digital policies through DigiLocker.

Revisit sum insured

The cost of hospitalisation owing to coronavirus has shot up significantly. It is therefore needed to constantly revise your sum insured in tune with the changing needs. Similarly, with the increase in responsibilities, such as marriage and a new addition to the family one needs to enhance the coverage. You should also consider increasing or taking a new term plan in line if you have taken a home loan, as increases your liability.