Protecting a Policyholder’s Rights
Insurance Info shares with us some valuable tips on how you, as a policyholder, can protect your rights:
- Deal only with registered/licensed intermediaries.
- Deal with intermediaries with proven track record or those with good
referral from friends and relatives. - Be truthful about yourself and declare material facts.
- Never be persuaded to sign on blank forms or anything you don’t understand.
- Never be persuaded to lapse an existing policy to buy a new life policy.
- Ensure that you understand the products you are buying.
- Read the policy benefits and terms carefully, and compare them with other similar products.
- Shop around to get value for money.
- Buy only what you need and what you can afford.
- Ask for sales materials, for example the sales illustrations, product pamphlets or customer fact find form u(for life products only), and keep these documents safely.
- When in doubt, always ask for more information from the intermediaries or seek clarification from the insurance company or takaful operator that offers the insurance or takaful products.
- Ask for a receipt as the proof of premium payment and keep it safely.