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How to pay the insurance premium amount?

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Text transcription of the above video : How to pay the insurance premium amount?

Hello, Shailesh from Insurance Samadhan! Till now, I have written about the Proposal form, how to fill the proposal form and what type of Insurance Product to choose.  Now, we will be discussing the final take, which is to pay the premium amount.

The first tip that I want to share always make the payments through the Cheque of your insurance policy. Most of the companies do not allow third-party cheques but since there are times when the child’s payment is made through parent’s cheque or wife’s payment is made through husband’s cheque, some companies have started accepting it. While filling the cheque, make sure to mention the company’s full name and the premium amount in the cheque should be inclusive of GST. Many times, we tend to ask the agent to fill the cheque out of carelessness, which is wrong. The cheque should be filled by you only and in your handwriting. 

The next column you will find will be of the bank details. You should always give the details of the existing bank account and the account which would be in use by you in the future as well. All the necessary bank details like MICR Code, IFSC code, must be clearly mentioned in the form. Bank details are required to be correct because the Insurance Company makes payment through credit at the time of maturity. So, the right bank details will avoid unnecessary delays. Also, it is very important to mention your name, contact number, and proposal number at the back or plain side of the cheque. All these payment tips will help you to receive your claim without any trouble. 

Also Read:  Insurers can’t repudiate claims by citing existing medical conditions: SC India

Hope this information was useful to you!

Thank you!

How to fill the proposal form –> Buying Health Insurance? Watch/Read this before buying it.

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