What are some best practices after buying a term policy?

It is great that you have all your policy documents stored properly, but no it’s not enough. 

You must also keep digital copies of your policy documents and store them in an E-Insurance Account so that you or your family can access them any time, anywhere and all in one place, without the hassle of looking for physical documents.

It is not mandatory to have an E-Insurance account, but it will make your life a lot easier by enabling you to store your policy documents in one place so that you can easily manage and access them anytime and anywhere you want. 

Congrats on finally buying term insurance to secure your family’s financial future in your absence. 
 

But remember, your responsibilities don’t just stop at buying the term plan. There are some more steps you should follow to make the best of your plan and ensure your family has a hassle-free claim experience.

Here are some best practices you should follow after buying a term plan:

• Read the policy document carefully, understand policy exclusions and get any errors rectified at the earliest to avoid future problems

• Keep your family informed about your term policy and educate them on how to make a claim in the event of your death 

• Pay your premiums on time to avoid the risk of policy lapse. You can also activate auto-pay with your bank so that the premiums get paid automatically 

• Keep all necessary policy documents in physical and digital format safely, and ensure your family has access to these at all times

• Sync up your DigiLocker to access the e-copy 

• Keep your family informed about your E-Insurance account credentials

• Make a Will and register it and clearly mention your nominee(s) and their right to receive the life cover as an added precaution

• From time to time, ensure your life cover is sufficient and increase it as per your changing requirements