The Long Read
Everything you *need to know* is right above this. Scroll down, only if you'd still like to read more (honestly, why?)
Yes, you do! How will your family make a claim on your life insurance if they do not even know that your term insurance policy exists? This may cause them financial distress, despite you taking the step of protecting them from such situations.
Here is why you must inform your family about your term policy:
According to the IRDAI, as of March 2018, a whopping ~ ₹ 15,166 crore of insurance money has gone unclaimed.
Can you imagine how so many families cannot access the insurance money the policyholders have left for them, just because they don’t know about the policies?
Don’t be that person!
You must share all the necessary information that your family requires to be able to access your insurance amount in your absence. Some of these details are:
Your term insurance nominee must also know how to make a death claim and the common mistakes to avoid preventing a claim rejection.
Generally speaking, there are some best practices you can also adopt after buying a term insurance plan to ensure your family can claim the insurance money smoothly without any hassles.
You must keep your term insurance documents safe in such a way that your family can access them anytime they need -
Opt for an E-Insurance account where you can keep all your insurance policies in one place so your nominee can access them with just a few clicks