Services you should expect from a life insurance company or intermediary

Services you should expect from a life insurance company or intermediary

Things to keep in mind while interacting with an insurance agent

Mrs. Sharma's task did not end when she selected her agent. Her bank of information emphasized equally on what she should expect from her life insurance agent before and after she takes a policy. Her research offered her more information:

What should I expect from my life insurance agent?

  • An agent should possess a valid license, identity proof and business card of the company represented.
  • An agent should provide you with information on all the life insurance products available.
  • An agent should understand your needs based on a judgement of your asset liability gap, annual income, standard of living and age and recommend a solution that fulfils your long term savings and protection goals.
  • The agent should do a risk profiling exercise to understand and suggest what kind of plan suits your need - a traditional insurance plan or Unit Linked Insurance Plan. In case, you are offered a ULIP, the agent should advise you on what kind of an investment fund fits your profile.
  • The agent should inform you about the premium you will have to pay for your policy and you need to be informed of the various premium payment terms and options available to you.
  • Your agent has to inform you of all the information required on the proposal form and the importance of the information for the purchase of the insurance contract.
  • Your agent should also advise you to provide all necessary correspondence details like complete postal address, primary and alternate contact numbers, email ID, etc.
  • Your agent has to clearly mention to you the importance of disclosing vital information pertaining to your health, income, lifestyle, occupation and other insurance policies and the consequences of non-disclosure.

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