Buying life insurance is not the end of the process. A yearly review can help ensure that the policy information still matches your family’s circumstances.
Review Your Life Cover
Ask whether your income, debts, family expenses and long-term goals have changed. A new home loan or a growing family may alter the financial protection gap.
Check the Nominee
Confirm that the nominee details are current. IRDAI’s life-insurance product framework provides for nomination and changes to nomination during the policy term. citeturn0search7
Check Contact and Bank Details
Make sure your phone number, email, address and other records held by the insurer are accurate.
Review Premium Dates
Check premium due dates and payment mode. Understand the applicable grace period so that you do not accidentally allow the policy to lapse.
Review Riders and Benefits
Read the policy schedule and rider details. Make sure you understand which benefits are active and under what conditions they become payable.
Keep the Family Informed
A trusted family member should know that the policy exists and how to locate the policy number and insurer contact information.
Keep a Simple Policy File
Store the policy document, premium receipts, nomination information and important correspondence together. Review the file after major life events as well as annually.
Important: Life-insurance rules, tax treatment, policy terms and product features can change. Readers should check the policy document and official regulator/tax guidance before making a financial decision.
For more practical financial planning content, visit NewsNationOnline Personal Finance.
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