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buy with care: some dos and don'ts

You buy insurance for security. So be extra careful when you buy it. It is worth taking care of a few crucial aspects during this process.Mis-selling by insurers and their intermediaries is something you have to be cautious about. IRDA keeps a tab on unethical practices by entities selling insurance based on unfounded promises.

Your insurance company and intermediary have to act according to the Code of Conduct prescribed by IRDA, the industry councils and the relevant recognised professional association. In case of complaints about misselling IRDA examines the matter and issues an appropriate notice of caution on its website for public information.

Here are some Dos and Don’ts for buying insurance carefully:

dos

Buy only from a registered insurer or through his authorised intermediary

See the list of insurers on IRDA's website. Ask them if your intermediary is genuine

Ask the intermediary for all information to make a decision

Evaluate if he is advising you dispassionately

Fill the proposal form yourself and give complete and factual information; False or misleading information could lead to disputes at the time of a claim

Do not sign a blank proposal form or leave any portion unanswered

If you are not filling it up yourself, ensure that the contents are fully explained to you

Remember you have to sign a certificate as part of the proposal form taking responsibility for its contents

Make sure you understand clearly:

don’ts

Do not sign a blank proposal form or leave any portion unanswered

Do not conceal relevant information or make any misstatements as it may lead to disputes at the time of a claim