Most people never read their insurance policy until they need to claim. That is when confusion and disappointment arise. A little time spent reading now can save you a lot of trouble.
Start with the Policy Schedule
The schedule is usually the first page. It shows your name, policy number, dates, sum insured, premium and the covered members or vehicle. Check every detail for errors.
Understand the Definitions
Insurance documents use specific terms such as “hospitalisation”, “pre-existing disease” or “total loss”. These definitions decide what is payable, so read them slowly.
Focus on These Sections
What Is Covered
This lists the benefits. Note any limits or sub-limits.
What Is Not Covered (Exclusions)
This is the most important part. It tells you what the insurer will not pay for.
Waiting Periods
Look for periods before which certain claims are not payable.
Conditions and Obligations
Your duties include paying premium on time, giving correct information and informing the insurer promptly after an event.
Claim Process
Note the deadline for informing the insurer, documents needed and contact numbers.
Renewal and Grace Period
Check how much time you have after the due date to renew without losing benefits.
Questions to Ask Yourself
- Is my sum insured or IDV correct?
- Are there co-pay or deductible clauses?
- Are my important needs covered?
- Whom do I call in an emergency?
Keep It Safe
Save a digital copy in your email and phone, and give your family a printed copy. Many insurers also allow storing policies in DigiLocker.
Frequently Asked Questions
Can I ask the insurer to explain the terms?
Yes. The insurer or agent must explain them, and you can ask for a summary in writing.
What is a policy wording?
It is the full contract that describes all terms and conditions.
What if I find a mistake?
Ask the insurer to correct it immediately, and get the change in writing.
