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Important Facts about Insurance Renewal

Important Facts about Insurance Renewal
July 30, 2020 camsrep

There are some processes that you need to be do it  right at every step, like, Insurance. From the decision to get insurance, finding the right one, finalizing the right insurance provider, E-Insuring it and insurance renewal too.

Important points about insurance renewal:

1.  The more you procrastinate the renewal of your policy, the more complicated it gets. Renew your insurance as soon as you realize the policy has lapsed.
2.  The best time to renew your policy is at least 15 days prior to the expiration date.
3.  If some policies are left in the lapsed state for more than 90 days, you might lose your NCB (No Claim Bonus).
4.  Renewing your policy online saves a lot of time and keeps the process simple too.
5.  In the case of online renewals for vehicles, a surveyor will survey the vehicle before giving you a quote. So, it is important to keep the relevant documents ready.
6.  Renewing on time makes the claim process seamless as you can avoid the last-minute rush to renew your lapsed policies.
7.  Choose a longer term so that you have enough time between 2 renewals.
8.  Keep your mails active as you will get a reminder from your insurance company to renew your policy.
9.  The time of renewal is an opportunity to change your policy terms. Keep in mind to always review your policy before you make a renewal.
10.  Timely renewal of policies also helps you avoid late payment charges or prevent the policy from getting cancelled or invalid.
11.   E-Insure all your policies and never miss a renewal. (more details on this given below)

Renewing an insurance policy at the periphery may seem like a small work but it’s a crucial step in keeping your insurance valid, especially when you need to file a claim. When you are in an emergency situation and intend to make a claim, the last thing you want to know is that the policy is not active.

Choose the right insurance policy

Choosing the right insurance policy is a task but when done right comes with a lot of security and timely help. E-Insurance is a mandate by IRDAI for all policyholders and for all claims with premiums above 10,000 INR.

E-Insurance also comes with a lot of benefits like easy access, quicker update, security, and organisation of all types of policies in a single digital vault.

Get your policy E-Insured today with Policy Genie (CamsREP), licensed by IRDAI.
Click here to register
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