How to Verify the Validity of an Insurance Policy in India
Insurance policies play a crucial role in safeguarding individuals against unforeseen risks. However, the authenticity of these policies is paramount. In India, the process of validating an insurance policy can vary depending on the policy company and the type of policy. Here, we outline several methods to ensure the validity of your insurance policy.
Methods to Verify the Validity of an Insurance Policy
1. Scan the QR Code
One of the most straightforward ways to verify the validity of an insurance policy is by scanning the QR code printed on the policy document. This code provides access to the official policy details and can be checked against your document to ensure accuracy.
2. Contact Customer Care
If the QR code method is not applicable, you can contact the customer care line of the insurance company. Customer service representatives are trained to verify the policy and provide you with confirmation of its validity. They can also assist with any queries you may have regarding the document or the policy terms.
3. Contact Servicing Office
Another reliable method is to contact the servicing office of the insurance company. These offices are responsible for maintaining the policy records and can provide you with the necessary verification. They may ask for some personal details or the policy number to verify the document.
4. Check for Errors
Review the policy document for any apparent errors. While this may not be foolproof, it can help to spot any inconsistencies or missing details that might indicate a fraudulent document. Ensure that all the details on the policy match your personal information and have no errors in dates, names, or ID details.
5. Contact a Certified Consultant
For further assistance, you can contact Siddhant Kanodia, a CA, CFA, and BCom certified wealth planner, and the founder of East Star Insurance Advisors, on 91638 54758. He offers professional advice and can help you verify the validity of your policy.
Insurance Policies and Agent Advisers
In India, insurance policies are often sold through agent advisers. These advisers meet with customers in person and assist in filling out the proposal form. They collect valid documents such as:
Age-related documents - Transfer certificates from the last attended school or college, or any valid age proof. If standard proof is unavailable, lesser-known documents like a birth certificate issued by a village panchayat or self-declaration can be used temporarily. Identity and residence documents - Proof of identity such as a PAN card or voter ID, and proof of residence like an electricity bill, bank passbook, or voter ID, or Aadhaar card. Income proof - Documents such as an IT assessment order, bank passbook, or payslip.The same process applies to the insured person. However, it is important to note that it may not always be possible to produce fake certificates for these categories. If the policy is later claimed, and any of the documents are found to be non-genuine, the legal heirs or the insured may not receive the assured sum.
Always ensure that the documents you provide are genuine and accurate to avoid any potential issues during the policy's validity period or in the event of a claim. For professional assistance, consulting with certified advisors or directly contacting the policy provider is recommended.