Those persons who are interested to enter in to life insurance contract should follow the following procedures to make effective of life insurance contract.
1. Submit the proposal form
The interested person can obtain the proposal form from the agent or insurance company. The person is requested to answer all the questions in the proposal form and give accurate and adequate information on all the material items. By this duly filled proposal form i.e. printed questionnaire paper, insurer receives detail information of the person such as name, address, occupation, date of birth, mode of payment etc.
2. Submit certificate of age
The proposer has to mention the exact date of birth in the proposal. The risk of life insurance depends on age and the rate of premium is fixed according to it. For this purpose, proposer is obliged to submit any one of birth certificate, citizenship certificate, horoscope, school certificate.
3. Medical examination
On the receipts of proposal along with birth certificate, the insurance company arranges a medical, examination of the interested person by one approved doctor on its official. Normally the medical examination is out of charge which helps to ascertain the risk of life.
4. Submission of Agents report
If the proposer came from an agent, it is the responsibility of agent to submit the report of proposer in prescribed manner including proposer’s character, health, financial position and other information.
5. Scrutiny of repots
The proposal form, filled by proposer, report of medical examination and report of agent are examined by an expertise team of life insurance company to decide whether the proposal is acceptable or not.
6. Acceptance of proposal
When the scrutiny is in favour of insurance and all the submitted documents are favourable, the insurance company accepts the proposal. If the proposal is accepted the insurance company communicates the acceptance to the insured and demands the first premium.
7. Payment of first premium
On the receipts of communication of acceptance and demand of first premium the proposer should submit the first premium. If the first premium is paid, the insurance comes in to operation and risk is converted to insurer.
8. Issue of insurance policy
At last, a formal document called the life insurance policy is prepared. It should be sealed, singed and stamped deed or contract of life insurance describing all the terms and conditions, rules and regulations of life insurance contract. This policy is sent to the insured through registered post or other means of Nepal.
1. Submit the proposal form
The interested person can obtain the proposal form from the agent or insurance company. The person is requested to answer all the questions in the proposal form and give accurate and adequate information on all the material items. By this duly filled proposal form i.e. printed questionnaire paper, insurer receives detail information of the person such as name, address, occupation, date of birth, mode of payment etc.
2. Submit certificate of age
The proposer has to mention the exact date of birth in the proposal. The risk of life insurance depends on age and the rate of premium is fixed according to it. For this purpose, proposer is obliged to submit any one of birth certificate, citizenship certificate, horoscope, school certificate.
3. Medical examination
On the receipts of proposal along with birth certificate, the insurance company arranges a medical, examination of the interested person by one approved doctor on its official. Normally the medical examination is out of charge which helps to ascertain the risk of life.
4. Submission of Agents report
If the proposer came from an agent, it is the responsibility of agent to submit the report of proposer in prescribed manner including proposer’s character, health, financial position and other information.
5. Scrutiny of repots
The proposal form, filled by proposer, report of medical examination and report of agent are examined by an expertise team of life insurance company to decide whether the proposal is acceptable or not.
6. Acceptance of proposal
When the scrutiny is in favour of insurance and all the submitted documents are favourable, the insurance company accepts the proposal. If the proposal is accepted the insurance company communicates the acceptance to the insured and demands the first premium.
7. Payment of first premium
On the receipts of communication of acceptance and demand of first premium the proposer should submit the first premium. If the first premium is paid, the insurance comes in to operation and risk is converted to insurer.
8. Issue of insurance policy
At last, a formal document called the life insurance policy is prepared. It should be sealed, singed and stamped deed or contract of life insurance describing all the terms and conditions, rules and regulations of life insurance contract. This policy is sent to the insured through registered post or other means of Nepal.
The procedures outlined for effecting a life insurance policy provide a clear and systematic approach for individuals interested in securing life insurance coverage. By following these steps, potential policyholders can ensure that their application is processed smoothly and efficiently. The article emphasizes the importance of submitting a duly filled proposal form with accurate and comprehensive information. This step is crucial as it enables the insurer to gather essential details about the applicant, such as personal information, occupation, and payment preferences. Additionally, the requirement to provide a certificate of age helps determine the appropriate premium rates based on the applicant's age. To know more about visit Investment Plans In Dubai
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