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What is the process to get a life insurance policy?

Although now banks offer bancassurance - the insurance agent remains the primary source of insurance information and guidance.

Apnainsurance.com Research Bureau

20 Dec 2007

Until a few years ago, life insurance policies were only sold directly by the insurance company's agent.

Not anymore. Life insurance policies now are being also sold online - directly by the insurance company as well as the online marketplaces.

Additionally, now there is the concept of bancassurance - the sale and distribution of insurance products through banks. Many insurance companies have tied up with banks to sell insurance products. One of the advantages of purchasing a policy through a bank is the enhanced convenience of receiving financial advisory services under one roof. It also means easy access for premium payments and claims, if any.

The insurance agent is not obsolete. He/she is still the main source of insurance knowledge and advice.

So, having said that, what can you expect from your insurance agent?

Some of the primary services that an insurance agent is expected to provide include:

  • Provide reminders to pay premiums and supply receipts
  • Help make changes in address, nomination, should they occur
  • Aid the process of assignment
  • Assist with loan applications and related formalities
  • Revive lapsed policies
  • Facilitate the survival benefit process if payments have been delayed
  • Assist in claiming death benefits, if required

See also:

Dos and Don'ts while buying life insurance