How To Check Your Life Insurance Policy Details?

There are many kinds of life insurance policies available in the market that help you with different financial goals. For instance, Term Insurance helps you create a financial safety net for your loved ones. Endowment Plans help you accumulate money for any future milestones, while Annuity Plans create a source of income during retirement.

As with any financial investment you make, you need to stay abreast of how your life insurance plan is functioning on a daily basis. You should also be aware of any due premiums and the payment status to keep your policy from lapsing.

Let’s look at why you should check your policy details, how you can do so, and the things you should know - in this article!
 

First, Let’s Understand Why You Should Check Your Life Insurance Policy Details

A life insurance policy is an important investment you make with your hard-earned money. You may want to check your policy details regularly, right from how much time is left till your policy matures to the bonuses accrued on your policy to the premium due dates. You may also want to check if any changes made by you (like adding/removing a nominee, changing the appointee, etc.) have been successfully updated. Or you may have surrendered your policy and want to check the status.

It is important to periodically check the status of your life insurance policy for a number of reasons -

• You can stay abreast of premium due dates so you can make the payments on time.

• You can see the duration of the plan, which will give you an idea of how long your coverage will last.

• Checking the accumulated bonuses will help you understand the potential returns on your policy.

• If a policy has lapsed, and you revive it - you may need to check its status.

• You can make any service requests related to your policy.
   

How Can You Check Your Life Insurance Policy Status?

1. On The Insurer’s Website

   Here’s how you can check the status of your policy online -

   • Visit the website of your insurance company.

   • Look for the "Login" or “Track Your Policy” section on the homepage.

   • Log in to your account using your user ID and password. If you are a new user, you may first have to register for an online account with the required details.

   • Once you have logged in, you will see an option to view your policy details or check your policy status.

   • After clicking on this option, enter your policy number and any other required details to view your policy status.

   • You may also be able to view other details related to your policy, such as premium payment history, due dates, etc.

   Note: The steps to check your policy status may vary depending on the insurance company and the type of policy you own.

2. Through Customer Care

   Most insurance companies have a dedicated customer care team that you can call or email to know about your policy. The representative/agent will ask you to provide your policy number or any other relevant information to verify your identity, before giving out any details. Additionally, if you have any questions or concerns about your policy, the customer care representative will be able to assist you and provide you with the necessary guidance.

3. Through SMS

   If you have a life insurance policy, you may also be able to check its status by way of SMS. If your insurer offers this service, you will have to register your mobile number with the company to receive SMS updates. Once registered, you can simply send a text message with a specific code to the designated number (available in the policy document or on the website), and you will receive a reply with the relevant information about your policy. Checking your life insurance policy status through SMS can be a quick and easy way to stay updated about your policy.

4. By Visiting The Insurer’s Branch

   You can always visit the insurance company's branch in person. This will allow you to have a face-to-face conversation with an insurance agent who can provide you with a detailed explanation of your policy status. In order to obtain this information in person, you will need to bring your policy document and/or any other form of valid proof with you.
    

What Should You be Aware of While Checking Your Policy Status?

When checking the status of your policy, it is important to remember a few things to ensure that you get accurate information and maintain the confidentiality of your data.

• You must check your policy status periodically to avoid missing important information such as premium due dates.

• It is also important to access the company's website using a secure network connection to protect your personal and confidential information.

• Additionally, when you receive an OTP through SMS or email during the online check, do not share it with anyone.

• When checking the status online, make sure that you are a registered user and provide the correct login credentials to avoid any failed login attempts.

• If you choose to visit the branch in person, make sure to carry a valid proof of identity and your policy number with you to ensure that you can access your policy details.
   

Conclusion

It is important to regularly check the status of all your policies, regardless of the type of policy you own. Thanks to the digitalization of insurance services, it has become much easier and faster to check your policy status. Staying up to date with the status of your policies can help you plan your finances effectively and avoid any unpleasant surprises.