Why Accuracy in Life Insurance Documents is Important for Claims
In today's fast-paced world, buying a Life Insurance Policy is a very wise move. It not only secures your Financial Future but also provides support to your family in their difficult times. But have you ever looked carefully at your own and your family's documents? Are the documents of you and all your family members such as Aadhaar Card, PAN Card, Bank Pass Book, Driving License, School Certificate etc. correct or not?
If not, then you should check all these documents as soon as possible. If there are errors in these documents and especially errors related to Name and Date of Birth, then it can put you and your family members in trouble in many Financial and Legal Matters. This problem can be more complicated in cases of Death Claim.
So in this article of Jeevan Bima Bazaar, we will know why the accuracy of documents is important in various financial matters and what and how can these be improved?
Checking Important Documents
If you invest in Banks, Post Offices, Mutual Funds and other places, then it is very important to match your Insurance Policy, Bank Passbook, Post Office Documents, Mutual Fund Account with your important documents like School Certificate, Aadhaar Card, Voter ID Card, Driving License, etc. Because if there is a difference between these documents and financial documents, then you and your family members may have to face trouble in the future.
Let us know what you should mainly check when you decide to do such a check-
Check the Name and Date of Birth:
When you are checking all your documents, first of all you should see that your Name and Date of Birth should be the same in all your documents. Many times it has been seen that some people have differences in their Name or Date of Birth in different documents.
For example, if your name in your School Certificate is "Sachchidanand Pandey" and your name in your Aadhaar Card is just "Sachchidanand", then legally these are considered to be the names of two different people. If this happens, you or your family members may have to face trouble in Life Insurance, Bank, Post Office and other Financial Institutions.
How to Check:
- First of all, you should collect all the documents of you and all your family members (eg: School Certificate, Aadhaar Card, PAN Card, Driving License, Voter ID Card and others) at one place.
- Now check the Name and Date of Birth in all the documents. What I mean to say is that if you are checking your documents, then your Name and Date of Birth should be the same in all your documents and if you are checking the documents of a member of your family, then the Name and Date of Birth of that member should be the same in his documents.
- Since the School Certificate is the primary document of a person, my suggestion would be to consider it as the original document and check other documents and if there is any irregularity in other documents, then get it corrected as soon as possible.
Check Nominee Details:
Nominee plays an important role in Life Insurance Plans and other Financial Documents. Hence, in all such documents, the Name and Age of the Nominee should be as per their School Certificate and other documents. In many cases, when there is a Death Claim in an Insurance Policy, the discrepancy in nominee documents causes a big problem in the Death Claim Process.
How to Check Nominee Documents:
- Check the original Policy Bond of your Life Insurance Policy carefully. The Name of the Nominee is mentioned in every Life Insurance Policy.
- Check it with other nominee documents (School Certificate, Aadhaar Card, PAN Card, Driving License, Voter ID Card and others).
- If there is any error in it, you should immediately contact the Life Insurance Company and correct it.
Inspecting Family Documents
I am sure if you have followed the above steps, then you must have noticed mistakes in the Name and Date of Birth of all your Family Members in their documents. I will say again that if there is any such mistake in the documents of any family member, then you must get it corrected as soon as possible. Now let me discuss some other important topics.
If you inspect the documents of a male such as Aadhaar card, PAN Card, voter ID Card and other documents, then you will find that his father's name is mentioned along with his name. Similarly, if you check the documents of a female, then you will find that in her documents, either her husband's name or her father's name is written along with her name.
Now suppose you are checking the documents of a male member of the family, then first of all you have to inspect the School Certificate of the father of that male member to see what is the father's name written. Whatever is the name of the father written in the school certificate of the father, the same should be mentioned as the name of the father in all the documents of the male member.
For example, the name of a family member is Pawan Kumar Pandey in his School Certificate. The name of the father of Pawan Kumar Pandey is written as Sachchidanand Pandey in the school certificate of his father. In such a situation, the name of his father should be written as Sachchidanand Pandey in all the documents of Pawan Kumar Pandey. If this is not the case, then you must get it corrected immediately.
Similarly, in the documents of women, their father's name or husband's name is mentioned. It is best to check this also with the name mentioned in the school certificate of the father or husband.
Copy of Family Register
In many legal matters, if any member of the family needs to prove that he/she is the mother, father, husband, wife, son, daughter, brother or sister of the head of the family or to prove the mutual relationship of the family members, then the copy of the family register proves to be an important document. Because it is a document in which important information like the name of all the family members, their relation with the head of the family, date of birth of all the family members (date of death if any member has died) is recorded.
In the Death Claim of Life Insurance Policies, if the nominee or the claimant needs to prove the reason for his/her claim, then at that time this document can play an important role. Apart from this, after the Death of the Head of the Family, if the head has not distributed his property to his heirs during his lifetime, then also this document can play an important role.
Therefore, our suggestion for you would be that keeping in mind the future of all the members of your family, you must get a copy of the family register.
How to Get a Copy of the Family Register
Getting a copy of the family register is a very easy task. If you are a resident of a rural area, then you can get this document from your Gram Panchayat. But, if you are a resident of an urban area, then this document can be obtained from the Nagar Panchayat.
Precautions for Family Register
For the copy of the family register, you must keep in mind that the Name and Date of Birth of you and all the members of your family should be as per their school certificate.
Nominee Check in Financial Accounts
Our advice to you would be that if you want to save your family members from all kinds of unnecessary troubles in the future, then you must get information about the appointment of nominee in all your financial accounts. Because if there is no nominee in such accounts or the nominee's details are incorrect, then due to this your family members may face a lot of difficulty in receiving payment after you.
I want to mention an incident, during the Life Insurance Business, one of my policyholders was going to get money back from LIC Policy. For which he had to open a savings account in the bank. I had filled the form for opening his savings account myself and while filling the form, the nominee's details were given carefully. But despite this, the bank did not appoint any nominee in that savings account.
Unfortunately, this policyholder of mine died. After which we came to know that there was no nominee in his bank account. However, after a legal battle, the nominee received the money deposited in her husband's bank account. Yes, I can definitely say that I had to face unnecessary trouble for this task.
What to do for Nominee in Financial Account:
I think most of you will be satisfied thinking that while opening an account in a bank or other financial matters, you must have given the details of the nominee. But for this, our advice would be that next time whenever you have to go to the bank or post office, you must get the information of the nominee in your account.
Caution in Medical Documents
Often all of us have to go to the hospital for small or big Health Problems. In such a situation, we have to get our name and age written on the doctor's prescription and for medical examination. It has often been seen that the full name and age of the people in the doctor's prescription and medical examination documents are not correct as per their documents.
In case of Death Claim in Life Insurance Policies, Life Insurance Companies ask for the record of the last treatment of the Deceased Policyholder. When the name of the deceased policyholder is not correct in his Medical Documents, then due to this also there is a problem in the payment of the Insurance Policy. Therefore, our suggestion for you would be that next time whenever you have to go for Health Treatment, you should get your name and age written as per your documents.
Conclusion
It is very important that the name and date of birth in all the financial documents of you and your family should be the same as per all their certificates. If there is any error in such documents, then do not delay in getting it corrected. These small steps will help your family avoid major problems in the future in various financial and other matters.
Know in Detail in the Video
To know more about the information given in this article, watch the video given below carefully till the end. If you have any questions in this regard, then write your questions in the comment box of the video.
कोई टिप्पणी नहीं:
एक टिप्पणी भेजें
कृपया कमेंट बॉक्स में कोई भी स्पैम लिंक न डालें।