In the current scenario, most of the citizens in our country paved way towards various types of insurance policies, such as life insurance, health, travel or/and general insurance or any particular/specific insurance for self and family.
The insurance coverage helps the people in two ways:
- Tax savings
- The other is useful at the time of accident, death, health issues or any other.
Recently, the Government of India launched a new scheme of insurance policies, providing subsidized insurance policies through nationalized banks to the general public as a part of welfare activity and these are really useful and helpful to the people. The time period of all the insurance policies differ, each insurance policy has their own coverage period such as few may be 60 months, 12 months, 6 months etc. The insurance policy is just an agreement between insurer and insured. The renewal of insurance policy will be depending on between insurers and insured, both parties shall be at interest to renew the policy. The expiry date of the policy shall be provided by the insurer for renewal or/and based on certain policy terms, it can be renewed automatically.
At the time of renewal, an individual need to read all the clauses properly and verify all the documents submitted for insurance once again. There is a possibility to comprise changes in the insurance policy, at the time of renewal one must ensure that all the information submitted to the insurer is proper, accurate and correct.