Sunita reached out to my team for help with her insurance policies. She has over 25 policies bought over the last 15 years. Like most women, she only invested only in gold and investment-linked insurance plans. Most of the policies held are life insurance plans and she has motor and health insurance too. The general insurance policies are in her husband’s name. While her prime purpose in connecting with us, was to check about the performance of the policies, we asked her how she manages the policies.
Given that the policies are taken at different time periods, she relied on the reminders that she gets from the insurance companies for premium payments. In fact, it took her considerable time to collate all the policy information as some were in children’s names and she had misplaced some documents. With 25 policies, it wasn’t surprising that policy documents had been misplaced. Sunita also wasn’t sure if she had received payouts in form of bonus or moneyback in her account. Generally, I find policyholders give different bank account details each time they buy a policy or forget to update address in case they move house.