The insurance policy is a legally binding agreement that specifies the extent of the insurance company’s liability to pay claims in the event that they arise. It is binding on both the policyholder and the insurance company. It is essential that the policyholders have access to it so they can read it and keep it safe.
You may keep your policy intact in a few different ways.
Maintaining the validity of your insurance policy: this calls for the timely payment of insurance premiums. It’s crucial to remember that “No premium, No cover” is the golden rule of insurance in Nigeria, and it applies to every policy that an insurance company issues.
Records Updating: Insurance plans are in line with the most recent data that policyholders have supplied. Because of this, it’s crucial to give the insurer the correct information when starting a plan. Additionally, keep the insurer informed of any future modifications to prevent problems with processing claims.
Policy Renewal: An insurance policy has a limited duration. You can renew your policy to increase its maturity date and hence its lifespan. Please be aware that the new policy is reliant on the circumstances of the present rather than the past.
Policy Validation: To protect yourself from con artists, you need to verify the legitimacy of your insurance policy. There are two primary methods in Nigeria for confirming your cover:
*565*11# is the shortcode for the Nigerian Inter-Bank Settlement System (NIBSS).
The conclusion of the Nigerian Insurance Industry Database
In summary, you are entitled to all of the benefits in your plan as long as you maintain your policy intact. Additionally, keeping it active makes it possible for claims settlement to go through smoothly in the event of a loss or damage.