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Steps in buying an insurance policy:
 The proposal form is filled correctly and truthfully. As one

will be responsible for any information in this document as

it bears his/her own signature.

 A disclosure of “all material information” about the risk

that one wants to be covered should be done

 Selection of the terms of the policy as per one’s needs is

done

 Selection of the amount of premium one can afford to pay

 To choose between Single Premium and Regular Premium

 To choose one’s premium paying frequency such as annual,

half-yearly, quarterly or monthly

 It is better to opt for electronic payment option for

premium (ECS) for one’s convenience, safety and records

 One should ensure to register nomination under one’s

policy

 Pre-issuance medical examination/ investigations - if

required are done for that proposal

 Underwriting process is completed. Please see details of

the process and information on underwriters in the section

- Behind the scenes operations (terms) in an insurance

contract.

 Policy is issued i.e. risk commencement begins.

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