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A policy is a plan of action to guide decisions and actions. The term may apply to government, private sector organizations and groups, and individuals. The policy process includes the identification of different alternatives, such as programs or spending priorities, and choosing among them on the basis of the impact they will have.Policies can be understood as political, management, financial, and administrative mechanisms arranged to reach explicit goals. There is disagreement between those who believe rules should be explicitly stated and those who feel that written rules are inherently inadequate to cover every possible variation of problematic or disruptive behavior.In either case, a user who acts against the spirit of our written policies may be reprimanded, even if technically no rule has been violated. You don't need to read every policy before you contribute. However, the following policies are particularly important to the project, and the sooner you understand and use them, the better.
Your Policy Bond And Its Safety
The policy bond is the document that is given to you after we accept your proposal for insurance.The risk coverage commences after acceptance of your proposal and the conditions and privileges of your policy are mentioned in the policy bond.This is an important document which would be referred to for various servicing interactions with you – Keep the policy bond safe. It will be required at the time of settlement of claims on the policy. You will also require it if you are availing a loan or want to assign the policy.Inform your spouse/Parents/Children as to where the policy is kept.In case you are handing over the policy bond to any person or office, please take a written acknowledgement. Keep a Photostat copy of the policy for your reference.
Policy Conditions
Every policy is taken for different types of needs; therefore the conditions for your policy will vary according to the Plan and Term of the policy. The policy schedule contains on the first page of your policy, like the ones mentioned above as well as other information like nominee, your address etc. It also shows the date of commencement of your policy, date of birth, date of maturity, due dates and months in which the renewal premiums are to be paid etc. The second page onwards carries the various policy conditions like risk coverage, additional risks coverage if opted for, standard benefits that are available for all policies, accident benefit if opted for, exclusion of risks if any and other conditions that govern the contract of insurance. Apart from death benefits there are other standard benefits and benefits opted by the policyholder, which you might want to familiarize yourself with (Clickhere to know more about various types of policy conditions and their implications). |
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