HDFC Life Insurance Company has come up with a first of its kind ‘Most Important Document’ (MID) as a part of its Customer Centric Approach that aims to educate policyholders.
MID is a one-page questionnaire which is a set of yes/no statements to confirm that the customer is fully aware of the policy details like the policy term, premium amount, sum assured, frequency of the payments, etc.
These minor details are of great importance to a customer who may not have the time to go over the entire policy document. ‘Most Important Document’ has to be compulsorily filled and duly signed by customers. In a way, it is an acknowledgment from the customers stating that they have completely understood the terms of the policy. This will curb any mis-spelling that may occur due to incomplete disclosure of the policy terms.
Amitabh Chaudhry, Managing Director and CEO of HDFC Life Insurance said, “We believe that customers should buy products for the right reasons. We encourage them to spend time in understanding the products they plan to buy in line with their needs, read up all necessary product literature, and fill up the ‘Most Important Document’. The objective of MID is to enhance product understanding among our customers and minimize mis-spelling.
The insurer also follows a stringent procedure for any mis-spelling activities which includes the termination of an employee. They also offer a 30-day free look period on all Unit-linked insurance plans (Ulips) which in most insurance plans is restricted to 15 days only.
