Every Policy bought has to be renewed every year by paying the premium amount to the insurance company for a fixed tenure. You will receive the fixed sum assured at the end of the tenure. Renewing the policy suggests that you are interested in continuining with existing policy for the fixed premium. It is the duty of disclosure of customer to advise about changes affecting the policy if any, which may have occurred since the policy inception or the last renewal date.
If you do not renew your policy, your policy expires and you cannot claim the sum assured at the time of distress. In some of the cases, the amount paid till date cannot be claimed as well.
Pay the premium amount to the insurance company before the policy expiration date every year.
MAIBRO ensures you are reminded ahead of the policy expiration date by sending regular SMS’s & emails to ensure you do not miss out on renewing the policy.