Bancassurance is an agreement between banks and insurance companies to sell their products to banks' customers. Insurance companies request that banks allow employees and agents to sell insurance policies through their branches. If the bank disallows such an arrangement, its employees and tellers can become a point of sale in such cases. Let’s try and understand the general process of buying insurance through a bank.
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Selection
First and foremost, enquire which insurance companies your banks have collaborated with and if those are trustworthy. If you are satisfied with the selection of insurers, check all the products they offer, and choose the best ones that suit your financial need.
Terms and Conditions
Once you’re through the selection process, understand the terms and conditions and other legal matters associated with the policies. Ensure that the person cross-selling the product to you has the required knowledge of the product and that you’re satisfied with the rules and regulations.
Data Security and After Sales Service
It is important that any data associated with you, like your bank account details, Aadhaar Card/PAN Card details, phone number etc., is not leaked in the open market and is always protected. Also, discuss the after-sales service from the insurance provider.
Ease of Access
Accessing your policies should be easy for you. Enquire with the bank staff you’re dealing with all the possible ways of accessing your insurance policy whenever required without making numerous phone calls.
Contact Details
Before you make the final payments for buying the policy, make sure that you’re sharing your accurate contact details like Full name, address, phone number etc. It would be best to immediately communicate with your bank in case of a change of address or phone number.
Remember, small things make significant differences. Always keep yourself updated on any change in your policy. And stay in touch with the staff for easy processing of your claims.
