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De-jargoned: Insurance policy docket
Many important documents and forms related to an insurance policy are found in a docket
An insurance policy docket is important, and if one were to lose or misplace it, the process of getting a duplicate life insurance policy docket can be a long process. Along with informing the nearest branch through a letter, you will have to give an indemnity bond on stamp paper. In some cases, you may even have to put out an advertisement in a newspaper. Earlier, one had to file a first information report (FIR) as well to get a duplicate docket; but most insurers have done away with this now.
So, here’s a look at what an insurance policy docket is (they are different for life and general insurance) and why it is important.
WHAT IS AN INSURANCE DOCKET?
Many important documents and forms related to an insurance policy are found in a docket. It is similar to the kit that one gets on opening a bank account, which has important documents such as personal identification numbers (PINs), customer ID, list of charges and fees, and more. An insurance policy docket is similar, however, contents differ for life and general insurance.
A life insurance docket contains policy wordings, risks, details of your first premium payment, future premium payment schedule, proposal form, and medical report. Some life insurers even include a claim form. Then there are insurers that include a form to change a policy’s nominee, as well as forms for partial redemption and surrender.
A general insurance docket will include policy wordings, risks and a guide book. Apart from these, a docket for health insurance also contains member ID cards, a list of network hospitals, and a list of excluded hospitals and medical practitioners. Here, too, some insurers include a claim form.
The docket—for life and general insurance—is given in physical form, as a soft copy and, now a days, in the demat form as well. However, not all insurers give a soft copy (it can even be scanned copies of the documents). If you want the docket in a demat form, you will first need to have an e-insurance account.
The docket number is the same as your policy number. So, keep it carefully, especially when it comes to life insurance.
WHY IS IT IMPORTANT?
A life insurance policy docket is more important than a general insurance one because a life insurance contract is long-term and can have monetary value attached to it as well. For instance, a policyholder can take a loan based on her life insurance policy. This is why you need to have the docket either in the physical or the demat form (if you have an e-insurance account).
For a general insurance policy, just having a soft copy will suffice. But with travel insurance, having the policy docket comes handy if you happen to be in a foreign location and need to make a claim. In such a case, you can inform the insurer and use the claim form provided in the docket.
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First Published:18 Nov 2015, 06:22 PM IST
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