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Home / Money / Personal Finance /  How to add a nominee if I can’t find policy papers?
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I bought a single premium term insurance policy 15 years ago. Today, I thought of getting the nominee updated, I wasn’t able to find the policy document. What should I do? I don’t have any details. How should I get the policy? I am not able to recall the insurer name too.

—Name withheld on request

You could start with scanning your income tax returns. It is likely that you would have claimed an income tax deduction for the premium paid towards your life insurance. This can help you quickly identify the year of payment. Once this is done, you can scan your bank account statement for the actual amount paid and the name of the insurer. You could then approach the insurer to trace your policy number based on your contact details, and identification proof.

The insurer may ask you to file a police complaint, and share an indemnity bond. The bond would indemnify the insurer for any loss, if the original document is misused by a third party. The insurer may also ask you to issue an advertisement in the newspaper to declare that your original policy bond is lost.

I am a 37-year-old married man. I have one child and I want to buy term insurance. Should I buy a policy from LIC? How should I select the best life insurer

—Name withheld on request

The claim settlement track record of an insurer is a good way to ascertain the insurer’s credibility.

You should select an insurer with more than a 95% claim settlement track record. Another proxy to assess an insurer’s customer service is the number of grievances reported relative to policies issued by the firm. Lower the better. This information is available in IRDAI’s annual report.

Abhishek Bondia is principal officer and managing director, SecureNow.in.

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