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Top 10 factors which can spoil your insurance policy

  1. Non-payment of premiums: Failing to pay your insurance premiums on time can result in your policy lapsing or being terminated, and you may lose the coverage and benefits associated with the policy.

  2. Providing false or incomplete information: Providing inaccurate or incomplete information when applying for an insurance policy, such as concealing pre-existing health conditions or providing false personal details, can result in the policy being voided or denied.

  3. Policy violations: Engaging in activities that are prohibited by the insurance policy, such as participating in hazardous activities or committing fraud, can result in the policy being voided or terminated.

  4. Policy exclusions: Insurance policies typically have exclusions, which are specific situations or conditions not covered by the policy. Failing to understand and comply with these exclusions can result in denial of claims.

  5. Non-disclosure of material information: Failing to disclose material information, such as a pre-existing health condition or a risky lifestyle habit, can result in claim denials or policy termination if discovered later.

  6. Policy limits: Not being aware of the coverage limits of your insurance policy and exceeding those limits can result in claim denials or reduced payouts.

  7. Policy cancellations: Cancellation of the policy due to non-payment of premiums or request for policy termination can result in loss of coverage.

  8. Policy riders: Not understanding the terms and conditions of riders (additional benefits) attached to your policy, and not adhering to the requirements, can result in loss of those rider benefits.

  9. Changes in personal circumstances: Failing to notify the insurance company of changes in personal circumstances, such as changes in health, occupation, or lifestyle, can result in policy violations and claim denials.

  10. Policy term expiration: Not being aware of the expiration date of your insurance policy and failing to renew or extend it in a timely manner can result in loss of coverage.

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