How to add a nominee if I am not getting the policy papers?

—Name withheld on request

You can start by scanning your income tax return. It is likely that you would have claimed income tax deduction for the premiums paid for your life insurance. This can help you quickly identify the year of payment. Once this is done, you can scan your bank account details for the actual amount paid and the name of the insurer. You can then approach the insurer to find out your policy number based on your contact details and identity proof.

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

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

—Name withheld on request

The claim settlement track record of the insurer is a good way of ascertaining the credibility of the insurer.

You should choose an insurer with more than 95% claim settlement track record. The number of complaints reported in relation to policies issued by another proxy firm to assess the customer service of the insurer. better less. This information is available in the annual report of IRDAI.

Abhishek Bondia is the Principal Officer and Managing Director of SecureNow.in.