Know Your Responsibilities as an Insurance Policyholder

The responsibility of an insurance policyholder does not end when the policy is signed, approved, and handed over to you. It also goes beyond simply paying the required premiums. Just as there are certain expectations from the insurance company, the policyholder also has responsibilities to ensure a satisfactory experience.

1. Be honest in providing information. Insurance is different from other transactions because it often involves personal details, such as health conditions or lifestyle practices. It is important to disclose material information and to avoid misrepresenting facts when getting an insurance policy.
   
   The policyholder needs to be as transparent as possible when it comes to the information required by the insurance company. Dishonesty can result in the cancellation of the policy and the inability to claim the benefits under the insurance. This is a case where honesty really is the best policy.
   
   There may be some people who feel uncomfortable dealing with such personal topics. This is why it is necessary to deal with a trusted company, such as BPI AIA, to ensure the safety of such sensitive information.
   
   It is not unusual for information to change in the future. You can move away, get married, or change your name. Simple details like your phone number or address can be changed easily by logging onto My AIA and updating your contact details there.
   
   However, more substantial changes like discrepancies in the policies, amendments will have to be filed. In these cases, call our Customer Service hotline at (02) 889-10000 (PLDT toll-free 1-800-188-89100) then press 7 for assistance.
   
   It is important to note that changes in your status or your birthday require the submission of documents like the BPI AIA Amendment Form and other legal requirements.
   
   
2. Understand what the policy contains. The policy provides a reference for the policyholder on the benefits to be received from the insurance company once a claim is made. It also outlines the circumstances where claims cannot be made. As such, the policyholder cannot expect anything beyond what the policy contains.
   
   It is the responsibility of the policyholder to understand what the policy covers. Although policies are often lengthy and use complicated terms, the policyholder should exert the effort to make sense of it fully. A careful review of the policy is always necessary.
   
   Ask questions, and if things are still unclear, ask again. BPI AIA bancassurance sales executives will be happy to assist you. After all, it is their responsibility to ensure that clients are informed of the policies they get. However, it is still upon the policyholder to be proactive in getting clarification on the parts they do not understand.
   
   
3. Meet the procedural requirements when claiming a policy. Benefits do not automatically apply when the insured event happens. The policyholder has to take certain steps to get the coverage indicated in the policy. There is a very simple and practical reason for this: it would be impossible for the insurance company to know what happens in the daily lives of all its clients. Thus, it needs to be informed promptly and in writing that a claim will be made.
   
   The policyholder is also responsible for cooperating with the insurance company and providing the information and documentation needed to process claims.
   
   
4. Keep the policy active. Paying your premiums on time is one of your responsibilities as a policyholder. Keeping the policy updated and active means that you get what you signed up for, which is the assurance of the benefits specified in the policy.
   
   However, there is a 31-day grace period given if you are unable to pay on the due date. During this time, the policy is still in force and you can pay the premium without interest. Failure to pay during the grace period will allow the policy to lapse. You will then have three years to reinstate your policy.
   
   
5. Keep the policy in a safe place. The policy is a legal document, and it should be treated as one. It's important to keep it in a safe place where you can access it anytime to check policy details when needed. If you misplace the policy, you run the risk of missing out on financial benefits should the insured event arise.
   
   Another risk that comes with losing a policy is that someone could access your personal information. That in itself is a security risk. It is also possible that someone can make changes to your policy without your knowledge if they get a hold of your policy and what it contains.
   
   If you lose your BPI AIA policy, you can request a new one by filling out a Request for Replacement of Lost Policy form.

Insurance is like a two-way street. You gain certain responsibilities when you avail of insurance, and being able to meet them ensures a full maximization of the protection provided by the policy.

If you have any questions about your policy and what BPI AIA can do for you, please do not hesitate to get in touch with us.