FAQ - Janashakthi Insurance PLC

FAQs

Before you buy

Why Insurance?

Insurance is a great way you can transfer your life risks to an insurance company. You can transfer life risks such as:

Financial hardships a family will face in the event of the death of a bread winner
Medical expenses in case of hospitalization or critical illness
Income loss in case of a disability

Insurance plans are also a great way to invest or save for future financial needs. For an example:

Planning a retirement income
Investing money for a long-term goal
Building a higher education fund

In fact, insurance should be a vital component of anyone’s financial planning. After all shouldn’t we take every necessary step to safe guard our dreams and the lifestyle of our loved ones?

Is Insurance expensive?

The beauty of Insurance is, it is designed to protect you and your dreams. So, insurance premiums will always be built around what you need? There are some components that will affect a premium for example:

Age: Risk premiums tend to be cheaper for younger lives
Health: Your health matters. So, the healthier you are the lower your premium will be
Your lifestyle: Are you a habitual smoker/drinker or an extreme sports enthusiast? These might impact your premiums

Please don’t hide any facts such as these to get yourself a lower premium as providing misleading facts can create complications for you at the time of claims.

How do I select the right insurance for me?

The most important question for you to answer is, what is your immediate life priority?

Is it retirement planning?
Is it a health insurance need? Or
Is it something else?

We have developed a tool to help you decide on the right insurance plan. Click on the link and follow the simple instructions - http://www.janashakthi.com/recommendation/

Why do you have so many insurance plans?

Each one of us have varying needs and priorities in life! Unfortunately, there’s never a standard solution for all life’s wants and needs.

Our insurance solutions recognize this fact and come in all shapes and sizes!

Want help in deciding? Click on the link and answer a few simple questions - http://www.janashakthi.com/recommendation/

My adviser tells me I should upgrade my plan?

When deciding on an upgrade (purchasing a new policy) you should consider the following:

Has your life changed over the past year? E.g. new family members, change in income, greater responsibilities etc.
Have your needs in life changed? Perhaps you are newly married, or more aware about the need for retirement planning etc.
Is your policy out dated? The world keeps changing. For most of us the phone we had 3-5 years ago is outdated. Similarly, insurance is getting better and more comprehensive. For example, does your insurance plan cover hospitalization expenses? If so, is the coverage sufficient to keep up with current hospital rates?

Your financial services professional will have a greater understanding about these factors. So why not have a detailed chat with him. Always be comfortable about your new plan. After all it is to secure your future!

I would like to purchase a policy, what should I do now?

Great! We are always ready to help you.

Call us on – 0112 636 636 or e-mail us at insurance@janashakthi.com

In the meantime, have you tried our insurance recommender tool? Why not try it out http://www.janashakthi.com/recommendation/

If you own a policy

How do I know all the benefits I wanted are included in my policy?

An insurance policy is issued based on the details you submitted in the proposal form.
You will receive a policy document once we have accepted your proposal form and premium. Along with the policy document you will have receive a Policy Schedule plus any relevant endorsements (if applicable).
The documents contain all details related to your policy contract with us.
You must refer these documents at all time to ensure that you have been issued the benefits you have requested for.
If there are any differences, call us soon as you receive these documents.

Why should I include Nominees?

A nominee is someone who will receive benefits from your policy in case of the policyholder's death. You will have the flexibility of naming one nominee or many nominees. In addition, you can specify the percentage of benefits that should be paid to each nominee.
If you miss out on this. We will always refer to rule of land and pay the benefits to your legal heirs.

What are my premium payment options?

We have provided you a wide range of premium payment options so that you can choose an option convenient to you.

Standing orders:

Bank standing orders
Credit card standing orders

Salary deductions

Online payment options:

Credit & Debit cards
Online fund transfers using your online banking facility
Dialog Genie

Third Party options:

Super Market chains
At our branches

What happens if I miss my premiums?

Paying your premium on the premium due date is extremely important to keep your policy and benefits active.
If you miss paying on the premium due date, we will provide you a 45-day grace period. What this means is, even though your policy should have become inactive because you missed paying, we will maintain its active status for an extra 45 days. If an unfortunate event happens during the grace period you will receive the claim benefits.
However, if you fail to meet your premium obligations even after the grace period your policy will ‘lapse’ (become inactive). You will not be eligible to make any claims through your policy if an unfortunate event should happen while your policy remains lapsed.
You can reactivate your policy by paying the due premium. For more details visit https://secure.janashakthi.com/pm/

My policy has lapsed, how do I reactivate my policy?

Your policy lapses (becomes inactive) when you have missed paying your premium on the due date and the subsequent 45-day grace period.

If your policy has been inactive only for a short duration, you can activate your policy again by simply paying the premium outstanding.

However, if your policy had remained inactive for a long period any of the following scenarios may apply to you:

Reactivate your policy by paying outstanding premium and submission of a good health declaration.
Reactivate your policy after a premium revision (due to changes in your health) and paying outstanding premium.
If policy had remained inactive for over 3 years you will not be able to revive your policy unless the company grants special approval. This will mean you will not receive any future benefits from your policy. However, if your policy had acquired a surrender value you will be able to receive this value.

What is a surrender value?

Your policy will become eligible for a surrender value if your policy included a maturity value benefit and you have maintained your policy for 3 years or more by paying your due premiums.

The surrender value is payable in the following scenarios:

You wish to discontinue your policy
You have exceeded the allowed time period for policy reactivation (reinstatement)

Important: Surrendering your policy will mean you no longer are eligible for all the protection and saving benefits you obtained when you purchased the policy.

So, if you are surrendering the policy for a cash emergency, why not consider the following options first:

Policy Loan (if applicable)
Emergency cash withdrawal (if applicable)

Can I make changes to my policy?

We understand your life is not constant. There are many changes! So, we have provided room for you to make the following changes to your policy:

Adding (or removing) family members
Changing premium payment frequency (e.g. from monthly to annual)
Adding or removing optional benefits

Please remember that we (as the company) retain the right to decide whether we allow changes based on our underwriting rules. There might be situations where we request medical exams.

All changes generally come into effect at the next policy anniversary.

How do I use the online customer facilities?

Our online customer service portal is designed to make your life convenient and easy.

Here are some services available online:

Check policy details
Premium detail confirmation
Pay your premium
Submit your claim requests

To access this, you need to first sign up at: https://secure.janashakthi.com/eServices/eRegistration/registration.jsp

After signing up you can login at: https://secure.janashakthi.com/eServices/eServicesLogin/login.jsp?mode=NSTAFF

For any help, reach out to us on our hotline 011 2 636 636

How do I set up a standing order for premium payments?

If you want to set up a standing instruction for your premium payment

Please contact your insurance advisor or call us on 0112 636636

About Claims

How do I make a claim under my policy?

Insurance is all about providing you benefits. So, we have made every effort to make your claims experience convenient and friendly.

Why not try our online customer portal. Simply login using your user name and password and follow instruction for claims intimation.

You can also inform us about your claim over the phone by dialing 011 2 636 636.

What is a policy loan?

This is a loan you can obtain against your policy’s cash value (if applicable). Typically, a policy loan can only be obtained if you have at least paid premium for 3 years and your policy has completed 3 years.

To find out more details call us on 011 2 636 636 or login via our online customer portal.

How fast can I get a claim?

The time required to process a claim will depend on the type of claim.

If you have obtained GoodHealth cashless hospitalization benefit rest assured that we will settle your claim before you are discharged.

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