FAQs

Insurance is a mechanism through which persons transfer risk(s) to insurance companies at a fee called premium. The insurance companies in return promise to pay for the insured loss should it occur.

There are two forms of insurance namely life (long term) and general (short term). Life insurance are contracts for more than one year while general insurance contracts are for one year or less.

Yes. Under life insurance policy this action must be taken within the first thirty days after receiving the policy document. In case you cancel the policy within the thirty days, you will be refunded the whole premium paid less withholding tax. . Regarding general insurance business, cancellation of the policy will lead to a prorata refund of the premiums so far paid.

Failure to pay insurance premiums as stipulated in the policy amounts to breach of policy terms and conditions and leads to the termination of the contract.

If you have a life insurance policy and the insurance company is closed down, your policy remains valid and you should continue paying policy premiums throughout the remaining term of the policy. Failure to continue paying premiums leads to termination of the policy by the insurance company. You have the right to claim under the policy immediately the policy matures.

You will need to report any loss or damage to the insurance company in time and ensure that you submit all the necessary documents requested by your insurance company. You are required to co-operate with the insurance company to facilitate the smooth handling of the claim.