HDFC Life presents unique MID for customers

HDFC Life Insurance Company has come up with a first of its kind ‘Most Important Document’ (MID).

What is MID?
MID is one page questionnaire which is a set of yes/no statements to confirm that the customer is fully aware of the policy details like the policy term, premium amount, sum assured, frequency of the payments etc.

These minor details are of great importance to a customer who may not have the time to go over the entire policy document. ‘Most Important Document’ has to be compulsorily filled and duly signed by customers. In a way it is an acknowledgement from the customers stating that they have completely understood the terms of the policy. This will curb any mis-selling that may occur due to incomplete disclosure of the policy terms.

It is a good initiative by HDFC Life, previously they have come up with 30 days free look period in their policies.

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Originally Posted by Rahul

It is a good initiative by HDFC Life, previously they have come up with 30 days free look period in their policies.

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Yes (read here - http://www.policywala.com/forum/show...look-in-period), But I feel other insurance companies also has to raise the time limit for free look period to 30 days. 15 days are too less for policyholder.