Information required before the point of sale :

At this point, the knowledge of consumer needs to comprise of all those facts, data and any other information which is relevant to the customer to enable him to arrive at the decision as to whether the proposed product suits his needs or not. This comprises of the following:

(a) Awareness about the needs of the consumer

(b) Assessment of the financial capacity of the consumer to pay the premium

(c) Knowledge about the product benefits which suits his needs

(d) Costs and charges – both direct and indirect and its impact on the benefits under the policy and circumstances when the costs and charges could increase or come down

(e) Terms and conditions, including exclusions or circumstances under which a benefit is not payable or reduced benefit is payable

(f) Options available to the consumer under the product. For example, Paidup value, surrender, partial withdrawals etc. under an Unit linked life insurance policy

(g) Obligations of the consumer under the proposed product. For example, obligation to pay the premiums on time for continued benefit