A life cover is taken so that , in the case of an eventuality, your dependents are taken care of with the money that one was insured against. Normally the bread winner of the family would invest into such plans. Earlier, or to be specific, LIC agents, would keep a note of all their customers and keep in touch with them. Incase they found that one of their clients have passed away, they would themselves take up the matter and get the money to their dependent.
But those days are gone, when the agents would be loyal to the customers. Today, they keep changing companies, places and even their clients. So basically, you, ie the person who is taking an insurance should keep his/her dependents updated of the Insurance plans taken. So that after an eventuality they know that they have been covered. Having said this, its not easy to tell this directly. I would advice the following, whichever suits you well or all of them.
[1] Tell your main dependent that a particular Insurance has been taken. Direct Approach.
[2] Tell your close friend about all the plans that you have taken. Maybe an office colleague whom you are very close with and normally do all your investment plans together.
[3] Keep all your insurance documents in one place in the house and keep others updated that ALL the insurance documents are in a given file. You need not tell them the details of the investments. They will find out when its needed. This is what I follow.
[4] Send an email to your Dependents and close friend on the policy that you have taken with the policy details and Insurance Company name.
Whichever approach you find easier to follow and practical, please follow the same. If there is any other way you do, then nothing stopping you. But the important part is that, your dependent's should know of all the insurance taken. As thats the only thing that will take care of them in your absence.
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