Before the Year Ends: 5 Things Every Policyholder Should Review

The year’s coming to a close, resolutions are being set, goals are being ticked off, and it’s also the perfect time to revisit something most of us overlook: our insurance policies.

Think of it as your financial health check-up. A quick check to ensure you’re entering the new year protected and prepared.

Here’s a checklist every policyholder should run through before the year ends

1. Check Your Renewal Dates

Before the festive chaos takes over, glance at your policy expiry dates. Motor, health, life, home, whatever you’ve got, mark the renewal dates on your calendar (or set reminders).

Renewing on time ensures:

• Continuous coverage with zero lapses
• No break in benefits or waiting periods
• Avoiding higher premiums due to policy reinstatements

Quick tip: Renew early. It’s one less task to worry about in January.

2. Review Premium Payments

If you’ve set your policies on auto-pay, that's great! But it’s still wise to check your premium receipts and payment frequency. Confirm that:

• All payments are up to date
• You’ve received valid receipts
• There haven’t been changes in premium amounts

If your income or expenses have changed this year, consider reevaluating your premium vs. coverage ratio. Check whether you’re underinsured or overpaying.

3. Review Your Claim History

Go through your claim records for the year. Were any claims denied, delayed, or partially settled? Reviewing these can help identify:

• Gaps in your current coverage
• Exclusions you didn’t know existed
• The kind of support your insurer actually provides when it matters

If you’ve had a smooth claim experience, that’s one less thing to worry about! If not, it might be time to explore a provider that values service as much as sales.

4. Update Your Beneficiary Details

Life changes, marriages, kids, dependents, and financial priorities. Your insurance should reflect those changes as well!

Ensure your nominee or beneficiary information is accurate and up to date. Outdated details can cause major legal and financial issues for your family during a claim.

Quick Tip: Review beneficiaries annually, just like you’d update your emergency contacts.

5. Reassess Your Coverage & Tax Benefits

Your lifestyle and income may have evolved since you first bought your policy. Ask yourself:

• Is my coverage still adequate for my current life stage?
• Have I added new financial responsibilities this year?
• Am I maximising available tax benefits under Sections 80C, 80D, etc.?

A quick review with your insurance advisor can help you fine-tune your policies for maximum protection and smarter tax planning.

In Summary:

As you wrap up the year, take 30 minutes to review your insurance checklist.

It’s one of the simplest ways to:

• Avoid policy lapses
• Strengthen your coverage
• Save more through tax benefits
• Start the new year financially secure

Because protection isn’t a one-time purchase; it’s a habit.

Ready to start your review?

Shift Risk helps you simplify your policies, identify coverage gaps, and renew smartly, all before the year ends. Talk to a Shift Risk advisor today and step into the new year with confidence.

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