Common banking truths that are often ignored

Banks and banking are a part of our daily lives. We frequently use banking apps and online platforms to deposit, withdraw, and transfer funds. We also use the banking channels to invest our money and avail different types of insurance. But how many of us truly understand the basics of banking?

With banks offering various types of accounts and services, it’s easy to lose track of common banking details. Most people focus on the big picture and hardly pay attention to the smaller details like minimum balance requirements, charges, etc. Banks offer dozens of products and services and sometimes, these seem so similar that we can easily ignore some important information.

With our #FarzBantaHai campaign, we are taking an effort to educate people about basic yet important banking facts. Every bank has a duty to treat you with absolute honesty and transparency in all of its dealings. Additionally, all important terms and details must be expressed in plain, and straightforward language. Our #FarzBantaHai initiative stands for this. We are revealing some fundamental banking realities through three captivating stories.

Let’s uncover some basic and important truths.

Truth 1: Disclose complete medical details in insurance forms

When purchasing health insurance, an insured is required to reveal all health-related information in the proposal form. To avoid any misunderstandings while making claims, it is in the policyholders’ best interests to thoroughly disclose their medical history. The failure to disclose such information has a negative side as well. The insurer may assert that there was a breach of full disclosure and reject the claim.

The medical history is frequently mentioned by doctors and hospitals on prescriptions and discharge reports. In general, insurers review such documents and compare them with the disclosures made in the proposal form.

Non-disclosure raises red flags and causes disagreements over claims. Any significant medical issues that the person or their parents have, should be disclosed. It is always a good practice to stay fair, honest, and transparent while filling up the insurance details in the forms.

Dropping truth bombs is not easy, but it must be done. Watch this video to know how we go a step ahead to deliver important details related to insurance policies. After all, #FarzBantaHai