Bangkok: The Office of Insurance Commission (OIC) has issued a detailed 10-point checklist for individuals purchasing life insurance through agents, emphasizing the importance of correct premium payment and ensuring continuous coverage.

According to Thai News Agency, the OIC advises prospective buyers to thoroughly review and understand the information provided, ensuring that the insurance transaction is both correct and transparent. The first recommendation is to recognize life insurance as a risk management tool, not a savings account, emphasizing the insurer's obligation to provide compensation in covered events like death or injury.

The checklist also advises verifying the agent's license through official channels such as the OIC website or the "Kon Klang For Sure" application. Buyers should ensure the agent's license is valid and they are affiliated with the correct company.

Defining personal objectives before selecting a life insurance policy is crucial, allowing the agent to recommend suitable products. Buyers should choose a plan voluntarily and assess their financial ability to pay premiums throughout the contract term to avoid impacting financial liquidity.

Understanding coverage details and completing the application form accurately is essential. The OIC stresses the importance of honest information to prevent policy rejection or future claim denial. Buyers should also be aware of their rights, including the timeframe for policy cancellation, which is 15 days from receipt or 30 days if purchased via telephone.

Premiums should be paid directly to the life insurance company's account to avoid fraud, and buyers should keep proof of payment. Life insurance agents must provide clear contact information and claim procedures to ensure policyholders can exercise their rights appropriately.

Finally, upon receiving the policy, buyers should verify its details against the agent's description and address discrepancies promptly. Paying premiums through the correct channels and retaining proof ensures full and continuous coverage, safeguarding the policyholder's financial security.