Insurance Tips: Keep these things in mind while buying a life insurance policy, you will be in profit..


Every person wants that his family should always be happy and the family members should not face any kind of problem. Your life and your earning capacity are the greatest assets you and your family have. A life insurance policy is the best way to take care of your family even after your lifetime. In such a situation, it is important to decide to buy a good insurance policy. But whenever you are taking a life insurance policy from an insurance company, you should keep some things in mind (Life Insurance Tips). It is also important to keep in mind what to do and what not to do while buying a life insurance policy. Come, let us discuss these things here.


Know what to do and what not to do while buying a policy

Why are you buying insurance?

If you are thinking of buying a policy, then consider why you are buying insurance and what are your main needs and expectations. Always make decisions with an open mind but be cautious about advice and information. Ask lots of questions about policy options to find what's right for your needs.

Find out the policy details (check policy details). Such as whether it is a single premium or regular premium policy. According to the insurance regulator IRDAI, you should also see how you can pay the premium annually, half-yearly, or quarterly. Is there any ECS (electronic clearing service) payment option to make your premium payment secure and easy?

Be careful while filling out the form

If you also want to buy a life insurance policy, then whenever you are filling out the form to buy an insurance policy, fill it out completely and with the correct information. Just remember that you are responsible for its content. You should also ensure that the information provided by you cannot be disputed during the claim.

Make sure that you have also filled out the nominee form (the process of buying an insurance policy). Also, if the form is in one language and you are answering the questions in another language, make sure that the questions are explained to you correctly and that you understand them completely. You will have to declare this in the proposal form.

Keep a copy safe with you

On this, experts say that you must keep a copy of the completed proposal form signed by you. This may include any mutually agreed declarations and conditions for your records. If you are buying a Unit Linked Insurance Policy, then definitely ask questions related to different charges, fund options, and fund switching. Also, ask what the options would be if you discontinue or surrender the policy or would like to make a partial withdrawal of funds.


Do not make this mistake while buying a policy

Whenever you buy a life insurance policy, do not leave any column blank in the proposal form while buying a life insurance policy (life insurance policy guidelines). Take special care that the proposal form should not be filled by any other person. Don't let someone else fill it.

A very important thing is that while buying insurance, do not hide any information or fact. By doing this you may face problems while making an insurance claim. Lastly, keep in mind that you should always pay your insurance premium on time. There should be no delay in this.

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