WHAT TO DO AND NOT TO DO BEFORE BUYING A LIFE INSURANCE POLICY

WHAT TO DO AND NOT TO DO BEFORE BUYING A LIFE INSURANCE POLICY

WHAT TO DO AND NOT TO DO BEFORE BUYING A LIFE INSURANCE POLICY: IN EVERYONE’S LIFE THE MOST IMPORTANT THING IS THAT WHAT YOU ARE EARNING RIGHT NOW AND WHAT YOU WILL GET AFTER RETIREMENT OR WHAT YOUR FAMILY WILL GET AFTER DEATH AND YOUR EARNING ABILITY ARE THE BIGGEST ASSETS YOU AND YOUR FAMILY HAVE. A LIFE INSURANCE POLICY IS THE BEST WAY TO TAKE CARE OF YOUR FAMILY EVEN AFTER YOUR LIFETIME (DEATH). TODAY WE WILL DISCUSS ABOUT WHAT ARE THE MOST IMPORTANT THINGS WHICH YOU HAVE TO DO AND  NOT TO DO BEFORE BUYING A LIFE INSURANCE POLICY.




WHAT TO DO AND NOT TO DO BEFORE BUYING A LIFE INSURANCE POLICY

General Advice for Life Insurance

WHEN YOU DECIDE TO BUY AN INSURANCE POLICY:
  • READ THE POLICY BROCHURE/ PROSPECTUS CAREFULLY AND GET TO KNOW WHAT THE POLICY COVERS AND DOES NOT COVER
  • CHECK IF THE COMPANY SELLING THE POLICY IS REGISTERED WITH IRDA
  • MAKE SURE YOU BUY THE POLICY THROUGH A GENUINE LICENSED AGENT OR BROKER. ASK FOR AN IDENTITY CARD OR LICENCE
  • YOU CAN ALSO BUY POLICIES FROM THE COMPANY DIRECTLY

WHAT TO DO BEFORE BUYING A LIFE INSURANCE POLICY

    1. CHECK DIFFERENT KIND OF COMPANIES AND POLICIES AVAILABLE IN THE MARKET.
    2. THERE ARE 52 OPTION (52 COMPANIES)FROM WHERE YOU CAN BUY INSURANCE.
    3. THINK THROUGH WHY YOU ARE BUYING INSURANCE AND WHAT CORE REQUIREMENTS AND EXPECTATIONS
    4. SEEK AND RECEIVE ADVICE AND OPTIONS PATIENTLY
    5. BE OPEN-MINDED BUT CAUTIOUS ABOUT THE ADVICE AND INFORMATION YOU GATHER.
    6. ASK LOTS OF QUESTIONS ABOUT THE POLICY OPTIONS TO SEE WHAT FITS YOUR NEEDS.
    7. FIND OUT POLICY DETAILS LIKE: WHETHER IT IS A SINGLE PREMIUM OR REGULAR PREMIUM POLICY WHICH IS THE BEST PREMIUM PAYMENT FREQUENCY THAT SUITS YOU EG: ANNUAL, QUARTERLY ETC. WHETHER THERE IS AN ECS (ELECTRONIC CLEARING SERVICE) PAYMENT OPTION TO MAKE YOUR PREMIUM PAYMENT SAFE AND EASY




  1. ENSURE YOU FILL NOMINATION DETAILS.
  2. MAKE SURE THAT THE INFORMATION YOU GIVE CANNOT BE DISPUTED DURING A CLAIM.
  3. FILL THE PROPOSAL FORM VERY CAREFULLY AND PERSONALLY
  4. FILL IT COMPLETELY AND TRUTHFULLY, REMEMBER YOU ARE RESPONSIBLE FOR ITS CONTENTS.
  5. MAKE SURE THAT THE INFORMATION YOU GIVE CANNOT BE DISPUTED DURING A CLAIM.
  6. ENSURE YOU FILL NOMINATION DETAILS.
  7. IF THE FORM IS IN ONE LANGUAGE AND YOU ARE ANSWERING THE QUESTIONS IN A DIFFERENT LANGUAGE, ENSURE THE QUESTIONS ARE EXPLAINED CORRECTLY TO YOU AND THAT YOU HAVE UNDERSTOOD THEM COMPLETELY, REMEMBER YOU HAVE TO GIVE A DECLARATION TO THIS EFFECT IN THE PROPOSAL FORM.
  8. KEEP A COPY OF THE COMPLETED PROPOSAL FORM YOU SIGN AND ANY DECLARATIONS AND TERMS AGREED UPON MUTUALLY FOR YOUR RECORDS.

Read This Also:How to Buy Life Insurance Online

Read This Also:WHY BUY HEALTH INSURANCE AND WHAT INSURANCE TO BUY

Read This Also:HOW TO PURCHASE LIFE INSURANCE AND BY WHOM

IF YOU ARE BUYING UNIT LINKED INSURANCE POLICIES (ULIPS) ASK SPECIFIC QUESTIONS ABOUT:

  • VARIOUS CHARGES
  • FUND OPTIONS
  • SWITCHING OF FUNDS

BENEFITS IF YOU

  • DISCONTINUE THE POLICY
  • SURRENDER THE POLICY
  • MAKE A PARTIAL WITHDRAWAL OF FUNDS



WHAT NOT TO DO BEFORE BUYING A LIFE INSURANCE POLICY

  • DO NOT LEAVE ANY COLUMN BLANK IN THE PROPOSAL FORM
  • DO NOT LET ANYONE ELSE FILL IT UP
  • DO NOT CONCEAL OR MISSTATE ANY FACTS AS THIS COULD LEAD TO DISPUTES AT THE TIME OF A CLAIM
  • DO NOT MISS OR DELAY YOUR PREMIUM PAYMENT

I HOPE THIS ARTICLE WILL HELP YOU TO UNDERSTAND ABOUT THE THINGS ABOUT WHAT TO DO AND NOT TO DO BEFORE BUYING A LIFE INSURANCE POLICY.

ABOVE STATED ARE THE IMPORTANT THING WHICH WE HAVE TO TAKE CARE ALSO OTHER THINGS WHICH WE NOT DISCUSSED IN THIS BLOG HAVE TO KEEP IN OUR MIND.

 

Read This Also: Kya India main private insurance company se Insurance buy karna chahiye ?

Read This Also: PPF account se paisa kab nikal saktey hain

Read This Also: Top 5 Best Insurance Companies India Main Kon Se Hain

Read This Also: PPF Yani Ke Public Provident Fund Ke Baare Main Jaankari

Read This Also: Kya Children Yani Ke Baccho Ka Insurance Karwana Chahiye ?

Read This Also:WHAT LIFE INSURANCE TO BUY ?

Dosto main ummeed karta hu ke aapko hamara ye post WHAT TO DO AND NOT TO DO BEFORE BUYING A LIFE INSURANCE POLICY pasand aaya hoga yadi aapko hamara ye article WHAT TO DO AND NOT TO DO BEFORE BUYING A LIFE INSURANCE POLICY pasand aaya ho to aap hame subscribe bhi kar saktey hain aur oopar diye huye doosre article bhi padh saktey hain.

Dhanyavaad aapka din shubh ho…..

Rizwan Ansari

Leave a Reply

Your email address will not be published. Required fields are marked *