Buying life insurance is an important decision and you need to be sure
that you take this decision prudently. If you are planning to buy life
insurance here are some do’s and don’ts that you should be mindful of.
The
Do’s
1) The first thing you
need to do is to understand your insurance requirement. Try to assess the sum Assured you
need, the tenure of the cover and the various Riders that you would like
to include in your policy.
2) Know the
various options you have in terms of the types of insurance policies to cover
your insurance objectives. You can seek advice from various insurance advisors.
Be open in your thought process as this will help you take a better decision.
3) Understand the
costs involved in a life cover. Especially, if you are looking to buy a ULIP
know the various charges that would be levied on the Policy such as
policy administration and Premium allocation charge. Also, try and understand
the various fund options available and whether the switching benefits are
allowed.
4) Make sure you fill
the Proposal form of the policy on your own.
The
Don’ts
1) Do not hide any
facts while filling up the proposal form. If you are found guilty of hiding
information, this could have a bearing on your claims.
2) While seeking
advice on life
insurance from insurance advisors do not be carried away with their
promises, unless it is offered in written as part of the policy brochure.
3) Do not miss or
delay the premium payment.
Source: http://www.easypolicy.com/KnowInsurance-A/Do-s-and-Don-ts-While-Buying-Life-Insurance-
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