Life insurance is purchased more as an obligation or an inconvenience bulldozed by an acquaintance, a friend, cousin or neighbor etc. Purchasing term insurance policies online can be one of the best financial decisions if the person considers few points.
Ask financial advisers to plot your requirements as well as options available. Understand policy features and know the benefits. Search online to learn about the different life insurance plans available in the Indian insurance market. Select the one that fits your needs after doing thorough research.
Remember to check credentials of the insurance company in India, especially conservation ratio to persistence and claim settlement ratio. In case person select insurance cum investment policy, then try to understand the life coverage first.
The investment return is to be estimated by deducting the net of charges. If you prefer a pure protection cover, then you should know that it only gives insurance but involves no saving element. Buying online term plan is more affordable as compared to the offline purchase.
As a responsible insured person, know the advantages available under the plan. If you opt for a unit-linked plan, the policyholder is entitled to a defined number of fund switches, active management of funds and premium redirection.
Mention the right nominee under the policy and insured can change nominee anytime during the permissible plan tenure. Policyholder needs to do it proactively. Confirm the premium amount, duration and frequency.
The benefit of life insurance is best experienced in terms of returns when policyholder stay invested for the complete t policy period. Insured will lose all the benefits if he or she cancel or surrender or drop the policy mid-way. Read and understand the significance of each norm and document which you submit.
Some insurers give a verification call to the insured person to make sure if the buyer is aware of the plan and its features during the onboarding procedure. Make sure you put active and correct contact details in the application form.
A policy is the proof of the agreement between the policyholder and the insurer. It includes all the details of the plan such as benefits, features, inclusions, and exclusions. So, read it carefully and keep it in a safe place. Carefully read all intimations, communications, and letters sent by the insurer.