10 Things to
while Buying Term Insurance
Do not go for a cover which is smaller in size. As a thumb rule choose a cover which is atleast 7 times your annual income
Smaller Policy Term
Many people take smaller terms as they are inexpensive while forgetting that the Average Life expectancy is 70 years in India.
Hiding Medical Conditions
Hiding medical condition that you have while buying insurance can have a negative impact during claim settlement
Buying Insurance late in life
If you wait for too long the premiums become very expensive and the chances of getting a policy from insurance company also decrease.
Low claim settlement ratio
Check claim settlement ratio of insurance companies and avoid insurance companies that have low claim settlement ratio.
& Drinking Habits
It is very important to disclose if you are a smoker. Hiding this material information can lead to rejection of claim settlement.
Not opting for riders
Companies offer disability, terminal illness, hospicare riders which buyers should consider adding to their base policy.
Not checking the filled form
If you have not filled the form yourself then it is important that you check the completely filled form before submitting it to the insurance company.
Nominees not informed
It is important that nominees are informed that you have bought an insurance policy and also share the payment receipts.
Cancelling policy due to loading
Sometimes post medical check up insurance company adds a loading charge on the premium. A buyer should accept it.
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