When to take life insurance!
When it comes to life insurance, almost everyone takes out a life insurance policy, the main objective of which is 1]. savings, 2]. Sureksha, 3]. Tax Planning, 4]. Pension Plan. etc.
Life insurance is special when taking out a person who is the main earner, so that the family does not face financial hardship when he dies, there is another purpose, Critical Illness i.e. a situation where the main person (insured) gets an illness. . That's when this insurance comes in handy. Points to keep in mind while taking out insurance.
- Every insurance agent (agent) is licensed by IRDA (Insurance Regulatory and Development Authority).- It is the prime duty of every IRDA licensed person to provide complete and true information about the insurance to the customer.
- Explain your requirement to the agent before taking out the insurance. So that he can explain the relevant scheme in the policy without variation as per your requirement.
- When deciding to take out an insurance policy, ask for a printout of each policy term in the specific regional language. And if possible get the signature of the agent or branch manager of the company.
- Keep a photo copy of the details of the insurance agent to whom the policy has been explained (his KYC) in the file.
- While taking the insurance policy, do the country calculation yourself, and do not take the policy with words like "Subject to market risk", do not take the policy with NAV base or floating return. Because a life insurance policy is taken to cover the risk after death, not to get a return.
· If possible, take a term plan, in which you get a very high amount of insurance cover at a very nominal premium. Investing in gold certificates or other means for investment.
- Do not calculate investment with insurance cover if possible.
- The policy should be decided keeping in mind the above matters in the policy, after that get the details of the procedure for the death claim. Where, how to claim death. What will the crow need! etc. The first point of view is the death claim point of contact, grievances officer, senior officer of the insurance company, Grievances Cell of IRDA and also record the information above in the file of the insurance company.
Because, the person taking out the insurance may have knowledge of law, but after death the members of the family cannot be pushed from office to office to table to table.
- If the insurance is taken out at a young age, calculating the premium amount. Keeping in mind the various responsibilities of the family as the age increases and the expenses increase. Can take out more than one insurance.
- Insurance premium has to be paid every year, don't take out insurance during festivals, because every year the premium has to be paid during festivals which should always be taken care of.
- To inform the members of the household that the insurance is due, and also to explain each term of the insurance to the members of the household.
- Insurance should be insisted on from the Central Government Undertaking Company.
These general guide lines are suggested before taking out insurance. Adequate care should be taken while taking insurance, so that the backer does not face any problem at the time of insurance claim, or has to get into any legal litigation, God forbid a legal dispute, then strong details are available on file to levy legal cash for the backer.
