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Every person wants that his family should always be happy and the family members should not face any kind of trouble. Your life and your earning capacity is the biggest asset of you and your family. Life insurance policy is the best way to take care of your family even after your lifetime. In such a situation, it is important to decide to buy a good insurance policy. But whenever you are taking a life insurance policy from an insurance company, you should keep some things in mind (Life Insurance Tips). It is also important to keep in mind what to do and what not to do while buying a life insurance policy. Let us discuss these things here.
Know what to do and what not to do while buying a policy
Why are you buying insurance?
If you are thinking about buying a policy, consider why you are buying insurance and what your main needs and expectations are. Always make decisions with an open mind but be cautious about the advice and information you receive. Ask lots of questions about policy options to choose the right policy for your needs.
Find out the policy details (check policy details). Like whether it is a single premium or regular premium policy. According to insurance regulator IRDAI, you should also check how you can pay the premium annually, half-yearly or quarterly. Is there an ECS (Electronic Clearing Service) payment option to make your premium payment safe and easy?
Be careful while filling the form
If you also want to buy a life insurance policy, whenever you fill out the form to buy an insurance policy, fill it completely and with correct information. Just remember that you are responsible for its contents. You should also ensure that there is no dispute on the information provided by you during the claim.
Make sure you have also filled the nominee form (process of buying an insurance policy). Also, if the form is in one language and you are answering the questions in another language, make sure the questions are explained to you properly and you understand them completely. You have to declare this in the proposal form.
Keep a copy safe with you
Experts say that you must keep a copy of the completed proposal form signed by you. This may include any mutually agreed declarations and conditions for your records. If you are buying a unit-linked insurance policy, be sure to ask questions about the various charges, fund options and fund switching. Also, ask what options you will have if you close or surrender the policy or want to make a partial withdrawal of funds.
Do not make this mistake while buying a policy
Whenever you buy a life insurance policy, do not leave any column blank in the proposal form while buying a life insurance policy (Life Insurance Policy Guidelines). Take special care that the proposal form is not filled by any other person. Do not let anyone else fill it.
A very important thing is not to hide any information or facts while buying insurance. By doing this, you may face trouble while making an insurance claim. Finally, keep in mind that you should always pay your insurance premium on time. There should not be any delay in this.