Things to Check before buying insurance Some things like policy liquidity, waiting period claim conditions and features available in the policy should be compared before buying insurance. With the help of all these information, you can choose a good policy according to your needs with great ease and ease
Things to consider before buying insurance: Buying an insurance policy is a tricky business. The main reason for this is that many such terms and conditions are added by the insurance companies, which become very difficult for a common man to understand without any knowledge. But if some points are considered, then you too can easily understand the terms and conditions of any insurance policy.
1.Compare Policy Liquidity
Many insurance policies come with lock-in periods and restrictions on early withdrawal. For this reason, one should compare the liquidity before taking any insurance policy.
2.waiting period
In health and term insurance, the waiting period is given by the insurance companies, whenever you take any insurance policy, always compare the waiting period.
3. Don’t Expect Bonus
The bonus in any life insurance policy depends on the profits of the company. There is no guarantee for this. For this reason, whenever you take an insurance policy, never compare on the basis of the bonus mentioned by the agent.
4. Compare Claim Terms
In the first two and three years, many times the claim of the policy is rejected by the insurance company for the reason that the correct information was not given by the customer . Section 45 of the Insurance Act 1938 prohibits rejection of a policyholder’s claim for these reasons after three years of taking the policy.
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5.Compare Feature
Most people only look at the coverage and premium when comparing insurance, but this is not the right thing to do. While taking insurance, you should also compare the facilities available in it.
