If you are buying a Unit Linked Insurance Policy (ULIP), then definitely ask questions related to different charges, fund options, fund switching. Whenever you are filling the form to buy an insurance policy, fill it completely and with correct information.
Your life and your earning capacity are the greatest assets you and your family have. 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 consider some things. It is also important to keep in mind what to do and what not to do while buying a life insurance policy. Come, let us discuss these things here.
Know what to do while buying a policy
Why are you buying the policy and ask lots of questions
Whenever you are thinking of buying a policy, consider why you are buying insurance and what are your main needs and expectations. Always make decisions with an open mind but be cautious about advice and information. Ask lots of questions about policy options to find what’s right for your needs. Find policy details. Such as whether it is a single premium or regular premium policy. According to the insurance regulator IRDAI, you should also see how you can pay the premium annually, half yearly or quarterly. Is there any ECS (Electronic Clearing Service) payment option to make your premium payment secure and easy.
Fill the form carefully and individually
Whenever you are filling the form to buy an insurance policy, fill it completely and with correct information. Just remember that you are responsible for its content. You should also ensure that the information provided by you cannot be disputed during the claim. In this regard, make sure that you have also filled the nominee form. Also, if the form is in one language and you are answering the questions in another language, make sure that the questions have been explained to you correctly and that you have fully understood them. You will have to declare this in the proposal form.
keep a copy 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 (ULIP), then definitely ask questions related to different charges, fund options, fund switching. Also ask what the options would be if you discontinue or surrender the policy or would like to make a partial withdrawal of funds.
Don’t do this while buying a policy
The insurance regulator says that while buying a life insurance policy, do not leave any column blank in the proposal form. Take special care that the proposal form should not be filled by any other person. Don’t let anyone else fill it. A very important thing is that while buying insurance, do not hide any information or fact. By doing this you may face problems while making an insurance claim. Lastly, keep in mind that you should always pay your insurance premium on time. There should be no delay in this.
