These are a list of general tips which are a must before buying a policy. For specific queries, refer to FAQs or write to us at email@example.com
- Is it the product which you want?
Decide your requirement very clearly before meeting the agent. DO NOT let the agent dictate your requirements. Very often, we end up buying a policy which the agent wishes to sell. Always refer to the printed company brochure for details about the policy and not claims being made by the agent.
- Ask for a split of the premium
The premium which you pay will be a combination of charges - some of them purely to cover the risk and some of them as overheads. In case of investment products, the overheads are pretty high and it is best you know exactly where the premiums paid by you are being used. Also, ensure that unnecessary riders are not being slipped in without your knowledge. They always come at a price. There are no freebies!
- Always check for Exclusions
Check in what eventualities, the insurance cover will not be valid. You would not want any surprises in the event of a claim.
Enter nominee details clearly and accurately. The entire purpose of taking an insurance policy is to benefit the nominee in case of any unfortunate event. You would not want them to go through unnecessary trouble as the nominee details have not been clearly mentioned.
- There is a Free-look Period
All insurance policies can be cancelled within 15 days of receipt, in case you are not satisfied.
... and of course as they specify in a lot of financial products now-a-days - please read the offer document carefully before investing