5 Things to Keep in Mind While Buying Life Insurance Policy
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5 Things to Keep in Mind While Buying Life Insurance Policy

Term Insurance Quote
  • 17th Jul 2018
  • 4,263

5 Things to Keep in Mind While Buying Life Insurance Policy

Here are 5 things to keep in mind.

We are pleased that you have put your trust in us. Let’s take a look at some essential steps to take once you receive the policy document in your hand. If there is something amiss with it, you can take immediate corrective actions and save yourself trouble down the road.

Check the policy for errors, omissions and exclusions:

Always read the fine print of the policy document. Check all your personal information, bank details, contact details and nominee details correctly. Also review the policy benefits, sum assured, policy term, and the premium amount. If you have doubts, call the insurance company and get your answers.

Inform your loved ones about the policy:

It is a good practice to inform and maintain a written record about details of the policy and leave simple instructions that can be accessed by your dependents when you are not around to guide them.

Keep the policy document safe:

Your original policy bond is an important document that ought to be kept safely. It’s a good practice to keep digital records for your review.

Set a reminder for the next premium to be paid

If you have several insurance policies, keeping a track of their due dates will be exhausting. You can save yourself the hassle by automating your premium payments via your bank or credit card.

Educate the dependents on the claim process

It’s important to inform your nominee about the claim settlement process. In case of an unforeseen event, they should be able to claim without facing any difficulty.

Read more on: What to Do After Buying a Term Insurance

Stay Protected, Stay Secure. Jano Hamesha.

- A Consumer Education Initiative series by Kotak Life

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