What Are Do's and Don'ts of Life Insurance Policy?
Updated On Dec 20, 2023
Life insurance is one of the most important insurance products when it comes to getting a life protection cover for you and your loved ones. In fact, in today’s uncertain times, investing in a life insurance plan has become an important part of financial planning. This is mainly because, with the help of a life insurance plan, it becomes easier to secure the future of your loved ones even in your absence. However, there are certain do’s and don'ts that you must adhere to when you are buying a life insurance plan. Read on to understand the dos and don’ts associated with life insurance plans that you should be aware of.
Table of Contents
- Do’s and Don’ts in Life Insurance
- 1. Do Proper Research:
- 2. Understand your requirements:
- 3. Buy a life insurance plan from a reputed company:
- 4. Compare the different life insurance plans:
- 5. Do not conceal any information:
- 6. Don’t be quick in buying a life insurance plan:
- 7. Don’t respond to fake insurance calls:
- 8. Don’t raise false claims:
- Take Away
Do’s and Don’ts in Life Insurance
Here is a list of do’s and don’ts that you should consider when buying a life insurance plan:
1. Do Proper Research:
While buying a life insurance plan, it becomes important that you do proper research. With so many life insurance plan options available, you should conduct research by exploring the plans online or by directly getting in touch with different insurance companies. This will help you in getting a clearer picture of life insurance plans.
2. Understand your requirements:
It is very important that you first understand your requirements and future goals when buying a life insurance plan. You must also analyse your budget and buy a life insurance plan that fits your budget so that you can pay life insurance premiums on time.
3. Buy a life insurance plan from a reputed company:
It is a wise decision to buy life insurance plans from a reputed company. This will help you in getting your life insurance claims settled on time. Thus, prefer buying life insurance plans from a reputed company that has a higher claim settlement ratio.
4. Compare the different life insurance plans:
With so many life insurance plans being offered by different insurance companies, it often becomes difficult to pick the right plan. So, the best way is to compare the different life insurance plans and check their benefits and only then invest in any life insurance plan.
5. Do not conceal any information:
When you are buying a life insurance plan and filling out the proposal form during the process, make sure to not conceal any information. If you conceal information like pre-existing diseases, then there are chances that when you raise a life insurance claim, it will get rejected.
6. Don’t be quick in buying a life insurance plan:
You should never be in a hurry to buy a life insurance plan as the same might result in you buying a plan with inadequate life coverage. You should consider different factors like premium payment frequency, coverage offered, exclusions of life insurance plans, and others and thus not be in a hurry while buying life insurance plans.
7. Don’t respond to fake insurance calls:
Many a time, some individuals fake that they are calling from IRDA or other insurance governing bodies to get your personal information and money. They do so by luring you with attractive offers on insurance plans. So, be alert and never share your information with anyone, unless verified.
8. Don’t raise false claims:
You should never raise a false life insurance claim as this will result in the rejection of your claims. This will also reduce the chances of you buying life insurance plans in the future.
Take Away
While buying life insurance plans, make sure to adhere to the above-mentioned do’s and don’ts. You can also contact us at InsuranceDekho to buy the best life insurance plan for yourself.
