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What To Look For When Life Insurance For Any Member Of Your Family?

What To Look For When Life Insurance For Any Member Of Your Family?

Check That This Is The Policy That You Have Taken

The Information Of Your Nominee Should Also Be Correct, So That There Will Be Simplicity Of The Claim

Insurance can be a key part of your financial portfolio. So you should make sure that your policy is according to your expectations. These are five things that you should do when you get a policy document:

Check That This Is The Policy That You Have Taken:

Carefully check the policy you get, such that it is a policy that you have taken. See also if there is any talk about it, do not go away. Make sure that it is worthwhile by looking at the policy term, premium and the date it is due and the total amount received. For example, you have taken a term plan, but your policy has been erroneously recorded in the ULIP. If you have doubts, you should talk to the insurance company promptly.

Personal And Nominee Details:

If the information about you is correct in the policy, then your nominee's information should also be correct. This will facilitate the taking of the claim. Ensure that personal information, bank details, contact and nominee information in the policy are true. It is also easy to fix it. You can go to the Customer Portal and fix it or phone or e-mail the company.

Report To Nominee:

Your nominee is usually your spouse, children or parents. Tell them what you have done insurance and what are its benefits. Apart from this, they should also have access to the policy. In most policies, the amount received is written, but many policies also have add-on benefits.

Premium Paying On Time:

Check that the premium is to be paid in a year. Most people give priority to annual premiums. But many people prefer monthly, or quarterly. You should be informed of the date of your premium payment and on that day you have the money for it. Well, it remains to be done directly from your account through ECS directly. If you miss the premium, your nominee can not get any benefit of the policy. Maybe you do not want to be such a situation.

If You Do Not Like The Policy, Then Return It:

If you feel that the policy does not meet your needs, then use the free-look time. You can return the policy within 15 days and refund it. This provision applies to all life insurance policies.
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