Be careful while Buying Term Insurance
If you have decided to buy a Life Insurance Policy, then Term Insurance Policy can be a better option for you. But before reaching any decision you must do a thorough study.
Our advice would be to carefully evaluate your needs and study all the forms of Life Insurance in detail before purchasing any Life Insurance Policy. After this, buy the type of Life Insurance Policy that suits you the most.
The biggest reason for this is that the Life Insurance Policy is for a long period. If after purchasing the policy you feel that you have purchased a wrong Life Insurance Policy, then you cannot cancel it. Because if you break that Policy then you may suffer a huge loss.
In this article of Jeevan Bima Bazaar, we will know that if you have decided to buy a Term Insurance Policy, then what are the important things you should consider before buying any Term Insurance Policy?
Things to keep in mind while Buying a Term Insurance Policy-
Study the Premium and Risk Cover-
Today all Life Insurance Companies in India offer Term Insurance Policies to their customers. So you should choose the Best Policy for yourself, which suits your needs and provides the benefit of good Risk Cover at a Low Premium.
Check Payment of Death Claims-
Before buying a Term Insurance Policy, you should check how the Life Insurance Company you are considering buying a policy from has paid out death claims over the years.
Check the Solvency Margin of the Company-
Before buying a Term Insurance Policy, you should also check the Solvency Margin of the company from where you are thinking of buying the policy. Because it proves how capable the company will be in paying various types of claims.
Check the Riders available in the Policy-
While buying a Term Insurance Policy, you should also check the different types of riders. Because with the help of the rider, along with the death claim, other types of benefits can also be obtained.
Check Premium based on Policy Term-
While purchasing different Term Insurance Policies, you must also check the premium based on the Policy Term. Because sometimes a short term Term Insurance Policy does not provide you better benefit of Risk Cover, sometimes the premium of a longer term Term Insurance Policy is relatively higher.
Buy Insurance as per Your Need-
Before purchasing a Term Insurance Policy, you must consider how much Sum Assured you are actually required to purchase? However, we believe that a person should buy Life Insurance for a minimum of 10 times and a maximum of 15 times his Annual Income.
Fill the Application Form Carefully-
If you have decided to buy a Term Insurance Policy, then you should fill its Proposal Form i.e. application form yourself. If you do not understand the questions asked in the Proposal Form, then you should take help from an expert. Only correct answers should be given to the questions asked in the Proposal Form.
