Steps to buy right insurance cover

If you are about to take an insurance policy do read the following pointers before taking the policy, so your purpose and investment both are justified enough

1. Insurance required 

You can check it by how many dependents, spouse’s income, liabilities, sources of income etc 

You will also have to take into account your lifestyle and future financial requirements, such as a marriage in the family.

2. Insurance costs 

The  premium charges, administration fees, mortality charges, fund management charge and rider charges, if any.

Compare the same with other insurers, online products etc 

3. Claim settlement ratio

You should check the claim settlement ratio of each insurance company before buying your policy from them 

4. Check the riders on offer

You should check all the riders and disclaimers by the insurance company before buying the policy from them.

5. Do not buy too many policies

Just to fill your tax saving limit you should not buy too many policies. 

6. Ask your Financial planner

Feel free and dont be afraid of asking questions from your financial planner for insurance needs 

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