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Home / Business / FACTORS TO CONSIDER WHILE CHOOSING THE APPROPRIATE LIFE COVERAGE SCHEMES

FACTORS TO CONSIDER WHILE CHOOSING THE APPROPRIATE LIFE COVERAGE SCHEMES


When you are alive, you do everything for you and your family members. But what after that? Can you leave them in despair? Off course, you may not substitute your personal care by any means. But you may make them strong and able to face any situation if you make them financially strong by buying a suitable life insurance policy.

In the next situation, even if you are alive, but not able to earn any living due to any reason such as illness, accident, etc., how will you provide you personal care to your near and dear ones? Here is also, the solution provided by you is the suitable life insurance policy.

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Considering, the both situations discussed above, it comes to your mind that you ought to buy an insurance policy in which you get the life coverage as well as the illness coverage both. In the illness coverage, you get a tax free lump sump amount of money which is tax-free. Thus, you are able to prevent the financial misery of your near and dear ones. So, It is mandatory to know everything about the insurance policy you intend to buy.

Here are a few tips that enable you to know everything before you buy an insurance policy:

Confirm the Coverage and Sum Assured

You know your requirements regarding the amount of money required in future. For example, you may have to get married your daughter or send her to the foreign country for better education or similar other expenditure that you are likely to incur during your normal course of life. When you are buying an insurance policy, it is suggested that your insurance coverage would cover all these requirements.

Based on your future requirements and your present paying capacity you may decide your insurance premium that will be periodically paid to the insurance company by you. Ensure that the premium must be such that you would pay without much discomfort.

  1. Whether to buy Stand-alone policy or rider?

You have the liberty to can buy a critical illness plan as a stand-alone policy, or you may combine it with your life or health insurance plans. While you may choose for strong stand-alone policy but before that know the terms and conditions with both the plans. Premiums and most of the things are almost similar in both the plans. So, it is suggested to buy a rider plan because it will cover both the things. However, your thought regarding it is very important.

Learn The Procedure Of Filing Claim:

The procedure of filing a claim of your insurance policy is equally important as its buying. Also, know the claim process i.e. from which stages it would pass through. Though, most of the things are available to you on the internet, but your insurance agent will be in better position to guide you regarding it,

Benefits Received at the time of renewal

Suppose, you have taken an insurance policy, and it got matured. You never made any claim. Then after maturity, if you are renewing the same policy for the further period, you are supposed to get some benefit and rebate in your insurance premium.

Confirm Other factors

Claim and renewal are not only the factors you are supposed to know. You need to know the hospital network, claim settlement history of the insurance company, etc.

Also, have a plan for spending, the maturity amount received by you. It may be to pay medical bills, pay off a mortgage, modifications or alterations in your home, etc. or anything else.

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