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Life Insurance Policy for your family — what are things to look for?
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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When you look at your list of priorities, family sits atop. One of the main reasons being it is, with them you share the most special moments of your life, and create memories that last a lifetime.
While you do everything in your might to keep your family safe and protected, there are worries and apprehensions that lurk around, "What if life takes an unexpected turn? What if I am not around to take care of my dear ones? Is my family equipped to manage life without me?" Why allow circumstances to get the better of you or your family? Keep them safeguarded by opting for life insurance plans and cover amounts that suit your need.
Here are a few things to keep in mind before you sign up for a policy:
Gauge your Needs
There are various types of life insurance plans and they all serve varied purposes. On one hand, there are term plans which are pure risk covers with no investment part to it, and they are a must-have for every earning member of the family. On the other hand, there are investment-oriented ULIP plans that focus primarily on returns. While certain investment-cum-insurance plans earn you returns from debt based investments, others do so from the Equity market.
Two main aspects to consider while purchasing a life insurance plan is to check, one, if it suits your need, and two, if the premium is affordable. You can always compare the quotes of different policies to choose the best.
Know your Policy
Hardly ever do we go over the ‘fine print’ behind these elaborate insurance application forms, illustrations or policy documents. There are numerous clauses that form part of an insurance policy, and they are all important. Ask your Insurance representative to explain to you the benefits and limitations of the policy, and take his/her help to decode the fine print.
Checking Settlement Ratio
The reputation of a company is to a great extent built on their ratio of claims settlement and the customer experience around it. For any customer, the whole point of buying insurance is to get the money when they need it the most. So make sure you do your research before zeroing in on an insurance company. Stay clear of companies that have a record of looking the other way when they are asked to settle a claim.
Company's Repute
You may assess the reputation of a company by how its staff behaves with its customers. A competent and customer-friendly staff is essential to recommend the right policy for you, resolve your enquiries, and assist you with any settlement related issues. If these checkboxes can't be ticked off, you may want to choose the nearest exit door at the earliest.
You can get in touch with one of our relationship managers who can help you find the right insurance policy.
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