Planning of buying life insurance policy? Keep these things in mind before buying your policy.
- Calculate the amount of insurance cover you would need by identifying your liabilities, your financial goals, and how much you can invest.
- Compare different insurance plans in the market and also check the financial history of the company offering life insurance plan.
- Always read the policy documents carefully.
- Find out details such as procedure for claiming the policy, what would happen if the insurer stays alive till maturity, if the policy is convertible or not etc.,
- Understand your rights as a policy holder and also educate your nominee about the policy details.