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May 15, 2018, 14:51
Legal awareness about Insurance plan
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A smart investor would be someone who would always plan for the future and death is one of the unforeseeable events and therefore one needs to safeguard it for their heirs.

 

Wondering how to get a good insurance plan?

 

Investors buy the term insurance plan which is the purest form of insurance plan and the best one as it gives the best of both worlds by not only giving the security for the family in terms of monetary benefit but also gives an investment plan to safeguard the future since we have a financially and secure life.

 

Often it is seen that investors regret the choice of insurance plan simply because they hadn’t done enough research before choosing the insurance plan which would cater to their needs in future.

 

So everyone wonders as to what should we keep in mind while choosing an insurance plan?

 

Therefore, below are the things to be kept in mind in choosing an insurance plan and as well the rights of an insurer in terms of insurance policies:

 

1.Early bird will only get the worm:

Young people don’t find the need to get a term insurance at an early age but due to death being uncertain it might be a good idea to get the insurance as soon as possible in order to also reap its benefits as soon as one starts earning.

 

2.Time it right!

One thinks to pay a less premium for a lesser period of time but after the insurance is over one might need to get another insurance and this time with a higher premium amount since the age and the risk factor for the company increases, therefore, get the time right for the insurance plan.

 

3. Comparison is the key:

The term insurance has it all and therefore we need to compare them to their credibility and various other criteria’s while choosing an insurance plan.

 

Rights:

  • One can cancel their insurance policy within 15 days of the insurance date of receipt of the policy document if there are any terms which you don’t agree with in regard to comparison with competitors.
  • This would immediately intimidate the process to get back the premiums paid and also the risk premium while stating the reason for the cancellation of the policy.
  • If it is a ULIP (Unit linked insurance plan) we can buy the units at the price on the immediate cancellation date.

 

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