1. Calculate the Right Coverage Amount
Rule of thumb: 15–20 times your annual income.
Add liabilities (home loan, personal loan).
Add future goals (child’s education, marriage).
Subtract existing savings or investments.
👉 Example:
Annual income: ₹10 lakh
Cover: ₹2 crore
---
2. Choose the Right Policy Term
Ideally, cover until your retirement age (usually 60–65 years).
Don’t take a short-term policy to save premiums.
---
3. Compare Insurers Carefully
Check on:
Claim Settlement Ratio (CSR) (Above 95% is good)
Solvency Ratio (Above 1.5 is safe)
Customer reviews on service and claim process
---
4. Choose the Right Payout Option
Lump sum: One-time payment to nominee
Monthly income: Steady payout every month
Hybrid: Part lump sum + part monthly (ideal for salaried families)
---
5. Don’t Fall for Riders Unless Needed
Riders = Add-ons (like accident cover, critical illness)
Add only if you genuinely need them
They increase the premium
---
6. Buy Early for Lower Premiums
Premiums increase with age and health issues.
Best age to buy: 25–35 years.
---
7. Always Buy from a Trusted Person
Go through the insurer’s website or IRDAI-registered platforms.
---
8. Disclose Everything Honestly
Never hide:
Smoking/drinking habits
Existing health conditions
Past hospitalizations
👉 Hiding can lead to claim rejection.
---
🎯 Bonus Tip:
Don’t just choose the cheapest plan.
Choose the most reliable one with good claim experience.
Contact 7737726236
No comments:
Post a Comment