Insurance Policy Checklist: In today’s time Insurance The policy has become an important part of our life. Whether it is health insurance, life insurance or vehicle insurance, it is very important to choose the right policy. But many times people in a hurry without knowing Policy They buy and later have to regret it. If you are also thinking of taking insurance, then first complete this checklist.

Recognize your need

First of all, decide what kind of insurance policy you need. If you want security for the family, then life insurance will be right. Health insurance is necessary to prevent medical expenses. It is mandatory for a car or two-wheeler to take motor insurance. Remember, the policy chosen as per the right need will be beneficial for you. By the way, you should take all these insurance.

Read the terms of the policy carefully

Insurance companies add several conditions to the policy. Often people signed without studying and later face problems when the claim is rejected. Therefore, before buying the policy, definitely see what is the cover in it and what is not covered, which does not have to be disturbed later. Surely see the circumstances in which the claim will not be found.

See balance of premium and coverage

Many people choose the policy by just looking at low premiums, but later it is revealed that the coverage is very low. Try that the premium is according to your income. Coverage should be so much that your family can get security in some big trouble.

Company’s credit and claim settlement ratio

When selecting the insurance company, check its credibility. See the company’s claim settlement ratio (CSR). It explains what percent of the claim the company deal with. It would be better to choose a company with more than 90% CSR. Also check the company’s customer support.

Compare online

Nowadays there are many websites and apps where you can do comparative study of the policy of different companies. Make a decision by looking at things like premium, coverage, ad-on benefits and tax exemption together. By comparing you can get the right policy at a low price.

tax benefit

Insurance policy not only provides security, but also gives the benefit of tax savings. Life Insurance and Health Insurance Premiums are exempted under Section 80C and 80D of Income Tax Act. It is also important to know under which section your policy gives exemption.

Choosing the right policy is a sense of understanding. The policy taken without thinking can cause you financial loss in future. Therefore, before buying insurance, follow the checklist mentioned above. Only then your money will be safe and the family will get full benefit at the right time. Along with the soft copy of the policy, maintain hard copy.