Facts That Insurance Agent Might Not Tell You- Bima Deals

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Facts That Insurance Agent Might Not Tell You!

• Bima Deals

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When any insurance agent comes near to you and
try to sell a policy or plan then his tone of
convincing can drown your worries that are vital
to wise investment. The agent/consultant tells
you only those factors of the particular policy
that provide feel good factor to you but usually
the agent always hide easily the factors that may
discourage you to go with the policy. Here are
some clues for you that can help you to
understand the particular policy
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Hidden Costs/Charges

• First of all you should understand that any
  policy depends on the insurance variant and type
  and the fee or charges may vary for different
  policies. Like if you are choosing a policy with
  a combination of insurance and investment then
  there is a chance that your agent can generally
  ignore the allocation fees and administrative
  charges for the policy that the insurance company
  can deduct from the amount you deposit.
• It simply means that when you take any policy
  then there is a substantial amount has deducted
  from the paid-money and the rest of money will be
  used to buy the policy credits from your
  insurance account.

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Lock in Period

• This is another feature that the agent/consultant
  generally doesnt want to explain to anyone. What
  is lock-in period?
• This is the compulsory time for which your money
  must stay invested with insurance company so as
  to take advantages of the policy. If there is any
  emergency in that the buyer wants to withdraw the
  money then there are many penalties for this that
  can considerably deduct the net payable amount to
  the buyer. So before buying any policy you must
  think if there will be any possibility to
  withdraw the policy in between and then put in
  the money.

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Surrender Charges

• The surrender charges of any policy are never
  declared to you at the time of purchase. The
  agent generally tells you that the whole NAV of
  the plan will be compensated to you if the policy
  is surrendered earlier than its maturity period.
  However this is not the truth.
• All companies do charge a fixed surrender charge
  if the policy/plan doesnt complete its maturity
  period. So when you are going to buy any plan or
  policy then read carefully about the maturity
  period for the particular plan.

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Terms and Conditions

• There are lots of factors in terms and conditions
  of the policy that any buyer does not pay any
  attention to at the time of buying. Though this
  mistake can actually cause to be the invalid
  policy or make it very difficult at the time of
  claim.
• So read those and ask your agent each and every
  term of the policy that you are unable to
  understand when you are about to sign a deal.

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