Mistakes to avoid while buying an online life insurance policy in India

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Mistakes to avoid while buying an online life
insurance policy
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• Buying an insurance policy online can appear as a
  faster and hassle free task. Well to be true, it
  is. Online process has made insurance buying much
  simpler and easier. A basic know-how of internet
  and a decent connection is all you need to get
  yourself a suitable policy. However, there are
  still a few things which one must keep in mind
  before making the purchase.

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• Here are a few common mistakes that we do while
  buying online policy.
• Provide Incorrect Information
• While filling an online form, there might be any
  agent around you to look into the accuracy of
  your details. However, the role this information
  plays during the claim process remains the same.
  If the insurance company finds out that the
  information provided is deliberately misled or is
  entirely incorrect, then there are high chances
  of your claims being rejected. Some insurance
  companies can also deny insurance altogether if
  policyholder provides wrong information. In worst
  cases there can be allegation of fraud if
  policyholder has lied to a large extent.
• Even a minor lie can lead to rejection of your
  claims. Hence, be extra careful while providing
  your details. Ensure that every detail is
  correct. Get all the facts correct before filling
  the form.

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• Inadequate Research Before Buying
• While buying life insurance policies, our
  decision is usually based on two major factors
  cost of the policy and the claim ratio of the
  insurance company. However, in case of inadequate
  research, you might settle down for an average
  plan. Research about not just one but various
  plans which are offered by the companies as well
  as which are listed on the aggregators sites
  then finalise the most suitable one.
• Forget to make the renewal payment
• Unlike in traditional insurance, when you buy an
  online policy there is no agent to remind you
  about the premium renewal dates.
• As there is no one to remind, you are required to
  remember the dates and pay on time in order to
  save your policy from lapsing. The best way
  Investment in India is to have your bank do it at
  every scheduled date and month. However, for
  this, you do need to ensure that you have enough
  money in your account.

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• Buy an unsuitably large cover
• Online insurance policies are quite popular for
  their costs. Most of the online policies offer
  low premium rates which is definitely an
  advantage unless the policyholder gets carried
  away. In many cases, the buyer tends to take a
  cover much larger than they require as the
  premium rates are low.
• However, one must look into the amount he/she is
  investing in premiums. Premium, however less, if
  paid for a cover which is not needed, is a
  wastage. Dont let the amount of premium be the
  deciding factor is choosing a policy or a cover
  for yourself and your family. Evaluate every
  influencing factor and then buy a policy.

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