Before you zero in on your plan

Before you zero in on your plan
 
Priorities what you want from a policy. Are you looking for?
• Tax benefits?
• Ability to pay off a debt?
• Consistent income for your old age?
• Profits/higher returns from your policy at the end of the tenure?
• Comfortable lifestyle for dependents on your death?
• Livelihood provision in case of disability (in most Indian life insurance plans, this is mandatory)?
After prioritizing your needs, get your insurance agent to list policies that encompass all or most. Then get him to calculate the premium. Also:
• Inquire about the procedure for filing a claim - where and how to get the claim form, what documents must accompany it, where to submit the form, and so on.
• In a crisis, if you surrender your policy, what are the benefits and costs? Would you get the amount insured, or less? How much time would it take to get your hands on the amount?
• If you were to increase your payments to the insurer, what (if any) would be the benefits? �