STEPS TO CLIMB YOUR INSURANCE LADDER SUCCESSFULLY
· Don’t heed verbal talks till you get an authorised
offer in writing.
· Meet the seller in person, check his identity card and
other details.
· Ask for at least 7-10 days to study and compare the
offered plan.
· Take a second opinion by telling the agent you will be
discussing the plan with another consultant before deciding.
· Use the 15-day free-look period to study the policy
and return it, if it does not mention the promised benefits discussed with you.
· Stand-alone policies are always best in the long run,
so opt for them wherever possible.
· Add ‘waiver of premium’ rider wherever possible, as it
waives off future premiums if the insured dies or is disabled, and the insurance
company pays the balance premiums without reducing the cover.
· Upon getting employed, buy a health insurance plan
with lifelong renewal, cashless payment facility and daily hospital cash rider.
· Add a personal accident plan if your job requires frequent
travelling.
· After marriage, add an online term insurance plan with
longest tenure to cover at least 7-10 years of current income.
· After becoming a parent, add a family floater health
plan with cashless payment facility and daily hospital cash rider.
· Also add a second term plan with longest tenure to cover
5-6 years of current income in total.
· Whenever you buy a car, take a comprehensive car
insurance policy.
· Whenever you buy a house, take a home loan cover and a
household insurance plan.
· At the age of 40-45, add a critical illness health benefit
plan.