Have you heard about the term ‘Free Look Period’? This is a time of 15 days given by an insurance company to its policy holders to recheck the terms & conditions of the insurance they have bought. It starts from the insurer receive the policy documents. If the policyholder is not satisfied with the policy, he/she can receive the premium back & cancel the policy. But remember, it is not applicable for motor insurance policy.
Have you purchased a life insurance policy to financially secure your wife and children? But what if your wife and children don’t get anything when they need it the most? It is possible if you have an unpaid loan or a business that has incurred debts. Your creditors can claim the sum assured or get it attached by the court for repayment of your debts in these circumstances. But there is a legal remedy for it. If you have bought your life insurance policy under the Married Women’s Property Act, 1874, you can avoid this scenario. But remember, policy holder cannot take loan against such insurance policy.
Have you checked no claim bonus in your health or motor insurance policy? This is a reward on over and above your basic sum insured for not making any claim during policy tenure. Remember, at the time of porting your policy; do check if you are not losing your ‘no claim bonus’ for a cheaper policy option!
To know more about insurance & to buy one, contact us on 9879956949 or email at hardik@niveshplanner.com.