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Checklist to Help You Buy Life Insurance through an Intermediary

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Checklist to Help You Buy Life Insurance through an Intermediary
August 04, 2021

Every good investment portfolio includes at least one life insurance product. Sadly, many people ignore the importance of buying life insurance in India. According to reports, 988 million Indians did not have any kind of life cover in 2017. There are several reasons why people don’t buy life insurance. Some individuals do not deem it necessary, while others find the product too complicated. Many who have tried to purchase life insurance in India in the past may have been duped by agents or intermediaries. So, if you’re considering buying a life insurance policy, we’re here to help. Here’s our complete life insurance checklist to keep in mind when you’re buying life insurance through an intermediary.

Life Insurance Checklist

  1. The Reputation of the Insurance Provider

    When it comes to finding an insurance provider today, there’s no dearth of options. While making a choice, you must take the company’s reputation into account. Start by checking their website. Look for their IRDAI credentials and verify them. Next, check their official social media pages for comments and reviews. Very often, people who are not happy with the company will voice their opinions here. Not every review will be honest, but it should give you an idea of how many customers are happy with them. Another crucial factor you need to check is the claim settlement ratio. The percentage tells you how many claims the company settled in a year out of all the claim requests received. Look for companies that have a consistently high claim settlement ratio. It means you or your family will likely get the settlement after raising a valid claim.

  2. The Intermediary’s Credentials

    Most insurance agents are truthful and honest individuals who are simply earning a living. Unfortunately, since buying life insurance in India deals with large amounts of money, many people take advantage. They pose as insurance intermediaries and attempt to get their hands on your money. If you’re using an agent or other third party, you need to be careful. Check the individual’s employee ID. If you’re feeling unsure, you can call up the company to verify their identity.

  3. Narrow Down Your Options

    Once you have an insurance provider and intermediary you are happy with, you need to think about the best plan option. Think about your age, financial obligations and the number of people who are dependent on you financially. If something were to happen to you, how much money would they need to take care of themselves? If you work in slightly difficult conditions or travel for work often, check for plans that offer an accidental death benefit. You should also look for life insurance policies that have critical illness cover as well. Once you have an idea of what you’d like, you can start looking at the kind of plans available.

  4. Evaluate Your Options

    There are many different types of life insurance plans available in India. Term Insurance Plan offer high life cover at affordable rates, but they do not allow you to grow your money in any way. A comprehensive life insurance policy provides some maturity benefits, but the main attraction is life cover. Unit-Linked Insurance Plans (ULIPs), on the other hand, offer the perfect balance of insurance and investment. It’s ideal for individuals who would like to invest while financially protecting their family. You can pick a high life cover amount to meet your family’s future financial needs. At the same time, you can invest your money in a mix of equity and debt funds. A fund manager will help you make the most of market fluctuations. They can maximise your returns while minimising costs and losses.

  5. Complete the Paperwork

    After you’ve picked your plan, all that’s left to do is fill out the paperwork. When you’re buying life insurance in India through an intermediary, they will help you. You don’t have to worry about misunderstanding or forgetting some vital information. Once you fill out the paperwork, you can ask them to check it before finally submitting it.

Buying life insurance does not have to be a daunting process. With our life insurance checklist, you can go through an intermediary and get the policy you require without any hassles. When dealing with an agent, you must be a little vigilant. Make sure the person doesn’t ask for money unnecessarily. If you ever feel that something is not right, you can find another way to purchase the plan you need.

ARN: ED/12/19/17049

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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