When you look at your list of priorities, family sits atop. One of the main reasons being it is, with them you share the most special moments of your life, and create memories that last a lifetime.

While you do everything in your might to keep your family safe and protected, there are worries and apprehensions that lurk around, "What if life takes an unexpected turn? What if I am not around to take care of my dear ones? Is my family equipped to manage life without me?" Why allow circumstances to get the better of you or your family? Keep them safeguarded by opting for life insurance plans and cover amounts that suit your need.

Here are a few things to keep in mind before you sign up for a policy:

Gauge your Needs

There are various types of life insurance plans and they all serve varied purposes. On one hand, there are term plans which are pure risk covers with no investment part to it, and they are a must-have for every earning member of the family. On the other hand, there are investment-oriented ULIP plans that focus primarily on returns. While certain investment-cum-insurance plans earn you returns from debt based investments, others do so from the Equity market.

Two main aspects to consider while purchasing a life insurance plan is to check, one, if it suits your need, and two, if the premium is affordable. You can always compare the quotes of different policies to choose the best.


Know your Policy

Hardly ever do we go over the ‘fine print’ behind these elaborate insurance application forms, illustrations or policy documents. There are numerous clauses that form part of an insurance policy, and they are all important. Ask your Insurance representative to explain to you the benefits and limitations of the policy, and take his/her help to decode the fine print.


Checking Settlement Ratio

The reputation of a company is to a great extent built on their ratio of claims settlement and the customer experience around it. For any customer, the whole point of buying insurance is to get the money when they need it the most. So make sure you do your research before zeroing in on an insurance company. Stay clear of companies that have a record of looking the other way when they are asked to settle a claim.

Company's Repute

You may assess the reputation of a company by how its staff behaves with its customers. A competent and customer-friendly staff is essential to recommend the right policy for you, resolve your enquiries, and assist you with any settlement related issues. If these checkboxes can't be ticked off, you may want to choose the nearest exit door at the earliest.

You can get in touch with one of our relationship managers who can help you find the right insurance policy.
If you liked what you read, check out related articles.

Latest Comments

Leave a Comment

200 Characters


Read Next

decoding-complex-language-of-investment

Decoding the Complex Language of Investment

Keeping investment plans on hold, because you are unfamiliar with the terms?

avoiding-life-insurance-one-of-the-biggest-mistakes

Avoiding Life Insurance - One of the biggest mistakes

You think, you don't need life insurance. Think again. 

mutual-funds-sahi-hai-par-hai-kya

Mutual Funds - Sahi hai, par hai kya?

Mutual funds seems gibberish? It's not.

Load More

Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Kotak Mahindra Bank Ltd. and its employees.