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1. LIFE INSURANCE

2. Mistakes to avoid while buying an online
life insurance policy

3.  Buying an insurance policy online can appear as a faster
and hassle free task. Well to be true, it is. Online
process has made insurance buying much simpler and
easier. A basic know-how of internet and a decent
connection is all you need to get yourself a suitable
policy. However, there are still a few things which one
must keep in mind before making the purchase.
 Here are a few common mistakes that we do while
buying online policy.

4.  Provide Incorrect Information:
 While filling an online form, there might be any agent around you to
look into the accuracy of your details. However, the role this
information plays during the claim process remains the same. If the
insurance company finds out that the information provided is
deliberately misled or is entirely incorrect, then there are high
chances of your claims being rejected. Some insurance companies can
also deny insurance altogether if policyholder provides wrong
information. In worst cases there can be allegation of fraud if
policyholder has lied to a large extent.
 Even a minor lie can lead to rejection of your claims. Hence, be extra
careful while providing your details. Ensure that every detail is
correct. Get all the facts correct before filling the form.
 Inadequate Research Before Buying:
 While buying life insurance policies, our decision is usually based on
two major factors – cost of the policy and the claim ratio of the
insurance company. However, in case of inadequate research, you
might settle down for an average plan. Research about not just one
but various plans which are offered by the companies as well as which
are listed on the aggregators’ sites then finalize the most suitable one.

5.  Forget to make the renewal payment:
 Unlike in traditional insurance, when you buy an online policy
there is no agent to remind you about the premium renewal dates.
 As there is no one to remind, you are required to remember the
dates and pay on time in order to save your policy from lapsing.
The best way is to have your bank do it at every scheduled date
and month. However, for this, you do need to ensure that you have
enough money in your account.

6.  Buy an unsuitably large cover:
 Online insurance policies are quite popular for their costs. Most of
the online policies offer low premium rates which is definitely an
advantage unless the policyholder gets carried away. In many
cases, the buyer tends to take a cover much larger than they
require as the premium rates are low.
 However, one must look into the amount he/she is investing in
premiums. Premium, however less, if paid for a cover which is not
needed, is a wastage. Don’t let the amount of premium be the
deciding factor is choosing a policy or a cover for yourself and your
family. Evaluate every influencing factor and then buy a policy.

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8. To know more about Life Insurance:
https://www.bajajallianz.com/Corp/life-insurance/life-insurance.jsp