May 29, 2013, 11.50 AM | Source: Moneycontrol.com
A prudent investor should not only consider the premium amount but also other things while buying insurance.
Deepak Yohannan (more)
CEO, MyInsuranceClub.com | Capital Expertise: Insurance ,NRI
Yesterday, I overheard my neighbor telling his agent that he doesn’t care what the policy is as long it offers insurance and comes with a low premium. This disturbed me. How can anyone be so careless with their investments? True, that he was aware enough to purchase insurance but considering only the premium amount was definitely a foolish move on his part. Shouldn’t there be other things that should gain priority while buying your insurance plan? What about the amount of cover, term of premiums payable, benefits guaranteed and non-guaranteed, etc? Who will consider these points? Your agent or you?
Your agent may render you services but considering the important factors before entering into your insurance is your job. After all it’s your hard earned money that we are talking about. So apart from low premiums, the following points should top your priority list when buying your insurance plan:
The author is the CEO of MyInsuranceClub.com