Nov 29, 2013,19.02 IST
Basic things to check before taking an insurance policy
The first thing that we need to look at is what are you looking for in an insurance product. Is it pure security that you are looking at or is it is a security and investment that you are looking at. What is that you are looking for in this product? If it is security, you should be considering a simple term insurance product. If it is two or three things like security plus investment plus something else then you should look at an endowment product, a whole life product or there are various products like that available. First and foremost in my opinion you should look whether the product is giving your family adequate security. If you are looking for an investment for a particular need does the product actually create that kind of a corpus which is required for that particular goal and thirdly what are the benefits of the product and is the product really worth it for the kind of premium that you are looking at. These are 2-3 very basic things that you can look at as far as an insurance is concerned before actually getting into an insurance.
Principal Financial Planner
Optima Money Managers