1. Buy insurance for risk cover
2. Do not consider insurance as an investment option
3. Preferably buy only a term policy
4. Do not prefer savings-linked insurance policies
5. Remember not to be carried away by persuasive agents and publicity.
6. Buy ULIP only if your horizon is long term.
7. Not insure yourself if you are a lone bird.
8. Do not insure if you are wealthy.
9. Do not insure the child
10. Read the fine print carefully
Insurance is a long-term contract generally spanning over decades. Also, these contracts have very little flexibility. A wrong insurance product can financially injure for a very long time, unlike many other financial products. Therefore, one should be extra careful and cautious when deciding on how much to insure, how long to insure, which policy to buy, etc. source:indiastudychannel
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