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Life Insurance Planning is one of the most important pillars of Financial Planning. This is because Life Insurance is the only tool that can fulfill financial commitments in case of the untimely death of the bread earner of the family. Thus having an appropriate life cover is important. A life insurance policy insures against risks of death and disability due to natural and accidental causes. Insurance products provide a definite amount of money to the dependents of the insured person in case he dies during his active income earning period or becomes disabled on account of an accident causing a reduction or complete loss in his earnings. Thus, buying an insurance policy is a wise move for every individual.

Insurance can also be a form of savings in the long run if you choose the option of regular contribution in the policy. One can tie the entire plan with a pension plan or contribute to a pension that is funded by a life insurance company. There are many facets of a life insurance policy; like there are products that offer protection coupled with savings.

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Dos and Don’ts of Life insurance Dos

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• Assess the need for you getting insurance and what core purpose it would serve and what requirements it entails and how they match up with your expectations

• Be open to seeking and receiving advice and making yourself aware of all the options that can be exercised patiently

• Feel free to ask a whole bunch of questions and do not hesitate to get all your queries clarified. To see which policy suits your need. Be open-minded but cautious about the advice and information you gather. Seeking out policy details such as whether a single premium ir regular premium is more tailored to your needs and would prove to be the best premium payment frequency that suits you. Figure out whether there is an ECS (Electronic Clearing Service) payment option to enable yourself to make payments easier.

• Be very careful while filling out the proposal form and ensure that you are the one, who personally fills in the required information completely and truthfully and to the best of your knowledge.
  Remember the buck stops with you and you are liable for the content you fill into the form. Ensuring that the information you fill cannot be disputed during a claim is solely your responsibility.

• Ensure you fill Nomination details If the form is in one language and you are answering the questions in a different language Ensure the questions are explained correctly to you and That you have understood them completely Keep a copy of the completed proposal form you sign and any declarations and terms agreed upon mutually for your records

• If you are buying Unit Linked Insurance Policies (ULIPs) ask specific questions about:

1. Various charges

2. Fund options

3. Switching of funds

4. Benefits if you

5. Discontinue the policy

6. Surrender the policy

7. Make a partial withdrawal of funds

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Don'ts

• Ensure that you do not leave any field blank in the form

• Do not allow anyone else other than yourself to fill up the form

• Do not attempt to conceal or misstate any factual information as this could lead to disputes at the time of a claim

• Do not default out on or delay your premium payment