Article

Procedure: Get a Life Insurance Policy (Offline)
February 06 , 2013
  1. Term policy is the only good insurance policy around - it gives your family a good cover, at a very low premium
  2. Other insurance products combine insurance with investments. This is very bad for you, and you end up losing money in most cases
  3. Deciding on the policy itself is easy just go for the one that offers lowest premium for your age and insurance amount
  1. Are you sure you wish to apply offline? Online has several benefits
  2. There is no broker in applying online, so you save as much as 60% of the premium
  3. Since there is no broker in online, there is little danger mis-selling
  4. It is extremely convenient, the documents are collected and medical test done in the convenience of your own home
  5. If you still wish to go offline, read on
  1. The agent will get you the proposal form to fill
  2. It is a bit lengthy, but make sure you fill it accurately and not leave it to the agent to fill in any parts for you. Any mistakes or wrong information here could affect your claim later
  3. You will be told the premium you will need to pay. Hand over a cheque of this amount to the agent
  4. In addition to the form, you may need to hand over a photograph, income proof, proof of identity and proof of address
  1. Agents are known to promote no medical test as if it is a big benefit for the customer. However if you have no medical test in your insurance policy, it means you aren't covered enough. This is something no agent will tell you. You should not only be prepared for a medical test, you should in fact welcome it!
  2. In most cases, the medical rep comes to your home to take the test, after taking an appointment. You need to be prepared, in fasting, for the blood and ECG tests, a 45 min painless smooth process
  1. If your medical test is normal, you should receive the policy document by post in 10-15 days. If there is some issue with your medical, you may be asked to pay a higher premium
  2. Do go through your policy carefully to check for any mistakes
  3. Subsequent year premiums can be paid by cheque or online, depending on your convenience

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