1. Insurance is mainly for financial protection
Life Insurance is an essential financial commodity. It is not meant to be bought only as a product for tax saving. Life Insurance is bought for financial protection of the dependents of the insured and should be treated as such.
2. Pay a premium you can afford !
Many folks take on life insurance policies without realizing the feasibility of these products. Premium needs to be paid on a regular basis. And missed payments can lead to a lapsed policy. Thus a proper personal financial inventory should be performed before buying a life insurance policy
3. Read the fine print like your life depended on it !
That is the only way us Indians will ever read the terms and conditions of a policy. With so much legalese and that too written in such a small font, it is a challenge to read it all. But kindly remember that that tiny sub point that you missed in the T&C may lead to some serious problems in the future.
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