Buying life insurance is a positive financial step, but making errors during policy selection or maintenance can lead to claim delays or reduced benefits. Here are 5 common mistakes to avoid.
1. Buying Inadequate Life Cover: Selecting a low sum assured to reduce premium rates. Ensure your cover is at least 10 times your annual income.
2. Concealing Medical History: Hiding pre-existing conditions on your proposal form. Always declare medical history honestly to avoid claim rejection risks.
3. Ignoring Nominee Details: Failing to update nominee names or keeping outdated details. Keep nominee information updated in your policy documents.
4. Letting Policies Lapse: Failing to pay premiums on time. Always utilize grace periods and enable auto-debits to keep your risk cover active. I am here to assist you with policy revival steps if needed.
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Bhaiyasaheb Y. Patil
Authorized LIC Representative
Expert LIC representative with 20+ years of serving families with life cover and retirement strategies.
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