Claim Can Be Rejected If You Don39t Disclose Health Condition

Things You Need to Know Before Buying Car,House, Health & Life Insurance online.

Insurance Buying Tips #1: Shop smart
When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.
Insurance Buying Tips #2: Look for discounts
Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.
Insurance Buying Tips #3: Fill in the gaps
An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.

In comparison, the three-year category returns for large-cap equity funds is -1.7% and small- and mid-cap equity funds is -2.1% per annum. I would recommend that you stop paying premiums and invest your money elsewhere. Your Ulip fund will move into a discontinuance fund where you will earn about 3% per annum and can withdraw after five years have been completed.

Non-disclosure of material health conditions is a valid ground for claim repudiation. In your case the situation is mitigated a bit as death occurred for a reason not related to the insured's health. There is a slim chance that the claim will get paid if you approach the ombudsman and have a case that the level of hypertension was not significant or that the insurer would have underwritten the case even if the hypertension was known. The likelihood of a favorable decision improves if the insurer had conducted a health check-up prior to issuing the insurance.

Insurance Buying Tips #4: Purchase life insurance—you aren’t too young
Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.
Insurance Buying Tips #5: Talk to an independent agent
An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.
Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living
You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.

Independent distribution refers to sales where the distributor can work with multiple insurers. The distributor's loyalty is to customers. Historically, brokers have been the only independent distributors. Instinctively, the regulator and government are expanding independent distribution. Web aggregators have been formalized; banks are being encouraged to turn brokers instead of being agents; and, more importantly, a new distribution entity called the insurance marketing firm has been proposed.

I want to take insurance for my 10-year-old son. I have been told that I should take a child care plan. Which is more beneficial, a Ulip in my name or a child care plan?

Child care plans refer to the purpose of the insurance. Ulip Insurance India traditional policies refer to the product platform used to deliver insurance benefits. A good child plan meets the following three criteria. First, the life insured is the parent who earns. Second, it has a waiver of premium benefit so that if the life insured dies the policy continues unchanged. Third, since child plans tend to be long-term in nature, the insurance should have some exposure to equity. For these reasons I believe that equity- oriented Ulips with the parent's life insured and a waiver of premium benefit are best.


Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover
Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.
Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier
here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.
Insurance Buying Tips #9: Review your insurance needs on a yearly basis
As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.
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