Directly purchasing an insurance policy from a company is an option, but engaging with an insurance agent for your policy or savings plan establishes a lasting connection. The agent assists in timely premium payments, keeps you informed about new regulations, and supports your nominees during claim settlements. Opting for a life insurance plan through an agent is preferable due to the enduring relationship and comprehensive assistance they provide.
When selecting a life insurance agent, consider the following factors:
Product Knowledge: The agent should have in-depth knowledge of available insurance products and their features, considering the evolving market with new plans.
Customized Recommendations: Your agent should suggest products tailored to your needs and affordability, emphasizing the importance of calculating the sum assured based on your Human Life Value (HLV).
Plan Types: Differentiate between traditional and market-linked plans, and choose according to your priorities. The agent should clarify additional costs associated with market-linked plans.
Insurance Provider Selection: Leverage the agent's market exposure to choose an insurance provider with a high settlement rate.
During the Purchase
Ensure your agent fulfills these responsibilities:
Proposal Form Assistance: The agent should guide you in accurately filling out the proposal form, emphasizing the importance of providing correct details to avoid claim rejection.
Policy Document Understanding: Help you comprehend the policy document, explaining technical language and addressing any doubts.
Formalities Support: Assist with all formalities, including specifying required medical tests if necessary.
After the Purchase
Post-purchase, your agent should:
Annual Review: Conduct annual reviews to address new requirements and assist in updating the policy for changes such as adding dependents.
Policy Updates: Keep you informed about policy inclusions and exclusions, explaining critical clauses that may affect claim settlements.
Premium Payment Reminders: Timely reminders for premium payments and collection of premiums to prevent policy lapses.
Claim Settlement Guidance: In the unfortunate event of a claim, guide your dependents through the process to ensure full claim payment.
Be cautious by:
Valid License: Verify the agent's license to sell insurance, avoiding immediate disclosure of personal details.
Registration Check: Contact the represented company to verify the agent's registration.
Affordability Consideration: Avoid purchasing a policy beyond your financial means, ensuring affordability for the long term.
Life insurance agents play a crucial role in securing your future, and selecting a reliable agent ensures a fruitful, long-term relationship. Be vigilant in your agent selection process, prioritizing affordability and suitability for your financial situation.
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