1) Check your personal details

Please do remember to check and verify the personal details. Make sure the name matches with the name on the PAN Card or other proof that you have submitted. Check the age and the correct details of the nominee.

2) Examine the riders

We often tend to forget about the riders. Please make sure you read them carefully or in case of an eventuality you may not be able to claim benefits due to lack of information on the riders. Every insurance company provides the complete details of the riders.

3) Study the details of the premium

Study the details of the premium and the amount due. Make sure that you have written them down and you know when to honour your commitment.

4) Check for returns promised

If you have been promised a particular return make sure the policy reflects that. Do some calculation and arrive at the maturity amount.

5) Check surrender and miscellaneous charges

At times it may be possible that you are cashed strapped for money. At such times the premium paid may be of some use, unless it's a term policy. Study the kind of benefits you would have to surrender if you forfeit the policy.

6) Surrender the policy if you are not happy

If you are not happy with the terms of the policy you can return the same. Most insurance companies allow a period of 15 days as lock-in during which you can surrender the policy if you are not happy.

Conclusion

It's extremely important that you spend time and study every detail. Insurance is as important a decision as even a real estate investment. So be very careful and check, read and seek expert opinion if need be.

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