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Term Insurance

Buying a term plan is a long-term investment decision which needs to be taken meticulously. It therefore becomes important that you do not miss out on any significant point. So here is OneInsure with a list of Dos and Don’ts that will help you tick off one by one all the primary things that you need to do before you settle for any particular plan. Find the list below start ticking off.


1. Deliberate, inquire and ask questions before buying your term plan

Before settling for any Term Plan, make sure to ask your insurance agent as many questions as you may have related to your policy. Do not hesitate even if you think your questions are stupid. Ask them away. Get to know all the necessary details of the plan from the coverage amount to its premiums and premium paying term. Explore the hidden clauses, check what is covered and what are the exclusions. Only after you’re completely satisfied that you’ve obtained all the necessary information, should you sign on the dotted line.

2. Consider adding essential riders

Riders are like the additional toppings that you get to choose yourself on a pizza crust. Think of taking accidental & critical illness riders while buying your term plan, as these riders will take care of your financial emergencies in case of unfortunate events like accidents and major illnesses. You can add these riders as per your requirement and boost your policy by giving it a comprehensive coverage against all possible odds.

3. Compare all the plans before choosing the most suitable one

Before going for a particular plan, make sure you’ve checked and compared other similar options. An apple-to-apple comparison will give you a clear idea as to what is more beneficial to you and help you make a reasonable decision.


1. Do not wait until it’s too late

Do not procrastinate the purchase of term plan either out of laziness or indecisiveness. By doing so, you’re putting the financial security of your loved ones at stake. So, take a decision and get yourself covered at the earliest. Also, why delay it when buying earlier would cost you lesser premium? Yes, as long as you’re young and healthy, the premiums that you pay on your term plan will be lesser than otherwise.

2. Do not hide any medical history from your insurer

Before you buy your term plan, the principle of ‘utmost good faith’ needs to be taken care of. So, let your insurer have all the details of your medical and health history. If you’re a smoker, let them know. If you have a pre-existing disease, let them know. This will only prevent a potential claim rejection in the future, so make sure that you do the needful.

To conclude, it is necessary that your loved ones are aware that you have bought a Term Plan. After all, if the need arises, they will be the ones who will be initiating the claim. So, once you’ve bought the policy, appoint your nominee/s, inform them about the same and keep them in the loop concerning any updates on the policy.



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