Is there an investment opportunity in PSP Projects shares?
Is this the right time to invest in the shares of PSP Projects, a company that does construction work for the government and corporate India? How much benefit will there be from investing in this stock? What targets are experts giving regarding this stock? Watch this video to know-
In the hurry to buy an insurance policy, we often forget to ask the right questions to our agents, who is generally a friend or a close relative. But it is important to dive deeper to understand what is the right product for you and what are your needs. Here are a few steps on how to avoid common mistakes so that you pick the right insurance policy for you and your loved ones.
What does it cover?
There are different types of insurance policies. For example, in the life insurance category, we have term insurance plans, endowment policies, unit-linked insurance policies, among others. Similarly, in the health insurance category, there is a basic hospitalisation policy, disease-specific policy, critical illness plans, etc. It is therefore important to ask what it covers and when it gets triggered.
How much insurance do I need?
Do not go by some popular number while deciding the sum insured under your policy. Instead, sit with your advisor and decide on the coverage depending upon your assets and liabilities. The purpose should be to provide adequate coverage to your family in case of the sudden demise of the policyholder. For example in health insurance experts say one should decide on the coverage based on your lifestyle and the city you live in. Similarly, life insurance coverage should be at least 15-20 times of your annual income to take care of your family if you are not around.
What are the exclusions?
Before buying a policy, always ask for exclusions in the policy. This is important as it will give you an idea beforehand about the coverage provided by your insurance policy. For example, pre-existing illnesses are covered only after the completion of a waiting period that is a maximum of upto 4 years. Similarly, there might be sub-limits in your policy on room rent, diagnostics, and doctor’s fees. It is always good to know about these fine prints before buying a policy.
Are there any add-on covers?
Many times you are sold add-on covers that you might not know about. Hence, before taking the policy always ask your agent if there are extra covers and if even it is required.
What is the premium payment term?
While health insurance is an annual contract, life insurance is a long term policy. Therefore, before buying a policy do ask your agent about the premium paying term and the policy term so that you are able to meet the financial commitment entered while buying the policy.