Kathmandu. When insuring, you should never chase after insurance premiums. But most of the time, when we insure, we are concerned about how much insurance premiums we have to pay, whether it is property or people. However, we are not interested in the risks that the insurance carries. Moreover, if there is life insurance, then questions like how much bonus will be given, how many years will be doubled, etc.
The cheapest insurance policy you choose can save you some money from the money you have in your pocket today. However, having insurance that matches your needs can secure your future tomorrow.
Most of the insured people ask with interest, “How much should I pay?”
Very few people ask, “What is the coverage in my insurance?”
The cheapest option in insurance is not always the best option. Only after making a claim after the loss of the subject matter of the insurance gives an opportunity to examine the actual value of the policy.
Before purchasing any insurance policy, understand
- Waiting Period
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In some policies, the terms of the insurer to bear the risks included in the policy are specified only after some period of the issuance of the policy. Such a period is called a waiting period. For example, a waiting period of at least 30 days is applicable for critical illness insurance. In the life insurance of the child, the waiting period is fixed if the child is above 6 years of age or has completed 3 years of insurance.
So before you buy insurance, if you have already done so, try to understand all the terms of the policy. Today’s informed decision will free you from feeling cheated due to any ignorance when you make a claim tomorrow.
Have you ever reviewed the technical terminology in your insurance policy after purchase? If you need to know about any terms of insurance, you can also contact us at [email protected] through our e-mail. While writing the e-mail, mention the subject as Insurance Inquiry.
