What to Expect from Your Life Insurance Agent or Advisor

Buying life insurance is one of the key decisions in your financial planning. If you are a first-timer, it is crucial that you understand and are aware of all the features and benefits of life insurance policies , before buying one. There may be a lot of questions in your mind which your insurance agent can answer. Let’s look at some of the information you must get from your agent, before deciding upon a policy:

• An advisor gives you the details about the various products available in the market along with their features and benefits. He also helps you analyze your financial goals and life risks to come up with a suitable plan.
• He assists you during the form fill-up process by making you understand the various details to be mentioned. All the fields must be properly filled without errors. The importance of nominee details must be explained. The premium payment amount and accepted modes of payment must be made clear to you by the advisor.
• The advisor also assists you in case any issues occur after the policy is purchased. Also, they ensure that the policy continues throughout its term.

• Ask for Authorization Proofs Probably the very first question in the list. An authorized insurance agent must be able to produce a valid license of being an agent, identity proof, and company business card. Ask for original copies of these documents and contact the company in case of any doubts. Once you are sure that he/she is an authorized representative of the company, and then only proceed for buying the policy.
• Ask About Various Channels for Buying a Policy Know about the various channels through which you can buy an insurance policy . They may be bought directly from the companies or through some intermediaries such as agents and brokers. The policies can be bought both in online and offline mode. With more people having access to the internet, it has become a very convenient mode of buying an insurance policy.
• Know About the Services and Assistance Provided by the Insurance Companies The insurance advisors appointed by the company are there to help you pick the right policy, assist you in buying it, and even coordinate and assist you after purchase.
• Know About What You can do If You Are Misinformed About a Policy As stated by IRDAI , you are given 15 days to review your policy selection, and if not satisfied, you may opt for returning the policy and the company will return your paid premium after necessary deductions. Also, you may approach the grievance cell of the company to ask for assistance.

You must be clear about all the details of the policy, its features, inclusions, and exclusions. Hence you must be proactive in getting answers for all your queries from the insurance advisor. An advisor assists you throughout the process by making it smooth and convenient for you.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.