Source: The Economic Times

Going through a life insurance policy document is a tedious task for many individuals. Understanding the complicated terms and conditions often puts many off. According to statistics released by the Insurance Regulatory and Development Authority (Irda), complaints related to mis-selling, policy-related matters and claims form a large chunk of the total grievances. Sure, one can always approach the Irda via its grievance redressal cell or ombudsman offices if the company fails to address the concerns. However, the sad truth is: in several cases people have to deal with such unpleasant situations because they were a bit casual while buying the policy. For instance, most people bought tall claims made by their agents and bought unit-linked insurance plans (Ulips) earlier, only to repent later. Similarly, some let their agent fill their proposal form, and found out later that some omissions or commissions (willful or otherwise) resulted in rejection of their claims. The distributor promises eye-popping assured returns when no such assurance is given by the insurance company. All you have to do is to begin with filling up the proposal form yourself and provide accurate information. Next, go through the policy documents carefully when they are delivered to you.