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What should a consumer keep in mind when buying Canara HSBC Oriental Bank of Commerce Life Insurance ?

hello and welcome to this very special series finance made simple joining me today is akshay dhan who's the appointed actuary at canada hsbc obc life insurance thanks very much uh akshay pleasure talking to you thank you you know uh because of the pandemic Insurance has been on top of everybody's mind but the big question that probably everybody wants answered is how do i go about selecting the right life insurance for myself so first of all you could tell us a little about that so so that's a very good question vivek um so when you decide that you want to buy life insurance you know life insurance Is a huge repertoire of products it's just not just one product so before you decide to buy or when you have decided that you need some life insurance you really need to decide what is the purpose you want to buy the life insurance for so for instance you could buy life insurance because you want to cover your family in case of an unfortunate event while you are working that could be one purpose the other Purpose could be for saving uh for a particular defining event in the future for example your kids married your kids higher education abroad the third could be your uh you know your retirement you know getting you an income in retirement so there could be a plethora of reasons why you buy life insurance so before you decide you need to really decide what is your Objective and that will then uh critically decide what product you choose or what kind of product you choose you when you buy life insurance right so suppose you have decided that you want to provide cover for your family you know when you are working uh which essentially means that if something were to happen to you you know the family uh the income would still be flowing into the Family and the families living standard will remain the same irrespective whether you're there or not see so suppose you decided that once you've decided that then the next steps will come what are the other things you want to consider while buying life insurance so things like um you know what is the policy term you want to take so in in case of pure production plans which is what i just explained to you About you would look at things like uh you know what is the working life of the individual so if i'm say i'm 30 years old and i'll be working till 60 i would want to buy at least a 30-year pulsator similarly uh what is the amount of coverage i want to buy now typically you want to see that whatever coverage you buy your family in case of your Unfortunate demise your family should be able to maintain the same standard of living which they would have maintained had you been alive and working right so that should give you an indication about the amount of color to buy an interesting variant in this is an increasing cover option because what happens in case of life insurance is that you know life rather is that as you go ahead in life your Liabilities only increase they don't reduce you know you have one kid then you probably have another kid and you maybe buy a house which has emis and stuff like that so liabilities only increase so it's it's actually useful if you can buy instead of a level cover product you can buy an increasing covered product where the coverage automatically increases every year or every few years Which kind of compensates for the increase in liabilities you'll have as an individual so that's that's one thing you would want to consider then then you would want to look at for instance things like you know what is the premium payment term you want to look at typically uh you know uh i would recommend a regular premium policy rather than as limited premium policy in case of Pure prediction plans because they are cheaper and they suit the purpose well um that's that's another thing to look at then you might want to look at things like the premium frequency you know can you afford an annual premium or do you want to pay monthly and annual premium is often cheaper as compared to a monthly premium so that's another thing you might want to look at so once you decide all these parameters And chosen what what what life insurance you want to get and what parameters you need then you might want to look at you know the available companies who have such products and what company you want to buy go for you might want to look at the financial strength of the company you know how it has performed in the past because you do want a stable life insurance company because You know here you are sitting in in a particular area where you are going to be paying premium for the next 30 40 years and you are looking for coverage for the next 30 40 years so you want a situation where the company is will be there when it's needed when it's needed to pay clean so you know you want a financially stable company you might want to look at the tnc's in detail to ensure that you know you Understood the terms and conditions of the product what is the claim settlement procedures because that's what's what is going to be needed then they are often you know in case of pure production products as an example they're add-ons you might want to buy for instance you know you have a critical illness rider or you have you know a permanent disability rider and stuff like that again you might want to see whether you Want those or not depending on what you need is for example i would personally buy a criticalness rider because not only then that product will cover me for life insurance it will also cover me in case some one of the you know one of the main criticalness were to happen to me in my working life you know so then then the loss of income and the cost of treatment would be covered using that lump sum likely paddle idea so all In all so these are the few things you might want to look at when you're buying life insurance uh yeah i think that's that they are the few key important points you might want to look at when you're buying you know life insurance products for yourself yeah and look most important you must tell your family when you bought the product what are the details and where are the documents kept and who to contact in Case in case some unfortunate event were to happen because often what happens people don't even know that their their their breadwinners have bought life insurance policies so it's important to make sure your family knows that you've bought a life insurance policy and what are the procedures to be followed in case a claim has to be made thank you very much akshay for coming by And sharing your perspective with the viewers as always a pleasure talking to you thank you very much thank you so much thank you so much

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