This post has been self-published on Youth Ki Awaaz by Harjot Singh Narula. Just like them, anyone can publish on Youth Ki Awaaz.

5 Things To Keep In Mind While Getting Insurance (Not Fun, But It’s Important)

More from Harjot Singh Narula

By Harjot Singh Narula:

bob biswas kahaaniLife insurance is a promise you make for your loved ones to ensure financial independence in case you can’t take care of them. It is a financial decision which needs to be taken prudently. Life insurance policies are a long term contract which run for a tenure like 20, 25,30 years or whole life as well.

It is important to keep these 5 crucial things in mind before making a final decision.

1. Buy An Adequate Life Cover

Just buying a life insurance policy for the sake of it does not benefit either you or your family. The most imperative thing is to choose the right amount of life cover, or technically we call it ‘Sum Assured’.

The ideal sum assured is something that you need to assess, based on appropriate calculations of your family’s financial dependence on you. Every individual will have different financial setup, so if your friend has taken a sum assured of 10 lakh or your agent is proposing to take a sum assured of 15 lakh does not mean it is the right life cover amount for you as well.

Your current and future financial obligation towards your family forms the basis of choosing the right sum assured. It all depends on your financial income, lifestyle expenses, regular household expenses, loans (if any), debts and future financial goals as the child’s education, marriage, etc.

The thumb rule is to buy a life cover which is 10 times of your annual income.

2. Analyse The Type Of Life Insurance Plan You Require

Life insurance plans come in all forms and types. Life insurance plans like Term Plans can provide you with pure life protection plans, which pays your nominee/s the life cover amount or sum assured as lump sum amount. Such products offer you higher coverage at the lowest cost.

On the other side, there are life insurance plans which offer a fair amalgamation of Insurance plus Investment. Such plans fall under the category of Endowment Products which offer both Death and Maturity Benefit (whichever occurs first).

The premium component of endowment plans like child plans, money back plans, whole life plans include the cost for mortality and investment both which makes it comparatively higher as compared to term plans.

ULIP’s or Unit Linked Insurance Plans also fall under the category of Endowment Products with a difference of being more transparent (regarding its associated costs, benefits, returns) and market driven products.

The idea is to understand why you want to take life insurance. If it is purely for protection, then Term plans are best suited, but if the objective is both protection and savings, then you may opt for other options. You need to understand that insurance for something like final expense insurance for terminal cancer vs. insurance for an average lifestyle will vary greatly, as the first objective of insurance companies is to make money, unfortunately.

3. Insurer’s Background Check

Life insurance is a long-term contract, so it is vital to spend some time in doing a background verification check about the insurance company (or insurer) from which you are planning to buy a life insurance policy.

The foremost important aspect is to check on its ‘claim settlement ratio’, which defines the number of claims paid over the total claims received by the insurance company. In case the insurer has a low claim settlement ratio, it is a concern. If after you, your family members are deprived of the death claim amount due to the incompetency of the insurer to pay claims on genuine grounds, the investment done by you towards buying a life insurance policy will go in vain.

Other important aspects to be inquired about the insurer are:

• Ensure the company or the intermediary should be IRDAI (Insurance Regulatory & Development Authority of India) Approved & Licensed entity
• Good and Efficient Customer Services
• Check Expert Reviews about the product and the company you intend to get associated with.

4. Fill Complete And Correct Details In The Proposal Form

The Proposal Form is the basis of your insurance policy issuance. Important information is asked by the insurance company in the proposal form like:

• Income
• Age
• Occupation
• Smoking & Drinking Details
• Family History
• Personal Medical History
• Other Insurance Policies, etc.

On the basis of the details provided by you, the insurer decides to grant you life insurance policy and your premium amount. It is very important to provide the complete and correct information in the form. Any non-disclosure or misrepresentation of facts may lead to serious consequences at the time of claim.

Also, ensure you fill the proposal form yourself instead of your agent filling it on your behalf. Agents at times represent wrong information in the proposal form which you may not be aware of, to fulfil their own targets or goals. Be aware of such things to enjoy the benefits in the later stage of your life insurance policy.

5. Compare And Buy Online

In this internet era, buying insurance is just like buying other tangible products online. Various online comparison portals offer cost-free, unbiased and expert comparison of various life insurance products from the leading insurers. Buying online, requires the least documentation, hassle free process and allows quick policy issuance. Compare and make a decisive buying decision.

You must be to comment.
  1. Daredevil

    Insurance policies are satanic to say the least. Highly unnecessary, a waste of money, a scam and a mockery of the life given by God.

More from Harjot Singh Narula

Similar Posts

By Abhinandan Kaul

By Imran Khan

By Simran Pavecha

Wondering what to write about?

Here are some topics to get you started

Share your details to download the report.









We promise not to spam or send irrelevant information.

Share your details to download the report.









We promise not to spam or send irrelevant information.

An ambassador and trained facilitator under Eco Femme (a social enterprise working towards menstrual health in south India), Sanjina is also an active member of the MHM Collective- India and Menstrual Health Alliance- India. She has conducted Menstrual Health sessions in multiple government schools adopted by Rotary District 3240 as part of their WinS project in rural Bengal. She has also delivered training of trainers on SRHR, gender, sexuality and Menstruation for Tomorrow’s Foundation, Vikramshila Education Resource Society, Nirdhan trust and Micro Finance, Tollygunj Women In Need, Paint It Red in Kolkata.

Now as an MH Fellow with YKA, she’s expanding her impressive scope of work further by launching a campaign to facilitate the process of ensuring better menstrual health and SRH services for women residing in correctional homes in West Bengal. The campaign will entail an independent study to take stalk of the present conditions of MHM in correctional homes across the state and use its findings to build public support and political will to take the necessary action.

Saurabh has been associated with YKA as a user and has consistently been writing on the issue MHM and its intersectionality with other issues in the society. Now as an MHM Fellow with YKA, he’s launched the Right to Period campaign, which aims to ensure proper execution of MHM guidelines in Delhi’s schools.

The long-term aim of the campaign is to develop an open culture where menstruation is not treated as a taboo. The campaign also seeks to hold the schools accountable for their responsibilities as an important component in the implementation of MHM policies by making adequate sanitation infrastructure and knowledge of MHM available in school premises.

Read more about his campaign.

Harshita is a psychologist and works to support people with mental health issues, particularly adolescents who are survivors of violence. Associated with the Azadi Foundation in UP, Harshita became an MHM Fellow with YKA, with the aim of promoting better menstrual health.

Her campaign #MeriMarzi aims to promote menstrual health and wellness, hygiene and facilities for female sex workers in UP. She says, “Knowledge about natural body processes is a very basic human right. And for individuals whose occupation is providing sexual services, it becomes even more important.”

Meri Marzi aims to ensure sensitised, non-discriminatory health workers for the needs of female sex workers in the Suraksha Clinics under the UPSACS (Uttar Pradesh State AIDS Control Society) program by creating more dialogues and garnering public support for the cause of sex workers’ menstrual rights. The campaign will also ensure interventions with sex workers to clear misconceptions around overall hygiene management to ensure that results flow both ways.

Read more about her campaign.

MH Fellow Sabna comes with significant experience working with a range of development issues. A co-founder of Project Sakhi Saheli, which aims to combat period poverty and break menstrual taboos, Sabna has, in the past, worked on the issue of menstruation in urban slums of Delhi with women and adolescent girls. She and her team also released MenstraBook, with menstrastories and organised Menstra Tlk in the Delhi School of Social Work to create more conversations on menstruation.

With YKA MHM Fellow Vineet, Sabna launched Menstratalk, a campaign that aims to put an end to period poverty and smash menstrual taboos in society. As a start, the campaign aims to begin conversations on menstrual health with five hundred adolescents and youth in Delhi through offline platforms, and through this community mobilise support to create Period Friendly Institutions out of educational institutes in the city.

Read more about her campaign. 

A student from Delhi School of Social work, Vineet is a part of Project Sakhi Saheli, an initiative by the students of Delhi school of Social Work to create awareness on Menstrual Health and combat Period Poverty. Along with MHM Action Fellow Sabna, Vineet launched Menstratalk, a campaign that aims to put an end to period poverty and smash menstrual taboos in society.

As a start, the campaign aims to begin conversations on menstrual health with five hundred adolescents and youth in Delhi through offline platforms, and through this community mobilise support to create Period Friendly Institutions out of educational institutes in the city.

Find out more about the campaign here.

A native of Bhagalpur district – Bihar, Shalini Jha believes in equal rights for all genders and wants to work for a gender-equal and just society. In the past she’s had a year-long association as a community leader with Haiyya: Organise for Action’s Health Over Stigma campaign. She’s pursuing a Master’s in Literature with Ambedkar University, Delhi and as an MHM Fellow with YKA, recently launched ‘Project अल्हड़ (Alharh)’.

She says, “Bihar is ranked the lowest in India’s SDG Index 2019 for India. Hygienic and comfortable menstruation is a basic human right and sustainable development cannot be ensured if menstruators are deprived of their basic rights.” Project अल्हड़ (Alharh) aims to create a robust sensitised community in Bhagalpur to collectively spread awareness, break the taboo, debunk myths and initiate fearless conversations around menstruation. The campaign aims to reach at least 6000 adolescent girls from government and private schools in Baghalpur district in 2020.

Read more about the campaign here.

A psychologist and co-founder of a mental health NGO called Customize Cognition, Ritika forayed into the space of menstrual health and hygiene, sexual and reproductive healthcare and rights and gender equality as an MHM Fellow with YKA. She says, “The experience of working on MHM/SRHR and gender equality has been an enriching and eye-opening experience. I have learned what’s beneath the surface of the issue, be it awareness, lack of resources or disregard for trans men, who also menstruate.”

The Transmen-ses campaign aims to tackle the issue of silence and disregard for trans men’s menstruation needs, by mobilising gender sensitive health professionals and gender neutral restrooms in Lucknow.

Read more about the campaign here.

A Computer Science engineer by education, Nitisha started her career in the corporate sector, before realising she wanted to work in the development and social justice space. Since then, she has worked with Teach For India and Care India and is from the founding batch of Indian School of Development Management (ISDM), a one of its kind organisation creating leaders for the development sector through its experiential learning post graduate program.

As a Youth Ki Awaaz Menstrual Health Fellow, Nitisha has started Let’s Talk Period, a campaign to mobilise young people to switch to sustainable period products. She says, “80 lakh women in Delhi use non-biodegradable sanitary products, generate 3000 tonnes of menstrual waste, that takes 500-800 years to decompose; which in turn contributes to the health issues of all menstruators, increased burden of waste management on the city and harmful living environment for all citizens.

Let’s Talk Period aims to change this by

Find out more about her campaign here.

Share your details to download the report.









We promise not to spam or send irrelevant information.

A former Assistant Secretary with the Ministry of Women and Child Development in West Bengal for three months, Lakshmi Bhavya has been championing the cause of menstrual hygiene in her district. By associating herself with the Lalana Campaign, a holistic menstrual hygiene awareness campaign which is conducted by the Anahat NGO, Lakshmi has been slowly breaking taboos when it comes to periods and menstrual hygiene.

A Gender Rights Activist working with the tribal and marginalized communities in india, Srilekha is a PhD scholar working on understanding body and sexuality among tribal girls, to fill the gaps in research around indigenous women and their stories. Srilekha has worked extensively at the grassroots level with community based organisations, through several advocacy initiatives around Gender, Mental Health, Menstrual Hygiene and Sexual and Reproductive Health Rights (SRHR) for the indigenous in Jharkhand, over the last 6 years.

Srilekha has also contributed to sustainable livelihood projects and legal aid programs for survivors of sex trafficking. She has been conducting research based programs on maternal health, mental health, gender based violence, sex and sexuality. Her interest lies in conducting workshops for young people on life skills, feminism, gender and sexuality, trauma, resilience and interpersonal relationships.

A Guwahati-based college student pursuing her Masters in Tata Institute of Social Sciences, Bidisha started the #BleedwithDignity campaign on the technology platform Change.org, demanding that the Government of Assam install
biodegradable sanitary pad vending machines in all government schools across the state. Her petition on Change.org has already gathered support from over 90000 people and continues to grow.

Bidisha was selected in Change.org’s flagship program ‘She Creates Change’ having run successful online advocacy
campaigns, which were widely recognised. Through the #BleedwithDignity campaign; she organised and celebrated World Menstrual Hygiene Day, 2019 in Guwahati, Assam by hosting a wall mural by collaborating with local organisations. The initiative was widely covered by national and local media, and the mural was later inaugurated by the event’s chief guest Commissioner of Guwahati Municipal Corporation (GMC) Debeswar Malakar, IAS.

Sign up for the Youth Ki Awaaz Prime Ministerial Brief below