Thing to do While You Are Planning for an Insurance Coverage

Insurance coverage is a mandatory thing once you enter a certain phase of your life. There are many life insurance services and policies available from which you can select. You can also see a large number of life insurance agents in your local area following you hoping to sell their life insurance policy or any other insurance plans.

Before you decide to go with any insurance plan, there are certain things which you should do, so that you would not end up selecting the wrong policy. There are listed below.

1) Try to know why you need an Insurance coverage
Try to figure out why you need an insurance coverage for your life. This would help you to think about the reasons that are forcing you to take a insurance coverage. If you feel cent percent sure that you need one, then go for an insurance coverage policy.

2) Select the best Insurance agency
Try to figure out the best insurance agency or insurance company and then finalize on which company's policy you should go with.

3) Select the best Insurance policy that suits your needs.
After deciding on the company, select the best insurance policy that suits your needs. There might be a large number of short and long term policies, but you should try to choose the most compatible one that suits you the most.

4) Consult with your friends
Consult with your friends regarding this insurance policy and the company. There might be some friends who have previous experience with a particular company's policy.

5) Know your financial limitations
Always have a good understanding about your financial limitations as it would help you in assessing the best insurance policy.

6) Select the Insurance Amount Wisely
Always select the insurance and the premium amount wisely so that it would not tamper your monthly financial budgets.

LIC India Seems to be Flexible in its Payment Strategies

LIC or Life Insurance Corporation of India is a Insurance company under the Government of India and is one of the most popular and established insurance agencies in India. Even though a large number of private insurance agencies have made their presence in the Indian Insurance market, most of the people opts for LIC as it is considered more reliable and secure. The private insurance agencies in India may offer high interest and other exciting offers, but majority of the people still persist with LIC India. The recent recession had seen some of the major leaders in the banking and insurance sectors crumbling down and this has left a doubt with the common man as to whether opt for private insurance or insurance under the Government of India. The recent recession has send a great message to the common man that LIC is the best option for their investments.

I also joined a small insurance policy with LIC one year back an used to pay the premium amount quarterly. I also had a private insurance policy in the past with which I had some bad customer experience regarding late payment and other things. June 28 was the month on which I was supposed to pay the premium amount towards LIC, but due to my hectic work and personal life I forgot about the payment date. 2 days back when I just checked my diary, I was shocked to see that it has been one month since my due date and got afraid that I might end up paying late payment fees and other penalties which is a usual thing with some private insurance agencies.

But to my surprise, when I checked my LIC account online, I saw that there is no late payment fee and other penalties. The moment I saw it I did the payment online and got my receipt. Later when I asked with some of the my friends, they confirmed that LIC allows a expanded time of one month after the due day to pay the premium. This was really a good thing for me as I always forget my payment dates and this time I escaped without paying any penalties. In my opinion I don't think that any other private insurance companies provide this type of flexible payment option and I always suggest others to go for LIC, if they are going to make some investment.