“Financial Planning begins with buying a Life Insurance Policy”. You must have frequently heard this advice, and rightly so. After all, our financial endeavours are meant to secure the future of our loved ones. We spend a lifetime working to ensure their comfort and safety and a Life Insurance Policy gives a medium to safeguard them from financial hardships. But there is another thing that is as important as subscribing to a life insurance policy, and that is, the regular payment of premiums.
Pay it diligently, never miss it. Your insurance policy will lapse if you miss paying your premium. Lapse refers to lapse in coverage of the policy, meaning that the insurer will no longer pay any insurance coverage to the insured. You will not want such an unsafe circumstance to set in. Though most insurers offer a grace period, paying your premium well before the due date is advisable. Else, you would need to apply for reinstatement and undergo a medical exam all over again. Save your time and money by making timely premium payments.
Take charge and be on top of your premium payment schedules.
- Pay attention to alerts sent by your insurers.
- Set reminders if needed. Mark it on the wall calendar.
- Make use of financial record-keeping app like Exide Life Insurance’s My Money Book app that shows you notifications about premium due dates and allows you to keep records of your various financial details in a single place.
- Or, the best advice will be to simply link your insurance policy to your bank account and have the premium amount debited through the electronic clearance system (ECS) on pre-defined dates. This is especially useful when you are constantly travelling and don’t have access to online payment systems or you are just too busy to keep track of payment schedules.
So, start the upcoming financial year with a set of good financial habits. Remember, investing for the future requires immense discipline and focus. That’s the least we can do to ensure a safe and comfortable future of our loved ones!