The worst practice which we Indians follow while buying financial products is that we don’t even look beyond the application form where all the terms and conditions are written. The bad thing happening due to this practice is that we end up cursing the provider for not keep up with the promise. In fact, lot of customer complaints regarding miss-sales of financial products are because of this particular reason.
Take an example Mr. Ganguly who recently bought a health insurance policy following the same practice but after five months when we went get himself operated for cataract his health insurance provider cancelled his claims. For quite obvious reasons Mr. Ganguly filed a complaint and the Insurance company came with an answer that as per the insurance contract cataract was supposedly not to be covered in the first year so the claim was rejected. All these things were actually mentioned in the insurance contract document which Mr. Ganguly never took a pain to study otherwise he might planned the operation for next year and the financial loss he had wouldn’t be there.
This is a common phenomenon even while buying health insurance plans too. Though we try to use online websites to compare plans but we just do it on the basis of the amount of premium but you don’t actually go back of the policy contract to see the fine prints of the policy which are like detailed terms and conditions of the contract.
There are some important points which you should actually look every time before you buy a health policy are listed below. The foremost caution after reading all these points is don’t forget from next time.
So if you still feel like not reading the policy contract points in detail it can really act a back burner and you always be spending money out of your pocket even though you have a policy in place.