Some months ago, two of my office colleagues had bereavements in their families and they filed claims for term insurance plans. That’s why, I recommend that while selecting an insurer, you must look at their claim settlement track record. I took a life insurance policy about 9 years ago. If your nominee resides in India, then buying a policy in India will help in easy claim documentation and settlement. Insurers use this information to determine the maximum sum assured that you are eligible to buy, after deducting existing coverage.

Source: Mint April 09, 2017 17:48 UTC