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English Translation:

Sounds Familiar? Why Most Indians Make These 5 Insurance Mistakes (That Cost Lakhs)

Most Indians think about insurance as "cheap will work." This mentality leads to massive financial losses exactly when we need insurance the most. Let's understand five common mistakes that could cost you lakhs.

Mistake #1: Choosing the Cheapest Policy

Indian Tendency:

We love to bargain and find the lowest price—whether it's vegetables or insurance. We often ask, "Can you give this at a lower price?" without understanding what we're actually buying.

The Reality:

A ₹5,000 premium policy versus ₹8,000 premium might seem like a smart ₹3,000 saving. But that cheap policy often comes with:

• Room rent limits (₹3,000/day when hospitals charge ₹8,000)

• Disease-specific sub-limits

• Long waiting periods (2-4 years for specific illnesses)

• No coverage for modern treatments like robotic surgery

What You Should Do:

• Stop asking "What's the cheapest option?" and start asking "What's right for my family?"

• Calculate real risks: If hospital rooms cost ₹6,000/day and treatment runs 10 days, you need minimum ₹60,000 just for the room. Add surgery, medicines, ICU—you're easily looking at ₹5-10 lakhs.

• Real Example: A Mumbai client paid ₹12,000 annually for comprehensive coverage instead of ₹7,000 for basic. When his father needed bypass surgery, the policy covered ₹6.5 lakhs. The "cheap" policy would have paid only ₹2 lakhs due to sub-limits.

Mistake #2: Not Informing Your Family About the Policy

Indian Problem:

We keep financial matters private, even from family. Many Indian husbands or parents don't tell their wives or children about insurance policies, investments, or important documents. If something happens, the family doesn't even know the policy exists.

The Consequence:

Thousands of crores in unclaimed insurance money sits with companies because families don't know policies exist. Claim deadlines pass. Documents get lost.

What You Should Do:

• Tell your wife and at least one child about all insurance policies

• Keep a file with all policy documents in a known location

• Share agent/consultant contact numbers with family

• Add nominated beneficiaries and update when family circumstances change

• Keep digital copies on email or Google Drive that family can access

Action Now: After reading this, call your family and tell them where your insurance documents are kept.

Mistake #3: Hiding Health Problems on Forms

Indian Habit:

"Hiding a little is okay." Many Indians hide:

• Diabetes or blood pressure issues

• Previous surgeries

• Family medical history

• Smoking/drinking habits

• Current medications

We think "They won't find out" or "We'll get the policy cheaper."

The Hard Truth:

When you file a claim, insurance companies investigate thoroughly. They check:

• Medical records from all hospitals

• Prescription history

• Previous insurance claims

• Family doctor's records

If they find you hid information, your claim is rejected—even after paying premiums for years. You lose everything.

What You Should Do:

• Be 100% honest. Yes, declaring diabetes might increase your premium by ₹2,000-3,000. But at least your claim won't be rejected when you need ₹5 lakhs treatment.

• Remember: Insurance companies are fine with pre-existing conditions—they price it correctly. Hidden conditions mean rejected claims.

Mistake #4: Not Updating After Life Changes

Common Indian Scenario:

Amit bought ₹5 lakh life insurance as a bachelor. Now he's married with two children, ₹40,000/month EMI, and dependent parents. But his insurance is still ₹5 lakhs—enough for only 4 months of expenses.

Priya started a home-based tailoring business but never updated her home insurance. When her ₹2 lakh sewing machine was stolen, she discovered the home policy doesn't cover business equipment.

Life Events Requiring Insurance Updates:

• Marriage - add spouse, increase coverage

• Child birth - significantly increase life cover

• Home loan - ensure life insurance matches loan amount

• Job change - verify corporate health insurance continues

• Parents becoming dependent - add to health policy

• Starting business - need separate business insurance

• Buying vehicle - insurance is mandatory

• Buying jewelry/electronics - increase home insurance value

What You Should Do:

Set an annual reminder on your phone: "Insurance Review Needed." Review and update policies yearly, especially after major life changes.

Mistake #5: Buying for Tax Savings Without Understanding

Indian Reality:

March arrives and panic starts—"Need to save taxes!" We rush to buy any insurance policy without understanding terms, just to save ₹46,800 under Section 80C.

Result? We buy:

• LIC policies with poor returns

• Insurance we don't need

• Wrong coverage amounts

• Policies with hidden charges

The Problem:

Insurance is primarily for protection, not tax saving. Tax benefits are a bonus, not the main reason.

What You Should Do:

First, decide protection needs:

• If something happens to you, how much does your family need?

• Can they pay home loan EMIs?

• Will children's education continue?

• Can wife manage expenses?

Then, choose the right policy:

• Term Insurance: Pure protection, low cost (₹10-15 lakh cover for ₹500-800/month)

• Health Insurance: Medical emergency coverage

• General Insurance: Home, vehicle protection

Tax savings will happen automatically with right coverage.

Smart Example: Instead of paying ₹25,000 annually for traditional policy with 4-5% returns, pay ₹12,000 for term insurance (₹1 crore cover) + invest remaining ₹13,000 in mutual funds (10-12% returns). Better protection + better returns + same tax benefit.

InsuranceShield's Promise: Your Security, Our Priority

At InsuranceShield, we understand Indian mentality. We know you want value for money, not expensive policies. So we:

✅ Explain in simple language: No confusing jargon, clear explanations

✅ Show right coverage: What's covered, what's not—complete transparency

✅ Compare options: Show different policies to help you decide

✅ Help during claims: We don't disappear after sale—we help when you need us

Start Today

Don't wait for an emergency to realize your mistakes. Small changes today prevent big financial losses tomorrow.

Do Now:

• Review your existing policies

• Check if coverage is adequate

• Update family members about policies

• Get expert advice for gaps

• Get your free coverage review - click here

Because at InsuranceShield, we don't just sell insurance—we ensure your family's financial security with policies you truly understand.

Your Future, In Safe Hands

Disclaimer: This information is for educational purposes.