You could be tempted to relinquish your ULIP policy if it performs poorly, but before you jump to a decision, evaluate its surrender value, performance, charges, and alternatives.

To ensure a successful death claim process, it is vital for the policy holder to submit all the necessary papers and provide clarifications, if any, to avoid delays and probes later. Death claim proceeds are usually tax-exempt.

If you think your insurance policy coverage is inadequate, consider add-on options like disability or critical illness benefits to enhance the coverage instead of buying a new one; endowment plans offer a larger sum at maturity, unlike money-back policies

Adding riders like accidental death, disability benefit, premium waiver, etc., will enhance the coverage and provide additional benefits to beneficiaries in case of a major setback to the policyholder.

Before purchasing a life insurance policy, you must consider your financial obligations, future expenses, and family needs, and based on your current stage and expectations, pick the right one for you.