Provide knowledge about various products in the market, highlighting their features and benefits. In insurance ‘one size does not fit all’.
Conduct financial planning exercises by considering your assets and liabilities, your standard of living, age, annual income, and recommends solutions that fulfill your long-term savings and protection goals. That is they ensure that you buy a policy that you can afford.
Analyse your life risks and thereby suggest the type of plan that would suit your needs – whether a traditional policy would be better, or a market linked plans.
Help identify your future financial goals – family protection, child education, retirement planning and wealth creation.
They also help you arrive at a specific amount that you will need in future to achieve these.
Inform about the right amount of premium you need to pay for your policy, including its frequency and mode. This helps you achieve your financial goals.
Explain the importance of a nominee for your policy. A nominee is the beneficiary who will get the sum assured and other benefits of your policy in case of your untimely demise. Your nominee could be your spouse, parents or any other family member that you feel financially responsible for.