BANGALORE:   Nowadays almost everyone has insurance but how many of you have knowledge of almost all the clauses of insurance? May be few know it. What do you normally do when your insurer gives you the policy document? Mostly, all you do is just overlook the decorated words in the policy and pile it up with the other bunch of financial papers on your desk, isn’t it? It’s your own insurance policy where you spend thousands or lakhs of your hard earned money then you should have knowledge of each and every point included in it. Your insurance advisor is always there for you to help you understand the tricky terms in the insurance forms, but you should also know for yourself what your contract says.

Here is the list of few clauses that you must read before buying insurance policies:

1. Contribution Clause: Earlier this clause was a bit complicated as the policyholder was given a choice of choosing a plan while making a claim. This was very inconvenient for a customer. But now the clause is very convenient as you can choose a policy of your choice to make a claim. Also earlier if the customer had more than one policy their approved claim was divided in to ratio of the sums insured. No worries from now on as you can decide on which insurer to approach for claiming the amount.