New Delhi. Awareness increases has increased considerably in the country. Due to this, the number of insured is increasing continuously, but according to a recent survey, people are not aware of its proper use. Six of the 10 people do not know the policy terms, benefits, exceptions and the process of the policy.

This survey has been done by the app covered app covers, but similar facts have been revealed in the study of many other companies including Bajaj Alianz Life Insurance, Nielson IQ and Axis Max Life Insurance. 71 percent of the people participating in the latest survey said that they have two to five active insurance policies, of which life insurance is the most common. After this, health insurance is 24 percent and motor insurance is 13 percent.

However, despite being the owner of these policies, 65 percent of the policyholders admitted that they had limited or no understanding of major policy details, including conditions, benefits, exceptions and claim procedures. Only 35 percent of people claimed to fully understand the benefits and conditions of their policy. A worrying fact in the survey also revealed that there is a huge lack of awareness among the dependents, not the insured.

Axis Max Life Insurance Limited found in his survey that nine out of ten health insurance policyholders feel that the benefit continues even after the insurance amount is over.

These precautions are also important

1. Check coverage: Make sure the policy covers your health needs and serious diseases. Also see what is involved in the policy and what not.
2. Be the option of cashless: Insurance company provides cashless treatment in the hospital and has a prestigious customer service record.
3. Payment required in Grace Period: Companies give a discount period of 15 days from the date of payment, during which the payment can be made. If not done, the policy will be canceled.

No information about coverage
A detailed survey conducted by Bajaj Allianz Life Insurance and Nielson IQ revealed that youth in India are getting life insurance on a large scale. However, despite this, 81 percent of the people who have insured do not know how much coverage they should be insured for adequate financial security.