You just need to be smart about it!Here are 5 things only smart people know about insurance:Thought you’re stuck with an insurance policy once you’ve bought it? Think again.According to the IRDAI, there is a Free Look Period for all life insurance policies, and all health insurance policies that last longer than 3 years² . For instance, let’s say you make a car insurance claim, and as a result, lose out the chance of getting a No Claim Bonus. But did you know that living healthy can save you premium costs?Before an insurance policy is given to you, your insurer carries out a process called “underwriting” wherein your riskiness is assessed. Thirdly, you can enjoy direct access to your reputed insurance company rather than going through an insurance broker.

Source: Economic Times September 29, 2016 12:56 UTC