*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
Buying insurance is one of the most precious decisions you take in your lifetime, hence you’ll not want to end up doing any mistake. The most important question is how do you find adequate insurance? With plenty of insurance policies introduced by the insurers, it may become quite cumbersome to find the right deal. However, with some buying tricks, you can surely ensure the right plan.
Before driving down into details, let’s imagine-
After hearing from your friend about the types of insurance policies, you’ve become interested in buying insurance form Reliance General Insurance Company. However, considering the fact that what suits others may not be the perfect choice for you, you want to keep other options open as well. This makes you spare some time to give a thought about below tips on buying the right insurance.
No doubt, Reliance general insurance is one of the most sought after insurance in India. However, there is no harm I consider the others as well. There are wide varieties of insurance policies which can be availed within the budget as well. Make sure, whatever plan you are going to take must fulfil your insurance requirements. In this regard, you can take help from an insurance agent or a broker initially, if you don’t want to buy online.
Well, it is not a luxury that you are showing your standard off. Insurance is a necessity which should be bought as per the requirements or needs. Even if you wish to buy Reliance general insurance, you should set your basic requirements first, then move forward. Without analysing your needs, how can you decide whether a particular plan suits you or not? Moreover, by adding extra coverage or opting for insufficient coverage, you are just doing injustice with you. When the extra cover costs you an additional premium, the insufficient cover, on the other hand, encourages out-of-pocket expenses, in case the basic cover is not sufficient to pay the bills.
Every policy comes with certain things that are just not feasible to cover. Even your preferred policy Reliance general insurance also has its share of exclusions. Well, you shouldn’t ignore the exclusions. Ask the insurance list of perils that are not covered. This way you can avoid the consequences of claim rejection in the future.
Usually, insurance providers offer loyalty discounts to their customers for being constant with them. You can also earn by bundling multiple policies with one insurer. For instance, if you have bought car insurance from Reliance General Insurance Company. Now when you are looking for health insurance, either going for other insurers, you can approach the existing insurer. The insurer will offer you additional discounts for coming to them for the second time.
If you buy Reliance general insurance, consider reviewing it on a yearly basis. As the needs don’t remain the same at different stages of life, you’ll have to analyse it accordingly. Maybe you have welcomed a new family member or have acquired a new vehicle. Whenever you’ve made a change, it is important to know whether the policy is apt to cover a new risk exposure. Moreover, you can only review your policy at the time of renewal. So, in your case Reliance general insurance renewal will be an ideal time to evaluate your policy and add more covers if required. So, in order to stay on top of your insurance needs, do consider reviewing the policy on time.
Don’t compare only on premiums, as you may end up compromising on the overage. The simple yet preferred way to compare plans on both the basis of price and coverage. When you are going with online insurance, try getting at least 3 or 4 quotes. You can buy insurance from various sources such a bank, comparison sites and online insurance, through a broker or financial adviser etc. No online insurance or aggregator website can assure cheaper insurance. Neither a comparison site covers all the insurers. So, if you going online insurance consider compare through various comparison sites and buy accordingly.
Watch out for different premium charges, types of cover or insurers with different claim settlement ratios, whiling zeroing down on a plan. For example, you will find insurers with higher voluntary deductibles to prove the plan to be a cheaper one. While some others come with attractive NCB benefit. Without comparing the policies, you can’t come across various features and benefits offered under different plans. When buying from an aggregator website, do consider the level of cover that is offered-the insurer may cut down on the cover to make the policy the cheapest one. But this is not what you want. Your concern should be a policy with extensive coverage at an affordable rate.
Nearly half of us don’t bother reading the policy document thoroughly or we truly believe whatever is told by the insurance agent or broker. It’s only when we make a claim and get to know about a particular thing that is not covered, which eventually leads to claim rejection. That’s the reason you should know whether the policy covers everything that you need. It is imperative the read the policy document and hidden clauses. Otherwise, you are hypothetically wasting your investment or might not get adequate coverage when you need it the most. For example, if you’ve bought Reliance general insurance, you have a significant 14 days to analyses the policy and if it doesn’t satisfy your requirements, you can return the policy, within the free-look period. They insurer may return the premiums on pro-rata base or after applying the terms and conditions.
With time, buying insurance doesn’t remain to be a daunting task. Sure, there is a good deal where your insurance providers offer more than a policy document. The responsive claim professionals, up-to-date customer care experts, knowledgeable brokers with sufficient knowledge of the product and so on. Hence, insurance is more about getting financial coverage during an emergency. Spare some time to know the team so that you can rest assured that your investments are in safe hands!