*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
General insurance is a great way of protecting people and objects you love. While health insurance, travel insurance, personal accident insurance takes care of you and your family; motor insurance, home insurance, commercial insurance, etc. protects your assets from any kind of unforeseen risks.
A lot of you might be buying insurance for years but several people haven’t purchased a general insurance policy in their lives. Many such people today want to buy insurance but don’t know how to go about it. As a result, they keep postponing their insurance purchase or end up buying an unsuitable policy for themselves.
If you are one of those people who will be buying general insurance for the first time, this guide will help you find your ideal policy and educate you about the various factors to consider while doing so.
You should be clear about the kind of general insurance that you want to buy. Just like you never go out shopping in the market without knowing what you have come to buy, you can’t buy insurance until you know what you want to insure. For instance, you must know whether you want to buy travel insurance, home insurance, bike insurance or a health insurance policy.
The best way to know the kind of insurance that you need to buy is by analysing what you want to protect. For example, if you want to safeguard your shop, you should buy shopkeeper’s insurance. But if you wish to get your medical expenses covered, you must buy health insurance.
Now that you have decided to buy general insurance, the first thing to do is to know about the types of general insurance plans available. Different types of general insurance come with their own sub-types. You need to choose one of these sub-types to be able to buy insurance.
At this point, it is important to be aware of the kind of coverage you are looking for to protect the person or product concerned. Moreover, you should carefully analyse the pros and cons of all sub-types of general insurance to find the perfect cover.
The next step is to find the ideal general insurance plan for you. You need to look for a plan that fulfils all your insurance needs without charging you a hefty amount. The best way to do so is by comparing different insurance plans offered by general insurance companies in India. The plans should be compared based on the coverage offered, premium price as well as the benefits available.
You can easily compare different general insurance plans at one place by visiting the website of online insurance brokers, such as Policybazaar Insurance Brokers Private Limited (formerly known as Policybazaar Insurance Web Aggregator Private Limited). They enable you to compare the coverage, benefits, premium and other crucial aspects of different insurance plans free of cost before choosing the plan you want to buy.
At the time of comparing general insurance plans online, you must also check the alteration in premium prices on purchasing different add-on covers. For the unversed, add-on covers are the extra protection covers that you need to buy by paying a higher premium price.
Different add-on covers impact the premium of a general insurance plan differently. For example, your premium may increase by 5% if you decide to buy a particular add-on cover. But if you opt for another add-on cover, your premium may rise by 10%. Besides, the cost of an add-on cover may vary from one insurer to another.
Therefore, you must check the impact of different add-on covers on your insurance premium. You can discover the right combination of add-ons that works the best for you by using an insurance premium calculator.
Before you decide which general insurance plan to buy, you must keep the following things in mind:
Once you have chosen the general insurance plan that you want to buy, you need to pay the premium amount. Online buyers can pay the premium amount online using internet banking or their bank debit or credit cards. Remember to keep your card and internet banking details handy before commencing the payment process. As soon as the general insurance company will receive your payment, they will issue the policy to you.
Several factors influence the premium of a general insurance plan. Take a look at them below:
There you go. You know how to go about buying a general insurance policy. Make sure to keep these things in mind or refer to this guide while buying general insurance for the first time.