*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
We often heard “prevention is better than the cure” and it stands true many a times. When there are a hell lot of options available for everything, why insurance should be left out? Why not take some time form your busy schedule to review the existing insurance cover you have and stay well-assured.
To ensure if you are having the right plan or not, you need to evaluate it on frequent intervals. The possibility that you may come across something better or stay confident about the existing one. Let’s try it-
Insurance policies, be it health, motor, car or life insurance come with certain perks:
The ideal time to review your existing health/car or life insurance policy is:
When you are actually not satisfied with the insurer. The reason can be many. You might not happy with the service or the last claim process with the insurer was pathetic that forced you to think over it. This can be one of the main reasons to review the policy or switch to other options.
A change in your professional life may force you to analyse the insurance cover you have. With a hike in salary or a better promotion also aids in higher living standard, which on the other hand, compels you to go for a higher coverage with lucrative features.
It is indeed the perfect time to review the policy when you are ready to welcome a new member. The parenthood comes with lots of happiness and responsibility. When the expenses of parental care can be exorbitant, it would be easy if these can be taken care off with proper planning. Moreover, not every insurance policy comes with in-built maternity benefit. So, family planning is on the cards, you should opt for another plan that covers pregnancy as well.
You should consider reviewing a plan when your retirement is doorstep. Retirement days are the most sensitive phase, which should be protected financially. Health-related complications are at the higher side in this phase, which may require frequent medical visits. By considering the insurance coverage at the time of renewal, you can opt for a plan with better coverage that suffices the requirement of retirement days.
By reviewing insurance policy, you can ensure much more benefits than you expected from your policy.
Let’s say, some insurers may not cover you for lifestyle diseases such as Diabetes, while some other do. Likewise, some insurers don’t come with personal accident cover with the basic two wheeler insurance, while others do. If you review the policy as per your requirement, you can financially cover yourself for the contingency that may arise out of these.
In the race of being counted in the list of splendid insurers, the insurance providers have come with more attractive features and additional perks. Annual health check-ups, in built-restoration of the sum insured, roadside assistance in case of vehicle breakdown etc. are a few to name. A free annual health check-up is definitely a bonus when a single visit can cost you a bomb if you approach a reputed physician. Given that, you can come to a decision only if you review your insurance coverage on a frequent basis.
More or less premium is always a concern for us. The possibility that you are charging a bomb for limited coverage under your current policy with no additional benefit. By evaluating the policy, you may find a better policy with attractive coverage at the same cost.
You will miss out on a few things if you don’t consider reviewing your existing policy. Here we go:
If you don’t evaluate a plan without proper grounds, the evaluation is meaningless. The various grounds of reviewing a plan that you can consider are:
To conclude, policy evaluation aids to change the overall perception of purchasing a plan. You not only can acquire additional information but also come to know that what is offered by other insurers. Thus, it provides you with a win-win situation where you can either opt for a plan with better coverage or stick to the existing one with the sufficient coverage. Well, the final call is yours!
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