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How To Buy Insurance Policy - 8 Smart Ways

In India, people are often reluctant to shell out money for insurance. Even those who realize the importance of getting insured are keen on getting insured for lesser and lesser.To know how to buy insurance policy here are few smart ways to get your insurance policy for less.  

1.     Buy Insurance Online

Not many of us know that online policies are offered at a lower premium than regular policies. The reason is quite obvious. By selling insurance online, the insurer saves substantial expenses that he otherwise would have to incur on infrastructure, agents, travel facilities and so forth.

Not only it is way cheaper than buying the insurance conventionally through agents but is more convenient and saves a great deal of time. Moreover, there are negligible chances of becoming a victim to fraud/mis-selling in case of online policies as compared to the policies bought through brokers/agents.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

2.     Compare Insurance Quotes

To get the best out of insurance, one should get and compare quotes at an online comparison portal such as Policy Bazaar. Comparison can be made on the basis of various parameters such as premium rates, features, benefits and exclusions under different plans. Shopping around is a great way to save big – Simple!

3.     Change Your Insurance Policies as Your Life Gets Changed

Make sure to get your policy modified at the key turning points of your life such as marriage, divorce, birth and death. 

  • Merge your policies after marriage
  • Extend your policy to include your new born
  • Separate your policies after divorce   
  • Change your nominee post divorce
  • Change your nominee if the nominee dies
  • Don’t be surprised! We still are talking about getting your insurance for less. Let’s start with marriage. You must know that you have to bear higher rates if you are single or divorced, when you get married, you get the same car insurance policy for less as a married individual and even lesser as a married couple. When you get divorced, you ought to separate your policies so as to not to end up paying for your ex-spouse’s mistakes. When you update your policies according to the change in a timely manner, you end up saving big bucks.

4.     Get Insured Collectively

If you are a family of four or more members, you should prefer buying a family floater plan instead of buying separate individual policies. Extending a single substantial cover to all family members is a great way to save on premium.

If you are employed, in all probability you are already insured under an employer sponsored group health plan. Though such plans are not as extensive as individual plans in terms of coverage, they suffice the basic need of health insurance.

5.     Opt for Deductibles

Deductible is the fraction of the claim amount that the insured needs to pay out of his pocket at the time of filing a claim. Opting for a higher deductible significantly lowers down the premium.

6.     Switch to Low Cost Insurance Plans

If you discover that you can get a wider coverage at same or lower price, you should not hesitate to switch your insurer. If you switch to a new car insurance policy, you get to retain your No Claim Bonus (NCB). If you switch to a new health insurance policy, you are entitled to enjoy the waiting period benefits. Since you have nothing to lose, there’s no reason not to switch to a new insurer if you get a better deal.  

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

7.     Go for a Plain Plan

If your intention is to get insured at the lowest possible price, then you might consider going for a plain vanilla policy without getting any riders and benefits added to it. 

8.     Play it Smart

Insurance works on the simple principle. The sounder is the thing to be insured, lower will be the cost of insuring it. Quitting smoking reduces premium of health insurance. To reduce your car insurance premium, you need to get your vehicle installed with an anti-theft device. The insurer gives saving on home insurance premium to those who have got their homes fitted with a robust security system.

Written By: PolicyBazaar - Updated: 07 January 2021
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