Tips for a First Time Insurer

The term insurance may seem confusing for a lot of people. Confusing terms and complex jargon may even force people to take a back step if you are serious about purchasing one. But a better piece of news is that insurance is not so complicated as it may appear. Be it any type of insurance, insurance care plus health plans works out to be the best.

For all those who are planning to purchase an insurance policy for the first time the process could turn out to be challenging. Though there is no need to fear as a series of tips may enable you to choose a health insurance policy of your choice.

Life insurance

There are a sheer number of life insurance companies in India. To obtain coverage there are close to 100 odd policies from where you may choose. Before selection of a plan there are numerous questions that you need to answer. What would be the type of policy that you require and what is the exact amount you will be willing to shell out as premium. When you are purchasing life insurance for the first time keep the following points in mind

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  • Figure out your needs- even before purchasing a life insurance plan you need to be aware about the reasons why you are purchasing it. Some of us purchase a life insurance policy to be saving tax. But an exact purpose of a life insurance policy is to protect your near and dear ones from any emergencies
  •  Understand your premium paying capacity- ascertain your financial position to have an idea about the exact premium capacity. From your collective income figure out the exact sum of money you may be able to set aside for premium without cutting down on any amount of unnecessary costs.
  • Check out the options- Numerous types of life insurance policies are available in the market. Each of them would be compiling with specific requirement of yours. Check out with an expert on the exact type of policy that matches up with your requirements
  • Obtain multiple quotes- once you have decided on the plan of your choice it is necessary to obtain quotes from multiple providers. Every insurer is going to have a different plan as far as the rates evolve.

Health insurance

Health insurance is a necessity in modern times. With rising costs of medical care obtaining health insurance has become a must. For all those who are purchasing health insurance for the first time there are a few pointers to consider

  • There is no need for a health insurance- Medical costs have gone on to increase considerably in the last few years as meaning health care facilities accessible for millions of people worldwide. In modern times more than ever health insurance is a necessity
  • Understand the basics- To have an idea about health insurance you need to familiarize with the concepts. Once you familiarize with the policies it is necessary to understand in detail about the concepts. Some of the examples includes, co –premium, deductibles etc.
  • Work on the budget- as part of your budget health insurance would be an added expense. Taking all these points of consideration you need to have an idea on the amount of money you will be paying towards premium. Always choose a plan which would be taking care of your needs
  • Understand riders- riders is a value-added feature that you may purchase over your regular Care Insurance policy as an added cover. But all covers would not be suitable for everyone. A selective approach and only opt for an add on coverage if you really need one. Take note of the fact that the rider premium is there apart from the original premium on the base policy.
  • Individual policy or family floater- Another point of consideration is whether you need an individual or a family floater policy. The latter works out to be a better option if you are having a high-risk family member as part of your family set up.

Car insurance

As per the motor vehicles act a vehicle needs to be insured from third party damage before they step out. Just like other forms of insurance policy it is suggested that before you purchase a car insurance proper research is fundamental. Figure out the conditions along with benefits of each policy before you arrive at an informed decision.

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As part of the buying process, it is vital that you check out the quotes from various companies before you arrive at the decision. The entire idea is to provide the best in terms of coverage at a reasonable cost.

To conclude be it any policy life, health or car insurance their main objective is to ensure that you are covered from all types of financial liabilities in the event of any untoward event occurring.