There are many occasions in our life when we often wonder whether we have made the right decision. Some of these decisions may relate to personal life, while others are of a financial nature. While the primary purpose of buying insurance is to protect either life, health or property, there are secondary aspects as well.
While it may not always be possible to understand all the finer details of an insurance policy, these factors must be taken into account when zeroing in on an insurance plan:
Insurance
Life insurance is probably the best way to compensate for the inevitable financial consequences after the loss of life. It helps the dependents to plan for educational and other expenses and also takes care of lost income.
Sajja Praveen Choudhary, Head-Term Insurance, Policybazaar.com, said, “While buying a life insurance policy, make sure you are buying what you expect. Double-check some of the key policy benefits including Total Amount, Sum Assured, Policy Term, Premium Amount, Claim Ration and Payout. To make your policy more effective and comprehensive, you can also add riders like critical illness cover, accidental health benefit, disability cover etc.
health insurance
A suitable health insurance policy helps in getting complete coverage at the time of emergency. Primarily, a health insurance policy should have a maximum entry age and lifetime renewal to get uninterrupted medical assistance.
“The way to choose a health policy is to go for comprehensive health insurance that can cover pre-existing health conditions (PED) and critical illnesses. The health policy needs to be short waiting period and minimum sub-limit/co-pay Naval Goel, Founder & CEO, PolicyX.com said, “Avoid spending out of pocket. Since they may require frequent check-ups and treatment, the policy should include outpatient outpatient (OPD) and home benefits.”
motor insurance
Generally, motor (two wheeler and car) insurance seekers buy insurance for their vehicles as a formality without giving it the necessary consideration. However, as an insurance seeker, it is essential to be fully aware of all aspects of motor insurance before finalizing the policy. The first thing to know is that as per the Motor Vehicles Act of India, third-party insurance is mandatory in a motor insurance policy. Also, look for a comprehensive insurance cover that provides complete protection against damage to you and your car in an accident.
“If your car is less than five years old, you should consider purchasing an add-on to get maximum protection from accidents. Some of the most popular add-ons to consider for your vehicle include zero depreciation, engine protection , Roadside Assistance, Return on Invoice and Consumables cover.All two wheelers and cars come with a default personal accident cover with total cover 15 lakh cover,” said Tarun Mathur, CBO, policybazaar.com.
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