Many people are confused when it comes to buying insurance plans in the market. You need not worry about it anymore as you can easily follow the simple tips given in this article to get the best insurance plan for your future. In the same way, you can also get to know about some of the top myths about insurance plans among the public. When you have good awareness about such things, you can easily go ahead and select the suitable insurance plan at nominal rates.
Top tips to get the best insurance deals
Get the basics of insurance right
When it comes to choosing insurance, you need to understand that there are different types of policies and each one is essential considering the amazing benefits they offer. Apart from auto insurance and travel insurance for international tours, others are not mandatory and you need to choose them based on your individual needs. Even then, it makes sense to have a decent life cover and health insurance cover as they offer basic security for your life. It becomes even more important to choose them when you have dependents. When you avoid them, you may save some money temporarily, but it will cost you a lot in the long run. For this reason, make sure to get the below mentioned plans without fail to avoid various problems in future.
Life insurance: This policy offers coverage for your life and your dependents will be secured to some extent from financial troubles when you choose such life insurance plans. The sum assured amount will be paid to the nominee in the event of death of the policy holder during the tenure of the policy. In the case of investment related policies, the sum assured benefits will be given to the policy holder at the maturity of the policy or to the nominee in the event of death of policy holder. You can choose between inexpensive term insurance plans or other plans that offer investment opportunities.
Auto insurance: Unlike other forms of insurance, this one is mandatory and every vehicle running on road needs to have auto insurance. Getting the basic minimum third party coverage is mandatory for all the vehicles. As per the new regulations, you need to get them for a tenure of 5 years for all new two wheelers and for a tenure of 3 years for all new 4 wheelers. The third party cover offers basic coverage and you can choose to enhance this by opting for the comprehensive plans. While the third party cover is very inexpensive, the cost of comprehensive cover will usually be higher due to its additional features. The Oriental Insurance Co Ltd and other reputed companies offer different plans in this regard and you can select anything that meets your requirement.
Health insurance: Considering the increasing cost of medical treatment in recent years, it makes sense to choose a good health cover for yourself and your family members. This can help you to save lots of money in the long run and you will be able to provide the best treatment for yourself and your family members without worrying about financial constraints. By paying a small amount of premium, you can get very good health covers from Oriental insurance online and this will provide many benefits in future whenever you need medical treatment. You can even get coverage for pre-existing illness after few years after choosing the plan. It is possible to choose the sum assured coverage as per your premium paying capacity.
Travel insurance: This is the best thing you can do when you are traveling out of town and it can cover many aspects of your tour. You can claim compensation for delay or cancellation of flights and it is also possible to get financial assistance when you lose your baggage or wallet during your tour. In the same manner, it will also provide for emergency medical treatment during your tour and you can easily get treatment without paying any money from your pocket. The travel insurance can be chosen for any duration as per your travel needs.
Property insurance: When you have spent so much on your property, it makes sense to cover it with a proper insurance plan. Remember that natural disasters and fire accidents can damage your property and you will be able to get compensation in such incidents when you have property insurance. You can even get coverage for theft and other such incidents that cause loss or damage to the property.
Always compare insurance plans from multiple service providers
No matter what type of insurance you are buying from the market, it makes sense to compare different options available in the market. It is important to note at this stage that all the plans do not offer the same coverage and the cost of the policies may also differ by a huge margin. Considering all these factors, you should compare the plans so that you can choose the suitable option for your individual needs. The best way to compare the plans is to use the online portals that offer such policies and you can get complete information about multiple plans in one platform.
Buy online to save time and money
It is also a good idea to buy insurance online as this means that you need not visit any office and waste your time in getting the insurance policy. Many companies offer Oriental insurance online and you can even choose plans from other companies as per your convenience. Yet another advantage of choosing online option is that you can get to save money as the companies offer some discount for online policies.
Renew plans on time to save money
You will be glad to know that you can even renew the plans online and this will save lots of time spent during the process. The most important thing that you need to focus during policy renewal is that you have to renew the policy before the expiry date. This will be clearly mentioned in the policy document and failing to do so will result in lapse of the policy. After this, you have to pay penalty to renew the policy and this will also take lot of time due to additional paperwork. The Oriental Insurance Co Ltd offers easy options to renew the policy online and you can complete the task by visiting the official portal of the company.
Common myths about insurance
Buying insurance is not worth
It is a common myth and people think that putting money on insurance is like dead investment that does not provide any benefits in most cases. However, when you compare the sum assured benefits of any policy along with the premium charged for the policy, you will understand that you are getting many benefits by paying small amount of premium. Apart from that, you will be able to protect your savings in future in times of emergency when you have a proper insurance cover.
No need to buy insurance when there are no dependents
Even single people may get affected due to bad health or any accident that can hamper their working ability in future. In this regard, everyone needs at least a basic health cover along with accident cover so that they can easily get the best treatment in times of emergency. If you are single, you can choose to invest in market linked insurance plans that will also provide good profits for you in the long run along with providing insurance cover.
Buying auto insurance is personal choice just like other insurance
This is completely wrong and every vehicle running on road should have auto insurance as per the guidelines issued the government. The Motor Vehicle Act makes it mandatory for every vehicle to have insurance and vehicle owners will have to pay hefty penalty for violating such rules. You can easily choose Oriental insurance online or any other reputed policy to avoid such problems in future.
Insurance policy provides benefit only during mishap
This is not true as you can get maturity benefits in most life insurance plans. In simple terms, you can also consider insurance as an investment option when you choose such market linked plans. This will allow your money to grow in future and also provide security in the form of insurance cover.
Only earning members need insurance cover
This is a popular myth and many people choose life insurance and health insurance cover only for the earning member of the family. However, you need to understand that the earning member has to provide for the medical expenses of other family members in the long run. In this regard, it makes sense to provide the best health cover for every member in the family. In this way, everyone will have their own insurance cover and this can protect the savings of the entire family in future. You can combine the health cover for all the members under one plan and get additional benefits. Similarly, you can also choose child insurance plans and secure their future with such options.