Things to consider while comparing insurance policies ppt

1. Thingstoconsiderwhilecomparing insurancepolicies CompareInsurancePolicies Insurance issomethingwe allneed,regardless ofourprofessionor lifestyle.However,the insurance policies availableinIndiaarequitedifferentfromoneanother.Withsomanyoptionsoutthere,itisnot easyto choosethe right oneforyou.So,to help youall, hereare afewthings to considerwhile you CompareInsurancePlansOnline: 1.Coverage Coverage isone ofthemost criticalfactorswhen comparinginsurancepolicies. Aninsurancepolicy covers the detailsof whatwill becovered, howmuch itcovers andfor howlong. Thetype ofinsurance coverage isanessentialfactorbecause itwilldetermineifyouhaveenoughprotectiontomeet allyour needs. 2.PremiumPaymentoptions The premiumpayment optionsofan insurancepolicyvary acrossinsurers.Some companiesallowtheir customerstomakepaymentsona monthlybasis,quarterlyorhalfyearly.Thebenefitofpayingthe premiuminsmallamountsisthatitreducesyourburdenandallowsyoutopayofftheentireamount withinastipulatedperiodoftime. Some insurersofferan onlinepaymentfacility,while othersrequireyouto visittheirofficeor agent’s office andmakea payment manually. When youCompareInsurancePlans Online,you shouldlook atthe optionsavailableformaking premiumpayments asit willhelp youdecide howmuch moneyis beingspenttowardsthis purposeover a periodof time.Thepremiumpayableforan insurancepolicy variesbasedon yourage,gender, occupation andhealth.Theyoungeryouare,thelessexpensiveitis tobuy a policy.This isbecause younger peoplehavefewerhealth issuesthan olderpeople andtendtobemoreactivein theirjobs.

2. 3.Premiumamount Thepremiumamountisthemonthlyoryearlyamountthatyouhavetopayasaninsurancepremium. Thepremiumamountiscalculatedbasedontheriskprofileofthepolicyholder. Ingeneral,higherpremiumswillbechargedifyouarea youngprofessionalwithnodependentsandif youdrive an expensivecar. On theotherhand,olderindividualswith moredependentswillbeeligibleforlowerpremiumsthan their youngercounterpartsbecausethey poselessrisk(in termsoffinancialloss)to theinsurerincase of an accidentorillness,leadingtohospitalizationandtreatmentcosts. 4.ClaimSettlementRatio The claimsettlementratioisthepercentageofclaimsthataresettledin a givenperiod.It'sessentialto look atthis becauseit showshow goodan insurancecompany isatsettling claims.If theclaim settlementratioislow,thenyoumightbebetteroff withanotherinsurancecompany. When you'relookingatthe claimsettlementratio,it's importanttomakesurethatit's a fair comparison. Ifyoucompareaninsurancecompanywithanotherthathas a verydifferentmixofcustomersor policies,thenthe two companies may notbe comparable. Forexample,ifonecompanyinsuresonlycarsandtrucks whileanotherinsuresonlyhomes and businesses, thencomparingtheir claimssettlementratioswouldn’tgiveyou muchinformationabout howgoodeach company is at settling claims. 5.Durationofpolicycoverage Beforeyoucompareinsurancepolicies,youshouldknow thatthedurationofcoverageisthe numberof yearsfor whichthe policy iseffective. This variesfrom one insurancecompanyto anotheras some companies give areasonableperiod of 5 years whileothersprovidecoverfor 10years andsoon. The durationalso dependson thetypeof insuranceproduct anditsfeatures.Forexample,a termplan coversonlydeathclaimsduringitsvalidityperiod.Still,whole-lifeplansoffercoverageuntilmaturityage or evenbeyondthatpoint ifthereareno claimsmade duringthis timeperiod. Someinsurersalsoprovideadditionalcoveragebypayinganadditionalpremium,justlikeULIPs,where one canpurchaseupto a 30-yeartenureforhisinvestmentplanandenjoymorebenefitsthanregular term plansofferwithidenticalpremiumspaidannuallyduringeachyear’srenewalperiods.

3. If a companyhas a historyofnot payingclaimsortakingtoolongtosettle claims,thenyoushould avoid buying policiesfrom themat allcosts, asit willonly causeproblemsforyoulater ondown theroad. Additionally,supposeyouhaveanyquestionsaboutyourpolicyorneedassistancemaking a claim.In thatcase,you'llwanttomakesurethattheircustomerserviceistop-notchbeforesigningupfor coverage. Finally,compareeachinsurancecompany'sclaimssettlementratio(CSR).Thismetricmeasureshow often aninsurerpaysout itsclaims versushow oftenthey denythose sameclaims. 7.InclusionsandExclusions The nextthing youshould compareis theinclusionsof thepolicies. Thiswill tellyouwhatexactlyis included inthe policyand whatisn't. So,before comparing apolicy,makesureyouunderstand itsterms andconditionsthoroughly. 8.Add-ons Add-ons are additional featuresthatyou can add toyourpolicy. These are notcovered under the basic policy andare usuallyofferedat alowercost thanbuyinganother insurancepolicy forthem. Forexample, suppose youhave medical insurance and wantcoveragefora trip outside your country or region. In thatcase, youcan buyan add-onthat willextend themedical coverageto includetravel abroad. If youare planningon travelingoutsideof yourcountry,youmaywanttoconsider aninternationaltravel insurancepolicy.Thesetypesofpoliciesoffermedical,tripcancellation,baggageandcashcover,aswell as othervaluablebenefitsthatcanhelpprotectyou whiletravelingabroad. Conclusion Insuranceisa productthatyoupurchaseforyourownwell-being.Insurancepoliciescanbeusedto safeguardagainstfinanciallossesaswellasprovideprotectionfromhealthrisks.Comparinginsurance

4. policies isessential becauseit helpsyoumakethe bestchoice intermsof whichpolicy toselect, dependingon your individualneeds and requirements. In ordertohelpyouCompareInsurancePlansOnline,wehaveprovidedsomeimportantpointerswhich will helpguide youthrough thisprocess.You shouldalso knowthatOkbimais agreatplatformwhich allowsuserstocomparevariousinsurancepolicies.So,itwillbefruitfulforyoutotry thisreliable platform and begin comparing insurance policies to find the best one.