Common Mistakes While Buying Insurance Policies: Buying an insurance policy has become a huge necessity today. Through this, not only can one save himself from any future financial situation, but in the absence of himself, the family can be given the option of financial support. More and more people are now buying insurance policies. However, there are many things that should be kept in mind while buying. There are some things which are very common but some people do not even adopt it which they regret later like not comparing the policies offered by many insurance companies, not seeing the claim settlement ratio and not knowing about the discount. to take. There are many similar things to keep in mind while buying an insurance policy. Below are some such mistakes, which people usually make.
Non-detection of claim settlement ratio
Most of the people forget to check it before buying an insurance policy. For this, the insurance regulator can see the annual report on the website of IRDA. In this, information about the claim settlement ratio of all general insurance companies of the country will be found. Many insurance companies also give this information on their website. This ratio gives information about the number of claims settled.
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Not comparing insurance policies
There are many insured who buy insurance policy without comparing different insurance policies. On the contrary, they must compare the insurance policies of three to four general insurance companies of the country. In this, by comparing the features of the insurance plan to the premium and coverage, you should buy a better policy. For this, you can ask for quotations by filling an application form on the website of the respective insurance companies. You can choose the right policy according to your needs on the basis of the quotations invited from all the insurance companies.
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not finding a discount
If you are buying general insurance policy through online medium, then definitely find out how much discount the insurance company is giving on this purchase.
Non-detection of rider benefits
While buying an insurance policy, check whether the insurance company is offering any rider with the policy, such as critical illness rider in health insurance and zero depression rider in car insurance. Different insurance companies offer different rider benefits. In such a situation, give priority to the rider who gives the most benefits according to your needs.
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Ignoring the claim process
There is usually no problem in buying an insurance policy. However, on the contrary, some people may face problems in the claim process. In such a situation, while choosing any general insurance company, definitely check their minimum turnaround here. For this, one should also look at the customer review and find out how quickly the insurance company settles the claim.
Not Seeing Sublimits and Deductibles
Many insurance policies have provisions for sub-limits along with coverage benefits. For example, in a health insurance plan, medical bills in excess of the sublimits have to be paid on their own, which increases the financial burden. To avoid such financial burden, make sure to check the sublimits while buying the policy. The solution for this is that what are the sublimits or deductibles associated with the features given under the policy. There are roadside assistance in car insurance, dental treatment in travel insurance and room rent in medical insurance. The deductible has an impact on the total amount of the eligible claim amount. In such a situation, before buying any general insurance plan, definitely check the deductible or sublimits and if possible, buy a policy which does not have sublimits.