5 Things only Smart People Know About Insurance!!

Reports have proven that an approximate of seventy percent Indians are under insured. Usually people don’t go through the terms and conditions of the insurance policies, which often lead them to the complications. So, it is very important to red all the terms and conditions which is the key quality of a smart person.

What are the things which you need to know?

The most important things, that smart people should know about it includes the following,

If a person buys a life insurance or medical insurance plans, then according to IRDAI, in the first fifteen days, doesn’t agree to any of the terms and conditions, he can simply withdraw the money from the company, and get his refund back. This time period of fifteen days is known as the free look period, in which the insurer can ask for his money back, incase, he doesn’t like any of the terms and conditions of the policy.

• The second most important which only the smart people know is that, if the people doesn’t make any claim on their vehicle or health insurance, it doesn’t mean that the premium money is lost. The actual truth behind this point is that, people who don’t make an insurance claim for the entire year, gets to enjoy the perk of no claim bonus up to twenty percent, on the time when you apply for the renewal of the premium.
• The third important point is that, every smart person know about insurance policies is that, the usage of riders, which provides a lot of help, in case the policy is unable to provide full coverage on the requirements. A rider is basically an add-on which proves to provide an additional premium on the insurance policy. This additional cover proves to be of great importance, when it comes to life insurance. People don’t need to worry about high costs of the treatments, of cancer, heart disease, and

other severe diseases.

• Want to cut down the premium amount of the policy which you have to pay every year? The best thing which a person can do to avoid such situations is that, he can simply asses all the risks and evaluations which can later lead to a high amount of premium. Doing this, will give him rough plan about the expenses, which can relatively increase the price of the premium. Your good health, no smoking or drinking habits somehow determines the budget of your expenses, which will determine the amount of premium which you need to pay. Not everybody knows that the premium rates are relatively different for smokers and non-smokers. Hence, if you have a healthy background, then you don’t have to pay high rate of premiums.
• Purchasing a policy online also causes a lot of difference in the coverage and premium rate of the insurance policy. Nowadays, most of the insurance companies provide the feature of online renewal of policies which is much easy and requires less of time, when compared to offline renewal process. The first of using online platform for the renewal of your policy is that you can perform the transactions at any time of the day. There is no restriction about the time, as it is with the working hours of the insurance company. Another reason which assures that a person should opt for online policy procedures is that, it is much cheaper and cost effective, than the offline procedure.

So, if you are planning to buy a new insurance policy from a reputed company, make sure that it satisfies all the above points, and then make the decision!

Prateek is a seasoned independent writer. His explanatory and creative writing style helps understand the subject matter easily and offers tips, tricks and expert suggestions for Star Health Insurance polices..