How to choose the Best insurance Policy


There are a large number of insurers licensed to do business in India, which means you have a wide choice of insurance providers and products.

When buying insurance, ensure that you have got all the necessary information you need to find an accurate quote.
You should have a good understanding of your own risks, the value and details of what you want to insure. This will help you pick the best insurance product for you.

Before you buy a policy
Before you purchase an insurance policy make sure you:
• Consider the risks you may face
• Familiarize yourself with the range of providers and products available
• Find out if you are already covered
• When comparing policies, ask insurance providers about the features you need, and any exclusions or applicable excesses
• Consider any additional cover you may need
• Check cover limits

Approach an insurance advisor
Finding the right insurance policy for one’s specific needs is a complex, stressful endeavour. As most of the other countries in the world, you will be spoilt for choices because you will find a wide range of insurance products to choose from. This can lead you to a catch- 22 situation where it becomes difficult for you to find out which policy is best suited to your interests. So approaching a competent and reliable insurance advisor will be of utmost importance to you.

With their extensive knowledge of risk and the insurance market, they are in a good position to help you understand the cover you need.

Comparing policies
Each insurance company offers products that differ from those offered by other providers, with variations in the terms and conditions, the coverage and costs.

Hence it is necessary that you read the policy terms and conditions carefully and look for an insurance product that best suits your needs. The policy will be included in a Product Disclosure Statement that sets out all relevant information about the cover. A Product Disclosure Statement will be available from each insurer, often on their website.

You can approach insurance providers for quotes and ask the questions you need to understand how you will be covered by the policy. Friends and family may also offer their own recommendations. The final decision is yours.
It is a good idea to get in contact with your friends, family and colleagues who already enjoy insurance coverage. Their recommendations would enable you to find the best and most suitable insurance for yourself.

Online comparisons
There are numerous online sites to compare insurance products. However, not all of them offer the quotes for the comprehensive list of policies.

When choosing a policy, it is advisable to first consider carefully what you need.

What to consider when comparing policies
Deciding on which insurance product you should purchase can be a complex affair. Comparing policies is of utmost importance because it will give you what you want and need.

Each insurance company has different terms and conditions in their policies. Since your requirements may vary from those of your family and friends, it is a good idea to look for products that cover the risks you’re likely to face.
Comparing product exclusions is also beneficial for you. By doing so, you will have a much better idea of the policies that are most suitable for you.

It is crucial that you should have a good understanding of what you will and will not be covered for before you purchase the insurance.

Know the cooling off-period
It is essential to know the cooling off-period. This will help you if you want to cancel the policy. Under law, most general insurance products have a minimum 14-day cooling-off period. You can also cancel the policy after the cooling-off period, but you may be charged a cancellation fee. l