subject: Insurance in India: What you need to know before buying a policy [print this page] Insurance in India: What you need to know before buying a policy
India has progressed significantly in the last couple of decades and it is visible in the economy. Gone are the days when citizens used to consider the basic utilities of life as something that they were lucky to have. Nowadays, these fundamental aspects of life, including an insurance policy are considered to be a must have by the middle and upper class. Furthermore, even the lower class is acquiring insurance in India. In some cases, they are even being rewarded by the private and public social development teams for investing in insurance.
In such an environment where insurance policies play an important role in our lives, it is important to understand the impact of buying a policy, its benefits and requirements. The following are some points to consider:
Individuals involved: An insurance policy's purpose is to provide the insured person financial support in case of some type of medical or non-medical emergency. Therefore, for the prospective buyer, it is important to know how many individuals will be covered under the policy. Insurance in India covers an individual as well as groups of people. The latter feature is more evident in corporate insurance policies that cover employees. Keeping this in mind, the appropriate policy can be taken.
Financial implications: Having insurance in India has many positive financial implications. For example, someone interested in acquiring an insurance policy will have to consider the frequency and amount of premiums to pay. Also it is important for you to keep in mind the sum insured being offered, the kind of tax benefits and the coverage of the policy. Insurance policies range from extremely basic to elaborate. Choosing between them is dependent on your needs and budget.
Options: There are many companies with multiple insurance products that cater to the requirements of prospective consumers. The availability of options should be carefully analysed and this can only be done if you compare them diligently. It is likely that if you look at all the options available, you will find something almost perfect for your medical and financial needs. Various tools are available online to make this easier. They allow you to enter basic parameters and calculate the premium payable. This helps you when comparing the premium for different policies accurately.
With technology now playing a role in making the insurance policy easier to acquire insurance in India, it is no surprise that the common man is more and more interested in safeguarding himself and his family with insurance.
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