|Insurance Buying Tips #1: Shop smart|
|When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.|
|Insurance Buying Tips #2: Look for discounts|
|Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.|
|Insurance Buying Tips #3: Fill in the gaps|
|An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.|
These days most of us are living in the virtual world, be it shopping, connecting with friends or relatives, business or marketing. Most of our work is done online to save our time making us forget those days when people used stand in long queues, waiting for one's chance to pay the bills. When you pay most of your bills online then why not pay your insurance premiums online!
Life Insurance Corporation of India
Life Insurance Corporation of India is one of the leading life insurance companies in India. The best part is that it is under the Indian government i.e. it is a public sector company. Most of the insurance policy holders are not aware of the fact that there is an LIC Premium Online Payment service. They usually depend on the agents who address to their need for payment of the premiums. Even if you were unaware of the process, this article explains the procedure in detail.
Procedure to pay LIC Premium
Here is a step-by-step procedure to pay your LIC premium online through the LIC's e-Services.
1. Go the home page of LIC India licindia.in/ . You will find LIC's e-Services on the right hand side, click there.
Otherwise you can also register at licindia.in/online_payment.html (direct link to the same page)
2. If you haven't registered click on “New User” and fill in the details for verification and click on “Proceed”.
|Insurance Buying Tips #4: Purchase life insurance—you aren’t too young|
|Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.|
|Insurance Buying Tips #5: Talk to an independent agent|
|An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.|
|Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living|
|You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.|
3. The details entered herein are sent for verification. Once verified, your details will be registered.
4. After registration, click on “Online Services” and then you will be redirected to the online payment page.
5. Then click on “Registered User” which takes you to the login page.
6. Here you need to enter your user name and password and click on “Submit”.
7. As soon as you get logged in, on the left hand side select the “Enroll Policies” option from the menu.
8. Then enter your policy number and premium amount.
9. Now click on the “View Enrolled Policies” in the left side menu as shown below:
10. In the next page, enter the image code and click on “Submit” as shown below:
11. You will, now, be able to see the enrolled policies and if you click on the policy number, you will get the complete information.
12. After this, go to the Customer Services tab and click on the “Pay Premium Online” option. You will be able to see a list of the enrolled policies.
13. Select the policy you want to make the payment for and click on “Submit”.
14. This will take you to the payment gateway page and after the payment is made, you will return to the same webpage.
15. You can follow the same procedure to pay all your premiums online.
So, this was a detailed step-by-step procedure for payment of LIC premiums online. I hope that you find it useful, easy and interesting. For more information, drop in your queries or leave your comments/suggestions. Start making your online premium payments now!!
|Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover|
|Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.|
|Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier|
|here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.|
|Insurance Buying Tips #9: Review your insurance needs on a yearly basis|
|As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.|