|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.|
Health Insurance awareness
Poverty, illiteracy and over population are brutes that are eating up the beneficial processes of India. Health insurance, in one such benefit, which is consumed by unawareness, lack of funds and poverty, but now government of India is moving ahead to let people be aware of Mediclaim and its importance in once life security.
This is an official channel of Insurance Regulatory and Development Authority of India (IRDA). This channel is build up on the guidelines of consumer education and policyholder protection. This will let people get aware about mediclaim through repository system, Films of comic strips, Insurance Grievance call centre and many more programs.
This is an protection awareness campaign of IRDA that got a brand identity in insurance sector of country. This program educates people about their rights, provides information about benefits and obligations of various insurance. This campaign was highly appreciated for considerable increase in Mediclaim profit by IRDA.
Insurance Awareness Survey
|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.|
This involves a pan-India survey conducted by IRDA in 29 states/UT. This survey provided data related to insured person, not insured person socio-economic status in both rural and urban areas to the government. This data made a clear indication that insured public belong to literate families with employment sources. However, most of he uninsured people in India were illiterate.
The IRDAI Documentary film
This documentary film recently launched by IRDA is a information guide to people making them aware about various protection policy especially life and mediclaim in India. With this informative data this film also consist of information on various initiates taken by IRDA to promote insurance education in country.
Insurance Awareness Day
The celebration of this day started in 2014 to regulate, promote and ensure growth of insurance sector in India. On this day various processes are held for general public and insurance companies that helps to promote protection policy education and develop interest in people. This day is been celebrated in 19th of April from last two years.
These were some of the most successful insurance programs that made a widespread awareness about health protection, travel protection, life insurance and many more in country. However, the awareness process created by IRDA is new, but still it is controlling the drawback of knowledge gap in country about insurance sector.
|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.|