Insurance made easy – Hindustan Times
Life is full of possibilities, but it is also full of uncertainties. Along with the great joyful events in life – the first job, marriage, having children – you can also face losses in the form of accidents, illness and natural disasters. Cases like these are plentiful and yet the result always has a financial impact. While you can take steps to control or limit financial loss, you cannot avoid it completely. That’s where insurance comes in – it’s the best way to mitigate those losses and prepare for those uncertainties. Insurance plans compensate you for the loss you suffer. By opting for an insurance plan, you can protect yourself from financial strain in an emergency.
What to know before buying insurance
(I) The good moment
As we go through different stages of life, our insurance needs change as well. It is important to know what type of insurance plan you would need based on your age group. As you start a family, it becomes crucial to consider the needs of your family members when choosing these plans. Parents with young children should be able to save for their education, while at later stages your needs may change into a comfortable retirement, health demands, or child marriage.
(ii) The right amount
It’s not easy to estimate emergency expenses, but you can better calculate how much you need to be insured by looking at factors like your salary, age, and your employer’s coverage and arrangements.
(iii) The right insurer beyond brand and price
Considering the following factors can be very helpful in getting the right kind of coverage:
– Claims settlement ratio: if this number is closer to 100%, this is a better choice because you would be better compensated in an emergency.
– Hospital network for health insurance: it becomes easier to obtain health insurance benefits if the services of your insurer are available in a large number of hospitals and departments as well as in insurance facilities without numerary.
– Garage network for automobile insurance: ease of access to a facility is crucial when choosing the car and bicycle insurance plans.
The PhonePe advantage
PhonePe makes insurance stress free for you! The experience of purchasing insurance plans online on the PhonePe app is much simpler than the traditional policy buying process – consulting an agent, visiting offices, and filling out paperwork.
On the phone:
– You find comprehensive life, health, auto and travel insurance plans from trusted brands
– The process is completely digital and it only takes a few minutes to get the policy
– You can find a wide variety of plans to meet your needs and even compare prices
– There is no onboarding process and the policy is yours instantly
– You can insure on the go and access the policy on the app anytime!
– No post-purchase harassment in the form of unwanted calls from insurance companies
What else? At each step, the app offers comprehensive “Learn More” and FAQ sections to introduce you to the product features in detail! The PhonePe app delivers the right information and clues to consumers with every click so they can choose the best insurance plan. Insurance travel on PhonePe is like a conversation about the product.
1. As a user, you come to the platform with one requirement in mind
2. We try to demystify the requirement by asking relevant questions
3. Based on your feedback, we come up with the right mix of options – showing the pros and cons of the different plans.
4. Depending on your choice, we get more information and the purchase is done instantly.
5. Helpful hints and FAQ widgets are built into each step to help you find the answers you need.
AZ of insurance
Here are some of the most common insurance terms debunked:
It is a legal document which acts as a contract between the insurer and the insured. It contains the terms and conditions and other details relating to insurance coverage.
When a loss event occurs for which the person or asset is insured, this is what you are entitled to receive as compensation.
The amount that will be paid to the nominee in the event of a covered loss.
The maximum amount that the insurance company will pay in the event of an actual claim.
The annual amount (or any other recurring amount) that you pay in exchange for insurance coverage.
Free look period
The free consultation period is the required period of time during which a new life insurance policy owner can terminate the policy without any penalty.
No claim bonus
For each year without loss, the sum insured will gradually increase and be added as a bonus.
Indian Insurance Regulatory and Development Authority
Popular Insurance Myths – Shattered!
“Insurance is an investment”
An insurance product should not be treated as an investment tool because the main purpose of any insurance product is to provide financial assistance in the event of an unfortunate event.
“Insurance is expensive”
It is a common notion that insurance is expensive. As insurance covers future losses (life / health / assets) that one may incur, based on a cost-benefit analysis, insurance is in fact a cost effective way to cover these losses. It also offers tax benefits, further reducing expenses.
“I am an employee and my employer provides health insurance. So I don’t need another plan ”
You are currently working and your employer has provided you with health insurance coverage. Great! But have you thought about the following:
1. Is your family also covered?
2. Will your health insurance cover you if you quit your job or are about to change jobs?
3. Is the health coverage offered by your employer comprehensive in terms of benefits and amount of coverage?
If the answer is no to any of the questions, you will need personal health insurance for you and your family.
“Insurance is complex / difficult to understand”
While some of the insurance terms are technical in nature, as insurance is a legal contract between the insurance company and the applicant, we at Phonepe have tried to demystify the terms as much as possible. In addition, we are at your disposal in case you have any questions!
“I have to leave my house to take out insurance”
No more! PhonePe puts the entire buying process, including downloading the required documents, online right at your fingertips.
In short, buying insurance is the right choice for everyone. It keeps you prepared and protected from all the curve balls that life can throw at you, so you can live worry-free and enjoy life with your loved ones! Now that you know what to look for, you too can begin your insurance journey. You can find out more about life, health, auto, travel and other insurance products available on PhonePe here in detail!