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How to Choose an Insurance Plan?

Choosing an insurance plan can be tricky as it can be either medical insurance or a travel insurance or as a matter of fact a house insurance which requires a diligence in approach. Make use of the following strategy and a checklist before signing on the dotted line.

Imp facets to be Considered while Selecting an insurance plan are as appended below:

  • Always compare the plans.
  • Don't buy only on the basis of sum insured and premium.
  • Conduct a comparative analysis of companies and their offerings like online services, claims process, toll free number, payment options, network of hospitals, etc
  • Evaluate your requirement
  • Evaluate threat perception like if one is living in a earthquake prone area one need to have this element incorporated while going for a home insurance plan.
  • Evaluate the likely area to be visited for travel insurance as different cities have different risk factors and medical costs. For e.g. the premium is high in those cities or countries where health costs is high and same is applicable for countries like UK, US and Canada when compared with South East Asia countries. In Japan, given the history of natural disasters, premium rates are higher than in other Asian destinations.

A thorough analysis of an insurance plan will help an individual to get an optimised insurance plan with reasonable costs and this plan can be anything ranging from a health Insurance Plan or a Life Insurance Plan or a medical insurance plan.

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