How to compare insurance plans

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How to compare insurance plans

  1. 1. How to Compare Insurance PlansFinding the best insurance policy can be an easy task if you know how to compare insuranceproducts. Price is the important factor for comparison but there are some other factors which areequally important. Before buying any insurance policy one should must aware about the claimprocess & conditions, total coverage limit, policy riders etc.• Cost Comparison - The first thing that comes to mind before starting any policy comparison isinsurance cost. The amount to be charged for a certain period of insurance coverage is called thepremium. First you should have to compare the insurance premium of the different policies with theirofferings. Premium may vary as per the policy offerings.• Face Amount or Total Coverage Limit - The face value of an insurance policy is the benefit to thepolicy holder; however it is subject to other clauses in the policy. For example in case of LifeInsurance Policy the face value is the death benefit. You got the face value of the policy if a total lossoccurs. Total coverage limit is directly proportional to the insurance premium.• Claim Conditions - Every insurance company has certain circumstances for claim assistance.Before buying policy one should must be aware about the claim conditions. For example in case ofDeath Claim which is a benefit payable to the beneficiary under the policy on the event of death, butInsurance Companies does not pay anything in case of suicide. Similarly a liability policy may notcover damage from acts of God.• Policy Riders - A provision of an insurance policy that is purchased separately from the basicpolicy and that provides additional benefits at additional cost. Different insurance policies havedifferent policy riders which may enhance coverage and provide additional benefits to the policyholders. Policy rider is an important aspect for the insurance comparison, so compare all thepossible aspects.As you know, it is very important to compare insurance policies to get the maximum benefits.Comparing insurance policies should be a simple process, as long as you know your requirementsand which insurer’s plan is matching with your condition.

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