To avail insurance you need to pay a premium. This may need to be paid annually, twice a year, thrice a year or every month depending on the terms as well as your choice. The rate of premium varies from one company to another and from policy to policy. So, when you have the option of comparing insurance terms offered by one company with that of another you should go for it.
Read between the lines
Comparing the insurance policies and premium rates therefor offered by different companies has an advantage. It offers you the flexibility to choose the lowest premium with the highest perceived benefit. However, to reap the benefits of comparison you need to read between the lines. Insurance companies are infamous for subtle omissions, exceptions, exclusions and commissions in their literature. This is why choosing the best insurance policy is often a painstaking effort. If you cannot do that you have to depend on the agent, if any. The exceptions, exclusions and omissions are more glaring in health insurance than others.
Insurance jargon is important
If you need a insurance policy you should make sure that you are aware of some common insurance jargon and their implications. Free Look In Period, Sum Assured, Proposer, floater policy, family mediclaim, individual mediclaim etc are just some of the words that you should be well aware of. These are just some of the parameters of your policy that give you an overview of the policy.
Free look in period
The free look in period is quite a handful tool for you. This is a period after buying a policy during which you have the option of surrendering the policy and getting refund of your premium amount. So even if you have overlooked some infirmity or insufficiency in the insurance policy, you have a certain period of time when you can take notice of these and surrender the policy. So there is no reason as to why you should be saddled with a huge premium for a rather paltry return or inferior medical overage.
Different companies offer different premium rates for different policies. You have to first decide on a policy that addresses most of your perceived requirements. This is the most basic task since you need adequate compensation for any kind of loss. After you have decided on the coverage and the kind of insurance policy, you can compare the premium rates offered by different companies. You can get insurance company quotes from different companies by submitting your details such as age, family size, tenure of insurance etc. After getting the quotes you can decide on the insurance company to opt for. In most cases you need to pay a lesser premium if you carry out the transaction online rather than through an agent. Moreover, apart from the rate of premium another factor that you should look for is the flexibility of payment. Online premium payment is often an attractive feature of a insurance policy.