highlights
See offers from other companies while renewing insurance.
Do not change your existing service provider just by looking at the price.
You can also reduce the premium by increasing the deductible.
New Delhi. The kind of increase in insurance premiums seen in the last few years has forced the policyholders to think about how to reduce the burden of heavy premiums in the rising inflation. In today’s time, it has become very important to get insurance, so there is no question of completely removing it from the expenditure. In such a situation, one option is left with you that at the time of renewal, keeping in mind some things, you can control the premium to some extent.
We will give you 6 such points by preparing which you can reduce the cost of premium significantly. Negotiate with your insurance provider keeping these factors in mind and you will see how you get a substantial discount on the premium.
read this also- Layoffs continue in big companies, know why personal health insurance is necessary?
comparison before renewal
Compare your policy with other insurances available in the market before going for renewal. If you feel that some other company is giving you better facilities and service than the current insurance provider, then you can change the insurance company. If you talk about changing the insurance company, then you will see that the current company itself will try to give you new offers. Keep one thing in mind and keep in mind that just for less money, bring the thought of changing the insurance company. Apart from money, reach a conclusion only by looking at the claim settlement ratio, services available after buying the insurance and claim processing time.
raise the deductible
The amount that an insured promises to pay from his pocket while making an insurance claim is called deductible. This is a fixed amount. The more you increase the deductible, the lower your premium will go. Understand from example, if you tell the insurance company that you want to pay 75,000 deductible instead of 50,000, then its effect will be clearly visible on your premium. In case of any untoward incident, first the deductible amount has to be deposited in the hospital, only after that the insurance cover starts. Significantly, this thing is applicable only on the policy with deductible.
read this also- If you lose your job, this insurance will come in handy, in this era of retrenchment, take job insurance cover
Insurance cover size
Experts say that if the premium of the main policy is very high, then reduce the cover size and buy a top-up health policy along with it. You will get it cheap. However, it is possible that the waiting period for your new top-up policy may be around 45 days.
remove add-ons
Remove unnecessary add-ons. This unnecessarily increases your premium. See what your needs are and add extras to your insurance accordingly. If you feel that you no longer need an old add-on, remove it.
renew before it expires
Renew your policy before it expires. This saves a lot of money. If you go to renew the policy after it expires, then the insurance premium may increase. Also, you will lose out on a possible no-claim bonus. Many companies give a no-claim bonus to the customer for not making any insurance claim in a year.
First read breaking news in Hindi News18 Hindi| Read today’s latest news, live news updates, most reliable Hindi news website News18 Hindi.
Tags: business news, General Insurance Company, health insurance, Insurance Policy, save money
FIRST PUBLISHED : January 29, 2023, 11:15 IST
