Insurance – Compare Insurance Quotes Policy Premium – Life, Car, Health, Travel

What is Insurance?

Insurance is a contract between an Individual or a group of individuals and an insurance company. The person who takes insurance is called ‘Insured’ and the person who insures is called ‘Insurer’. The insured agrees to pay a premium to the insurer in exchange for a guarantee of compensation in case of loss of property, illness, death or damage. The premium that is paid assures the insured that he or she is financially protected. There are different types of insurance – Life, Health, Vehicle and General Insurance.

What is policy?

An insurance policy is a type of contract whereby an individual or an institution gets financial protection or gets insured against any losses of property or other assets from an insurance company or insurance agency. To get this policy, the respective individual or institution needs to pay an insurance premium on a regular basis

What is a quote?

A quote is basically an estimate of what you are willing to pay as a premium in order to get that insurance policy. This quote can change or be negotiated by both the insurer and the insured person. The value they agree to become the ultimate price of the policy.

What are the types of Insurance Plans?

There are many types of insurance policies. Each of them is unique and has their own terms and conditions.
Here are some of them:
Life Insurance – Life Insurance plans pays a certain amount of money (lumpsum or part) to the insured person as per the plan term or to his or her beneficiary in the event of the death of the insured.
Types of Plans: Term Plans; Income Replacement; Child Plans; Retirement Plans; Tax Saving Plans; Money-Back Plans; Monthly Income Plans; Unit Link Policy; Short Term Guarantee Plans; Systematic Investment Plans etc..
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Health Insurance – Health insurance gives coverage for the insured’s medical or hospital expenses.
This assures you that you and your family will have enough money to pay for expenses if ever you get ill and are hospitalized.
Types of Plans: Individual Health Plans; Family Health Plans; Senior Citizen Health Plans; Critical Illness Plans; Preventive Health Plans, Mediclaim Plans etc.
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Motor Insurance – Motor Insurance provides financial security to you and your vehicle. In case of an accident involving your vehicle, the Insurance company pays for the repairs; damages to a third party etc It also covers theft or loss of vehicle, depending upon the policy.
Types of Plans: Car Insurance, Two Wheeler Insurance, and Commercial Vehicle Insurance.
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General Insurance – General Insurance will protect your movable and immovable assets and investments. It could be your house, your office, your godown, your jewellery etc.
Types of General Insurance: Travel Insurance, Home Insurance, Personal Liability, Property Insurance etc.

How to choose the best Insurance Plan?

Why compare insurance quotes on InsureMile platform?

1. First, you can compare Insurance Premium quotes on our platform without giving your contact details
2. All our competitors ask for contact details and only then you can find out about Plans
3. With your contact details, you are flooded with irritating telemarketing
4. InsureMile not only gives you the Best Premiums, but also the Best Benefits, all simplified
5. All transactions on InsureMile platform are digital and transparent
6. InsureMile has the best experts in the business to guide you on Plans
6. InsureMile respects your time and your investment

Why the need for Insurance in India?

From an individual perspective, it provides financial security, besides other benefits including tax.
From a national perspective, it furthers economic development. So if we as a nation have to accelerate the pace of economic development, then it is necessary for all of us to take one or the other insurance, be it Life, be it Health, be it Vehicle etc.
Presently, India is a highly under-insured and un-insured nation, thus affecting national development. As per a report, over 63 million Indians are paying from their pocket for healthcare services and due to this they are pushed to go below the poverty line (BPL). With rising health care costs, they have had to raise the funds either by selling off their movable and immovable assets; borrow; or take to some other recourse for medical treatment.
A National Survey has indicated that people spend the least portion of their out-of-pocket (OOP) expenses on inpatient treatment, while they spend the most on purchasing drugs. Nearly 72 % of OOP expenditures (74 % in rural areas, 67 % in urban) are drug related.
India accounts for less than 1.5 per cent of the world’s total insurance premiums despite being the second most populous nation.
India needs to increase the spread of Insurance as it:
• Provides safety and security (to individuals, organisations and other entities)
• Generates financial resources (which can be deployed into investments and other development activities)
• Generates large-scale employment
• Adds fillip to economic growth (mobilizes domestic savings)

Why should you compare quotes?

As we discussed, quotes can of different prices and nature. Hence, it is not okay to blindly go for a single quote. Match different quotes and see from which quote you get the optimal benefit. Some might be better than others depending on the price. Others might be better with respect to the security they cover

Why should you buy policy online?

Buying policy online is easy and smart. You can search as many policies possible online without the manipulation of unnecessary agents. Once you have got the policies you like, you can compare among them and choose the best policy. However, you need to take some safety measures before you get into choosing the right policy to avoid wrong decisions

What are the benefits of Insurance?

The benefits of Insurance are many, depending upon the terms and conditions of the Plan, whether it is for Life, Motor, Health or General. Let us give you an example of Health Insurance.
Rahul takes a Family Health Insurance Plan from X company, paying an annual premium of Rs. 5,000. The Plan covers Rahul, his wife and two children, below 18 years. The sum assured is Rs. 5 lakhs for each of the family members. In the unfortunate event of one of the family members getting hospitalized, the Health Insurance Plan takes care of the hospital bills as per the Plan Terms and Conditions. Please carefully read the Plan Terms and Conditions.
The benefits are:
1. Rahul pays a small premium every month or year
2. Rahul’s family is covered with insurance
3. He can choose the doctor / hospital where he wants to get treated
4. He can use other benefits such as ambulance service; nursing etc
5. Importantly, the family need not worry about raising money for medical treatment, instead the family can provide emotional and other support

What is Insurance Premium and what is Risk Covered?

An insurance policy’s premium is the amount of money that you have to pay if you are planning on getting insured. You can pay this fee monthly, quarterly, or yearly, depending on your agreement with the insurer. The premium is calculated based on how much risk there is if the insurer insures you or your property.
There are a lot of factors that should be considered when calculating the risk point of your insurance. Some of these factors include age, location, gender, and health conditions and in case of vehicles, the condition of the vehicle, age, model etc. If you are a high-risk candidate, then the insurance company will increase the premium to cover for the cost in case of losses.

How to choose an Insurance company to buy your insurance?

Buying an insurance policy is a serious commitment. It is a long-term investment that you need to carefully think about. It will serve as a security for you and your loved ones which is why you should explore all the options before you finally decide the policy that you want to buy.
Here are some of the things that you need to consider before choosing an insurance plan:
1. Is it the right type for your needs?
2. Compare the benefits and coverage?
3. The reputation of the insurance company
4. What is the claims settlement ratio
5. Terms and Conditions of policy?
6. Policy servicing and claims serving (are they prompt and efficient)
7. If you are ready to explore your options, then let InsureMile assist you!

What is the major differentiator of InsureMile in the sector?

For every policy you buy on InsureMile.com, InsureMile will contribute, on your behalf, 25 meals to children. This is social cause is done without charging you any extra premium or donation.
We are in a Mission-Mode to increase the growth of Insurance in India. At the same time, we are working towards eliminating malnutrition among children.
We have tied up with Plan India, a non-governmental organization, and also Akshaya Patra to launch the ‘Buy A Policy, Feed A Child’ programme.
Your policy will not only protect your financial interests, but also go a long way in economic development. We look forward to your support in this critical social cause. You will be eligible for tax benefits for your charitable deed.

What is claims settlement ration and why compare the claims ration?

Claims settlement ration is key parameter to understand the insurers effectiveness and efficiency to serve the policy holder event of claims settlement or any other services lower the claims ratio the insurer is in best position to server the policy holder to deliver the committed services for more details you can check at IRDA website to understand stats for the financial year