How to Buy?

Consumer Voice - - Bfsi -

Log in to the com­pany’s web­site or bet­ter still, go to a por­tal that sells mul­ti­ple poli­cies, com­pare and zero in on a pol­icy that you think suits you. You may also search and re­fer to re­views by peo­ple who have al­ready bought plans and try know­ing about their ex­pe­ri­ences on so­cial me­dia plat­forms.

Once you know which pol­icy suits you the best, the first thing that you will have to cal­cu­late is the pre­mium as it varies de­pend­ing upon the ten­ure cho­sen, your age and fit­ness level. All such de­tails can be shared on­line by fill­ing in a sim­ple form – you in­stantly get to know the pre­mium.

Once you give con­sent to buy or pay the pre­mium on­line, you get a con­fir­ma­tion mail and a call from the com­pany, fol­lowed by a visit from the com­pany’s rep­re­sen­ta­tive to col­lect nec­es­sary doc­u­ments needed for ‘know your cus­tomer’ (KYC) for­mal­i­ties. Based on the age and given in­for­ma­tion, the in­surer de­cides if you will have to ap­pear for a med­i­cal test. If there is any­thing wrong in the med­i­cal ex­am­i­na­tion – con­se­quently in­creas­ing the com­pany’s risk of in­sur­ing, which can af­fect the pre­mium – the com­pany can in­crease the pre­mium (load­ing) or choose not to of­fer the pol­icy. One can then de­cide to con­tinue with the pol­icy by pay­ing the ad­di­tional pre­mium or can­cel the pol­icy.

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