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Accidents can happen anywhere, anytime, by your own fault or another person. What’s important is to be prepared for such mishaps. This is where Own Damage Car Insurance comes in handy.
How Small-Towns are Leading the Insurance Charge in India?
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Once upon a time, insurance felt like an urban luxury, something your uncle in Delhi worried about while you were still figuring out your basic finances. But things have changed since then. Regulatory reforms, regional language content, health insurance, and a post-pandemic wake-up call have all combined to push insurance from the background of your financial life to centre stage, even if you live miles away from the nearest metro. Here’s what you need to know about this.
Change in Customer Behaviour
Believe it or not, most health insurance policies being sold today are not from big metro cities. They are coming from Tier II and III towns. The pandemic was a wake-up call. People are googling symptoms and asking about insurance coverage more. You want to be prepared. You want peace of mind, and that’s exactly what insurance offers.
Technology Advancements
Let’s be honest. Reading insurance policy documents used to feel like decoding an alien language. Now? You’ve got apps that explain it to you in plain words, even in your mother tongue, websites that compare health insurance policy options without trying to trick you, and digital journeys that guide you step by step. You don’t have to rely on your insurance-savvy friend. You can check, compare, and buy a policy sitting on your couch.
Filing an insurance claim doesn’t have to drain your energy anymore. Now you can get real-time updates on WhatsApp, faster approvals, and even track everything through an app, just like you would when waiting for your food order to arrive, except this time, it’s your money coming back to you.
Change in Regulations
You may not follow insurance regulators on social media, but here’s what you should know. The IRDAI has been making real changes that directly affect you. Here is a short list:
- You can get treatment at any hospital with pre-approval, even if it’s not in the insurer’s network. The waiting time for pre-existing conditions is shorter.
- Claim rejections after five years? Not allowed, unless you committed fraud.
- Confused about policy exclusions? There’s even a simplified customer info sheet now. So, if you have ever said, “I didn’t know that wasn’t covered,” you probably won’t have to say it again.
Ongoing Challenges
Despite all the progress, some classic Indian problems remain.
Many still buy plans with low coverage amounts, under the assumption that ten lakhs will cover anything. Worse, many buyers still do not understand what they are buying. Terms like sub-limit or co-payment might be misunderstood. That’s where ongoing education, especially in vernacular languages, becomes essential.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 21 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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The no claim bonus (NCB) in bike insurance is a very handy benefit that allows you to save money on your overall motor insurance costs. The bike insurance provider rewards you for not making a claim by offering a discount on the premium of the following year.
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When it comes to medical emergencies, the last thing you want to worry about is arranging money for hospital bills. That’s where a health insurance claim comes in handy. Health insurance allows you to either get your expenses reimbursed later or, in many cases, get treated without paying upfront through a cashless facility.
Health insurance plans often come with terms that sound like they belong in a secret financial club. One such term is “co-pay.” You might have seen it in your policy document and quietly ignored it, hoping it won’t matter until you actually need to claim. But here’s the twist: co-pay can directly affect how much premium you pay each year.
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