Using Insurance Apps to Lower Your Premiums: Tips and Tricks

Today, insurance is a necessity in our lives, whether it be for your health, car, or property. Having insurance provides a financial safety net when unexpected events occur. However, with insurance premiums increasing year after year, people are exploring ways of lowering the cost of their insurance. This is where insurance apps come in. With the rise of online insurance, insurance apps have become an increasingly popular way to manage your insurance needs. Insurance apps offer an easy and convenient way to access information, pay premiums, and even compare policies. With the help of these apps, you can now lower your premiums as well. Let us take a look at some tips and tricks on how to use insurance apps to lower your premiums.

PhonePe – PhonePe is a UPI-based payment and digital wallet app that not only offers payment options but also has a unique insurance section. This section is divided into two parts – insurance for life and insurance for hospitals. The app offers real-time and hassle-free access to insurance policies, allowing users to make informed decisions while purchasing or renewing their policies. They recently launched PhonePe Switch, where users can compare the best insurance products and purchase online at a reasonable premium. PhonePe offers several insurance providers, including ICICI Lombard, Bajaj Allianz, and TATA AIG.

Bajaj Finserv – Bajaj Finserv is a non-banking financial company that offers insurance policies, Apart from life insurance, its unique feature is wallet insurance which is specially created for people who are using wallet services to make online transactions. Bajaj Finserv’s insurance app provides a wide range of policy options, including car insurance, health insurance, home insurance, travel insurance, and more. They offer a wide variety of policies from several top insurance providers like Acko, HDFC Ergo etc.

HDFC Bank – HDFC Bank’s insurance app allows its users to compare policies and calculate insurance premiums. They have partnered with several insurance providers, including Bajaj Allianz and SBI General, allowing users to purchase policies directly from the app. HDFC Bank’s insurance app offers a single platform that provides access to various insurance types, including health insurance, travel insurance, and home insurance. Apart from this, it also offers customised plans so users can find the best plan that suits their requirements.

TATA AIG – TATA AIG’s insurance app offers a comprehensive range of insurance products, including travel insurance, health insurance, car insurance, and two-wheeler insurance. The app offers users instant insurance quotes and enables policy purchase without paperwork. Users can compare policies, calculate premiums, and choose the best policy according to their requirements.

ICICI Bank iMobile App – ICICI Bank’s insurance app, iMobile, provides a platform to manage all your insurance needs. The app’s key features include calculation of insurance premiums, policy details, tracking claims, and assistance services like roadside assistance. It offers various types of insurance, including health insurance, home insurance, and motor insurance. The app provides tailored plans according to your needs and budget. It also offers quick and hassle-free renewal of insurance policies.

Now, let’s explore some tips and tricks for using these insurance apps to lower your premiums.

1. Evaluate Your Insurance Needs – It is essential to identify your insurance needs before purchasing a policy. This includes understanding the type of coverage you require, your budget, and the policy’s tenure.
2. Compare Policies – Comparing policies from different insurance providers can help you find the best plans at the most reasonable premiums.
3. Use Insurance Calculators – Insurance calculators can help you estimate the premium amount you will be paying based on various factors like age, medical history, and type of coverage.
4. Avail Discounts – Many insurance providers offer discounts based on factors like your age, medical history, and profession. Utilize these discounts to lower your premium.
5. Opt for Higher Deductibles – Opting for higher deductibles can lower your premiums in the long run. Before signing up, ensure you can afford to pay the higher deductibles when necessary.
6. Avail Cash Backs – Some insurance companies offer cashback for staying claim-free. Make sure you avail of these benefits to save on your premiums.

In conclusion, insurance apps can be an effective way to manage your insurance needs. By using insurance apps like PhonePe, Bajaj Finserv, HDFC Bank, TATA AIG, and ICICI Bank iMobile App, you can compare policies, calculate premiums, and avail discounts. Utilizing these apps to their fullest can help you lower your premiums, make informed decisions, and find cost-effective ways to protect yourself from the unexpected.