In a rapidly changing world full of uncertainties, insurance has become essential for safeguarding one’s financial well-being. While traditional insurance policies are the norm in India, a new trend is emerging: DIY (Do-It-Yourself) insurance.
This innovative approach empowers individuals to take control of their financial security by customizing coverage plans, selecting tailored policies, and independently managing their insurance portfolios.
This article explores the significance of DIY insurance in India and highlights its benefits for individuals.
FLEXIBILITY AND CUSTOMIZATION
DIY insurance enables individuals to personalize and tailor their insurance coverage based on their specific requirements. Unlike conventional insurance plans that typically offer pre-determined coverage options, DIY insurance empowers policyholders to choose and customize the type and level of coverage that best aligns with their needs. This adaptability ensures that individuals only pay for the coverage they truly need, avoiding unnecessary expenses while optimizing the protection of their assets.
COST-EFFECTIVENESS
By eliminating intermediaries and facilitating direct interaction between insurers and policyholders, DIY insurance eliminates commission fees and administrative expenses typically linked with traditional insurance policies. This streamlined approach results in reduced premiums and more economical insurance alternatives for individuals. DIY insurance empowers individuals to compare numerous policies, evaluate various insurers, and choose the most cost-efficient options available in the market.
TAILORED COVERAGE
This story is from the June, 2023 edition of Beyond Market.
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This story is from the June, 2023 edition of Beyond Market.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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