The “Know Your Policy” feature in CoverSure helps users decode and simplify their insurance policies, breaking down complex information into easy to understand sections, so users can fully grasp what their policy covers and where they might be missing protection. Many people struggle to understand their insurance due to push selling tactics, technical jargon, and a lack of transparency when buying policies. Often, individuals make decisions based on incomplete information, leaving gaps in their coverage or misunderstanding the actual benefits.
Policyholders need to understand not only what’s covered but also the exclusions, sub-limits, and various other clauses in their policy. Understanding of one’s policy is crucial to ensure that you’re adequately covered. It empowers you to make the right choices, avoid unnecessary purchases, and ultimately, protect yourself and your family when you need it the most.
What is CoverSure?
With CoverSure, you can
- Track and manage all your existing insurance policies in one place
- Understand the gaps and benefits in your policies
- Discover free coverages linked to your cards
- Make informed choices when buying insurance
- Understand your coverage requirements and risks
- Automate policy sharing with family
Read more about- What is CoverSure and how does it work.
Common questions policy holders can’t answer
Most policyholders struggle to answer basic questions about their coverage, such as:
- Are there hidden sub-limits or co-pay clauses?
- Do I already have something known as critical illness cover or accident cover from another policy or card?
- What exactly is excluded in my policy?
- What’s the claims process step-by-step?
- Is my sum insured adequate for today’s costs?
- How does my policy coordinate with my employer-provided insurance?
These are questions that many people overlook when purchasing insurance. Unfortunately, not having answers to these questions can result in claims being denied or incomplete coverage when it’s most needed.
The Need for Unbiased Insurance Decoding App
Let’s consider a scenario. Ravi, 42, had three insurance policies, felt secure. Then came a stroke. His employer policy didn’t cover rehab. The personal mediclaim policy had a sub-limit of ₹2 lakh. Card insurance only applied to accidents. He thought he was covered but wasn’t. His family drained savings overnight. All because no one told him what his policies actually meant.
While spreadsheets and insurance agents can be useful, they often fail to provide a full picture, especially when you’re managing multiple policies or dealing with complex terms. Assumptions or outdated information can also lead to poor decisions.
You may think you’re covered for certain health issues while buying a health insurance policy, but the fine print might tell a different story. Having a reliable tool that decodes your policy for you can ensure that you understand exactly what’s covered and what’s not before you need it.
What know your policy actually does
The know your policy feature in CoverSure is designed to make the already existing insurance policy simple and transparent. Here’s how it works:
- Clear Summary: Breaks your policy into simple, easy-to-read sections. No jargon.
- Hidden Gaps: Spots what’s missing or duplicated across your policies.
- Key Limits: Highlights exclusions, sub-limits, and waiting periods upfront.
- Smarter Choices: Gives you the clarity to avoid claim shocks and take control.
What know your policy is not
While the know your policy feature is a powerful feature for understanding your insurance, it’s important to know what it isn’t:
- Not a policy: It doesn’t replace your official insurance policy, but simplifies the information for easier understanding.
- Not a sales tool: The tool provides clarity on your existing coverage, not recommendations for additional purchases or upselling.
- Not dependent on insurer partnerships: The feature works with all valid insurance policies, regardless of the insurer. You can upload policies from any provider, and the tool will analyse them.
Who benefits the most from CoverSure?
The know your policy feature can benefit a wide range of users:
- Families managing multiple policies: If you have policies covering different family members or also known as a family health insurance plan, this feature helps you keep track of what’s covered for each person.
- First-time insurance buyers: If you’re new to buying insurance, the know your policy feature provides clarity on your first policy and ensures you understand what you’re signing up for.
Questions you can answer after using CoverSure
With the know your policy feature, you’ll be able to easily answer key questions about your coverage:
- Am I underinsured or double insured? The feature helps you identify if you have sufficient coverage or if you’re paying for multiple policies with overlapping coverage.
- Are my kids or parents fully covered? If your family is covered under different policies, this feature will show you the extent of their coverage.
- What kind of claims will likely get rejected? By revealing exclusions and sub-limits, it lets you know what claims are likely to be rejected or denied.
For whom is know your policy feature?
The know your policy feature is for anyone who’s unsure about what their insurance actually covers. If you have multiple policies and aren’t sure how they overlap or if you’ve never looked beyond the headline coverage, this is for you. It’s also for those worried about hidden limits, exclusions, or unexpected out-of-pocket costs.
With CoverSure, you get a clear, honest view of your coverage.
Want to know your policy? Check here.
