Choosing the right insurance for first-time purchasing insurance coverage may not be easy, considering that many insurance companies in Indonesia offer a variety of insurance products with various benefits offered, ranging from life insurance, health insurance, loss insurance, and so on. Nevertheless, you don't need to be confused! In this article, we will share tips for choosing the right insurance for you and your family.

1. Adjust Insurance to Needs and Financial Conditions

Before buying insurance, understand your family's needs and financial condition. Next, adjust the type of insurance that is right for your family's needs. For example, if your family needs health protection, you can consider choosing insurance that offers health benefits. In addition, also adjust the amount of premium that you will pay in the future with your financial condition. Ideally, the amount of premium is at least 10% of income, but it can also be adjusted according to your protection needs.

2. Pay attention to the Credibility of the Insurance Company

Next, choose an insurance company that has been registered with the OJK and the Association. To make it easier, you can see on the OJK and Association websites whether the insurance company has been registered. Also pay attention to the amount of Risk Based Capital (RBC) to check the health level of the insurance company, The minimum RBC requirements for an insurance company in Indonesia is 120%. Usually, insurance companies will publish the RBC level and financial statements on their respective websites. In addition, good insurance companies usually have an extensive network, either in terms of operations (branch offices) or partnerships with various partners.

3. Read the Policy Contents Carefully and Thoroughly

Before deciding to buy an insurance product, ask in detail about the benefits provided, the conditions required, and the exclusions of coverage. Then read the contents of the policy received carefully and thoroughly. If you found points that differ from the explanation of your agent, your new policy can be canceled or changed accordingly.

Those are 3 useful tips for new insurance buyers. As a first step, you can also check out some of the insurance products offered at PaninBank too! PaninBank in collaboration with Panin Dai-ichi Life and Asuransi Multi Artha Guna offers various types of insurance products ranging from life insurance to liability insurance, so what are you waiting for? Let's check it out here!