There is no one insurance policy that takes care of everyones needs. Therefore, it is important to carry out research and compare insurance plans before committing to it. Different companies offer different plans with various benefits and features. You can zero in on the perfect plan for your lifestyle and requirements by comparing the policies based on parameters like riders, premium payable, tenure and the sum assured.
Some of the basic tips to keep in mind when evaluating an insurance policy are covered under the following:
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Cost of Plan:
It is always good if your plan is cost-efficient and affordable. However, it might be better to choose a more expensive plan based on various other factors like coverage – given that it falls within your budget. The cost should not be the only consideration.
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Convenience
Whether the insurance company gives you options to learn, compare and pay online is an important factor for consideration. An online portal makes it easier to put in a claim or pay premiums.
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Coverage
It is always more desirable to get the assurance of a healthy base sum and have various popular riders available as well with the insurance you take out.
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Customer Service
One of the most important deciding factors is how well the company responds to its customers. Some of the key points that the company should offer are access to 24×7 helpline, a relationship manager and support through comprehensive emails. The quality of customer service generally plays as a huge differentiator
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Claim Settlement Record
This is one factor that lets you know how efficient the company is in processing the claims made. For cases where an investigation is not required, insurers are supposed to settle the claim within 30 days of the submission of required documents as per the Insurance Regulatory and Development Authority of India (IRDAI). Some insurance companies, however, are extra cautious and may take longer to ensure no fraud is committed.
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Company Credentials
Before taking out an insurance compare company credentials. While some companies have policies that look great on paper, they may not be able to actually follow through or honour the claim. The financial position of the company determines its ability to honour the claim; research the insurance provider properly before investing in one of their policies. Ratings of insurance companies based on factors like financials and claim-settlement ratio are made available by agencies like ICRA and CRISIL.
Conclusion
Before purchasing any insurance plan, comparing and checking insurance quotes makes sure that you can get the perfect plan for your requirements while saving considerable amounts of money for the required coverage. There are online options that help you analyse and compare various features and benefits offered by different policies. Research based on the latest data available that is presented in the form of videos, charts, infographics and instant quotes makes it easier for the consumers to understand the involved costs and policy features and make an informed choice. Hence, always make sure that you put in the time for researching and verifying the insurance policy that you opt for.
