compare insurance policy

Why there is an urgent need to compare and evaluate insurance policies

Are you about to buy an insurance policy? When you are intending to purchase one, it seems necessary that you are aware of your options which are a vital clog in the wheel on your route to compare insurance plans. Parameters like premium payable, the sum assured, riders or tenure is important whereby you can choose a policy meeting your requirements. In the modern world, even for the simplest of items customers are keen on research, then you can pretty well understand for a commitment on a long term financial product like insurance. Committing to insurance without research would be a foolish bet.

The main reason for it is that insurance does not follow the fit for all method. The life insurance of one may be entirely different from the others. To comply with these plans, insurance companies often roll out varied plans with diverse features along with benefits. Once the scenario to compare insurance policy is over, you need to be aware of the viable options at hand. Below are a few tips that might come to your rescue when you are choosing an insurance policy

  • Cost- When a policy states to be cost effective, it is good but not the end of the road. The policy which is the cheapest does not have to be the best at all times
  • Convenience – The manner by which you go on to buy an insurance policy works out to be important. The facility to research, learn , comparing and then paying online works out to be an added advantage of sorts
  • Coverage- a superior insurance policy should ideally provide a decent amount of money as coverage. In addition the availability of suitable riders also works out to be important as well
  • Superior levels of customer service- This is one of the major points of difference between the not so professional insurance companies and the private ones. They have a help line operational round the clock, a customer centric website, dedicated relationship manager with an email support to shoot down any queries that you normally possess.
  • The settlement claim record- It throws light on the efficiency of an insurance company when it comes to settlement of claims. The insurance regulatory authority has stipulated clear cut guidelines in this regard. It states that on submission of full documents, the insurance companies are expected to satisfy the claims. But with increasing number of frauds, insurance companies have become cautious with regards to settlement of claims.
  • The credentials of a company- the ability of a company to comply with settlement process depends upon their financial position. The question is whether you undertake a research before you go on to purchase an insurance policy. The regulatory board has guidelines in place where the interests of the customers are protected. With the help of rating agencies you can have a concise idea about the same.

So next time when you are about to buy an insurance policy undertake a comparison for sure.

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