Why is the need to compare and evaluate insurance policies?

Why is the need to compare and evaluate insurance policies?

Why is the need to compare and evaluate insurance policies?

All of us are part of a world where people compare modest purchases in the form of baby clothes. Well you can pretty much imagine the implication of a long term commitment to a financial product like insurance. With planning proper compare insurance policies it would be not be a wise decision to commit.

The main reason for it is that the insurance plans do not fall a one size fit for all approach. Your thoughts of a life insurance are going to be completely different from another individual. To encounter this situation a host of insurance companies roll out their policies with different features or benefits. When you are about to buy an insurance policy it is important that you be aware of the options and compare insurance policy in terms of tenure, features along with the add on features that they have to offer. Finally you would need to zero in on a policy which suits your requirements on all counts.

Hereby are a few tips that might come to your rescue when you are planning to buy an insurance policy

  • Cost- Just merely the fact that an insurance policy is cost effective does not mean that it is the best one in the market.
  • Convenience – the easy by which you can go on to buy an insurance policy is also important. You would need the facility to grasp things; compare and payment of the premium online are important features to consider.
  • Coverage- the perfect insurance policy should cover an individual with a healthy sum along with numerous value added on benefits.
  • Superior levels of customer service- this is a key difference area between an ordinary company and some of the private companies in the country. The latter has a highly resourceful website, a help line round the clock, a worthy email support with a dedicated relationship manager for all needs. These are some of the key points that you would need to adhere to.
  • The claim settlement- this showcases the ability of an insurance company on how quickly they can settle the claims. As per the claims of Insurance regulatory authority of India, where they feel that any form of investigation is not needed, then with 30 days the claim has to be settled on submission of all the required documents. But with increase in the number of frauds insurance companies have become extra cautious when it comes to settlement of claims.
  • The credentials of the company- the ability of a company to fulfil a claim is indeed based on their financial position. Now do you undertake a detailed research about each and every fundaments when you are about to buy an insurance policy. The Insurance regulatory board has taken a host of necessary steps to safeguard the interests of the insurers. There are numerous credit agencies like CRESIL who may come to your rescue.

So next time when you buy an insurance policy it is necessary that you compare.


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