Choose Insurance Company Wisely

Although insurance is a contract between the insurer and the insured, it acts as a friend by securing you from the uncertainties of life. Be it while travelling, driving or spending time with your family at home, uncertainties may knock at your door without a prior intimation. Hence, it is essential for you to stay prepared and deal with difficult times wisely. Undoubtedly, insurance is the best way to secure yourself from the uncertainties in life. However, it’s very important to compare various insurance plans before zeroing on the right insurance company for securing you and your family against possible risks.

Before looking up for an insurance company, it is important to understand your requirements. Once you have your list of requirements ready you can go ahead and compare various plans offered by insurance companies for selecting the best suited.

Why is it essential to compare different companies?

The first step before buying or investing into anything is to compare. Just like for buying a smart phone under 15000, we compare its features and innovations with other models offered by other manufactures, similarly comparing different insurance plans with various insurance companies help in making an informed buying decision. You can easily read the coverage, exclusion, eligibility and optional covers to find out which insurance company is offering maximum benefits.

What are the different factors that need to be considered before buying an insurance plan?

Let’s understand the main parameters, essential to check before investing into any of the below mentioned health insurance plan.

Health Insurance

Motor Insurance

Travel Insurance

Home Insurance

 Coverage

Coverage

Coverage for Health & Belongings

Coverage for Home and contents

Claim settlement ratio

Authorised Garage

Claim settlement ratio

Sum Insured

Network hospitals

Claim settlement ratio

Network hospitals

Long term coverage

Sub limits or capping

Personal Accident cover

Countries covered

Claim settlement ratio

Reputed Insurance Company

Always check for a reputed insurance company. In India there is a pool of insurers selling various plans, hence it is essential to do a thorough research about the insurance company and its claim settlement ratio. You must also read their testimonials and online reviews before purchasing your policy.

Check for the coverage

Most of the time insurance companies lure their customers by offering a plethora of benefits, but most of the benefits are not of much use. So, while reading the list of benefits, pick the best benefits and make a wise decision of which benefits you might need and pay accordingly.

Premium

Although premium cost is the most influencing factor for buying an insurance plan, the benefits should not be overlooked. Many insurance plans may attract with lesser premiums, however such plans usually offer insufficient cover.

Hence, premium should not be the only factor for choosing an insurance company, the coverage and benefits matter the most.

Claim settlement process

With most of the insurance companies, the buying process is always smooth, but the real problem starts while applying for a claim. Understand their claim settlement process so as to avoid confusion and disappointment at the time of claims. 

All Round Customer Support

Whenever you need to file a claim or require support from the insurance company, the first thing you would do is make a call to the customer support team. It’s essential for the support team to function 24x7 to address questions and offer support whenever it is needed.

Hospital Network List

For health insurance plans, it is important for an insurance company to have a sprawling network of hospitals registered for cashless hospitalization, so that you need not pay at the time of hospitalization. Similarly, for motor insurance the network garages matter for cashless repair and inspection services.

Read Reviews

Reviews are one of the most credible sources to find out about the insurance company and its customer experience. You can read about their experiences and situations faced by real customers and how the insurance company has dealt with their claims and offered customer support.

Spend some time researching and reading in detail about the insurance plan offered by various insurance companies in India before making your final purchase decision.

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