To pick the right product, you need to pick the right
insurer for you. Here are a few points to guide you with this.
1.
Premium:
While this is what you’re directly concerned with, premium is only the start of
the story. The product offering should match your special needs and going by
the premium alone to make your decision will mean you might not make the most
accurate choice as regards your insurance policy.
2.
Insurer‘s
Track Record: It’s extremely important to look into the insurer’s track
record of service. For example, how easy and hassle-free is the claim process.
What the average duration is to settle claims (We are collecting relevant data
for this and will make it available to assist our readers). Keep in mind the
insurer’s general reputation in the market but pick what is best for you rather
than go on brand name alone. Claims ratio might seem a tempting way to pick a
provider, but given the fairly recent nature of private insurance in India, it
isn’t the best way to judge how likely you are to receive your money.
3.
Benefits:
Check what benefits are available in comparable policies. See if you can get
relevant additional riders which add to the extent and nature of protection
that you get. Pick an insurer that covers most of your needs at minimal
additional cost.
4.
Exclusions:
Review this part of your potential policies to make sure that you won’t miss
out on anything that you were looking for after paying for a product.
You don’t need to worry about the insurance company going
bust or the company taking your premium and never providing any service because
insurance is a tightly regulated industry which makes sure that companies
operate in a way that is consistent with the insured individual’s best
interests.
As is the insurer’s duty to be fair with you, you should not
keep any disclosures to yourself as it is important that the insurance company
knows exactly who they will serve . Trying to bend the rules will give the
insurer the right to dismiss your claim on the grounds of suppression of
material facts.
Lastly, buying an online insurance product means products
are priced lower than their offline variants given that the cost to the company
to provide term assurance is much lower than for a similar offline product.
Lastly, on our site, we provide you with all the information
that you need to make the best decision about term insurance.
And if you want, we will be happy to help you need in
deciding on a product based on the easily available information at
PolicyMantra.com, in case you need assistance.
We hope this article helps you in picking out a great term
insurance product to meet your needs!
Term Insurance: Things To Consider, Part 1
Source: https://www.policymantra.com/blog/term-insurance-things-to-consider-part-2/
