Term Insurance Things To Consider Part 2

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/