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Selecting the right life insurance company

by gianyadav

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Life insurance plans are the most commonly availed security plans in India. This plan has been around for a long time and offers the trust factor consumers normally look out for. However, we see that many consumers end with a bitter experience with their insurance policy, especially when it comes to claim settlement or when trying to cash the benefits of the plan. This is mostly because consumers make a wrong choice not with the plan but with the company. It is important to understand that selecting the right life insurance companywill guarantee the benefits promised by the plan. Selecting the wrong provider will only leave you regretful when you can't do much.


Consumers today prefer to buy life insurance online instead of following up with agents. This is a convenient mode of shopping for life insurance plans, but the variety of providers available can confuse you in selecting the right life insurance company. Below are a few guidelines that will help you in selecting the right provider --

Research on the various providers in the market --

Learn about the various providers in the market. Visit their website to know about their services, the plans they offer, the features of the plans, benefits, the application process, payment flexibility offered, the claim settlement process etc. See which life insurance company gives you the best features and benefits with the plan. Shortlist a few and compare them to zero in on the best one.

Check the reputation of the company --

You can find out the reputation of the company by reading the testimonials and reviews by consumers and industry experts. Check the record of the company for any complaints filed by consumers. This will help you choose a company that is recommended by consumers.

Check the claim settlement record of the company --

In the insurance industry, the moment of truth arrives for the consumer at the time of claim settlement. This process can either impress the consumer or leave him regretful of his choice. Hence, check the claim settlement record of the life insurance company you wish to continue with. Read their procedure to understand the documents required for the process, the turn-around time and other procedures. Claim settlement is the most important aspect of any life insurance plan; make sure you check the reliability of the company thoroughly.

Premium charges --

Your budget always plays a major role when you're out for any kind of shopping. Shopping for life insurance plans is not different. You can find the premium for the cover you opt for with the help of the online calculator on the provider's site. Do check for the discounts you can avail. Some sites offer discount to non smokers and clients who buy life insurance online.

These are a few guidelines to choose the right life insurance company. A small tip -- consider buying policies from well known companies as they are more reliable as compared to lesser known providers.

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