It is natural for a policy seeker to get confused with the huge variety of life insurance plans in the market. Every provider seeks to offer better advantages than the other. This fierce competition in the market is beneficial and baffling for the consumer. Wouldn’t it be much easier if as a policy seeker you’d know what to look for when finalizing on an insurance provider? In this article we’ve assembled a few aspects that you need to consider when looking for the right insurance provider –
Firstly, you need to determine your needs. This will give you a direction to search in. As there are different kinds of life insurance plans in the market each offering different benefits like maturity cover, additional bonus etc. you need to be sure of what you want from your policy. So decide if you want to invest in a ULIP, term insurance plan, child plan or some other plan as per your needs. Then look for companies excelling in these plans only. This will help reduce confusion.
Next, look for the potential providers in the market. You’ll need to narrow down to the providers who offer the type of life insurance you are interested in buying. Then check them for the plans they offer. Read the details of the policy including terms and conditions. Check their record for the efficiency of the services they offer. Most of the companies work on the same basic premises but a few benefits may vary. Use this information to narrow down on the companies that you prefer the most.
After this, compare the rates offered by the companies. This you can do by using the premium calculator they have on their website. Compare the premium amounts for each life insurance policy. Also, check if you can buy the policy online and the discount you can avail on the premium in doing so. Mostly, providers have exciting offers on online purchases to encourage consumers to opt for this mode. You must also check if the policy is giving you any benefits for being a non smoker. Providers have a special rate to offer in such a condition.
Most important, do check claim settlement record of the provider you prefer. An essential benefit that consumers look for is the speed and efficiency of claim settlement. This feature makes sense for the entire investment you’ve made. Hence, check the claim settlement record of the company. Read through the terms and conditions of the life insurance policy to check the aspects they cover and the procedure for claim settlement.
How you can select the best life insurance