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Guide To Choose the Best Term Insurance Company in India

Insurance Company

When it comes to buying a life insurance policy most people in India still rely on their financial advisors, insurance agents, or friends and relatives for advice. While you may get tips on how to choose the right policy and what factors you must consider, you may still make another critical decision, that is choosing the right insurance company.

Remember, you are buying a term insurance policy for the benefit of your family and the insurance company you choose could play an important role in securing your and your family’s financial future. It is therefore pivotal that you make an informed decision and be prudent with your choice.

If you do a simple online search for the best insurance company in India, you may get thousands of results, which may confuse you even further. Hence it is best advised to do your own research based on the following parameters.

Claim Settlement Ratio

When you compare term insurance plans from different insurance companies, you must also check the insurer’s claim settlement ratio. This indicates the number of claim applications the insurance company has successfully settled within a specific period against the number of applications they received.

Generally, reputed insurance companies have a higher claim settlement ratio, which reflects their efficient underwriting terms and strong financial standing. Most insurance experts suggest that a claim settlement ratio of 80% or above is good. So, look for an insurance company that has high CSR so that your family can get the policy benefits without any hassles in the future.

Charges levied

You cannot put value to your life, after all, ‘life is priceless,’ right? But when it comes to buying a term life insurance policy, you must do some important calculations. You can use various online sources like price comparison sites to compare the premium prices of the term plans and the various charges levied by different insurance companies.

Based on your comparison, you can choose the right insurance company that offers the policy you want to buy at the best price that is within your budget.

Quality of services offered

This is another critical factor that you must consider while buying the best insurance company. You can get a fair idea about the quality of the services offered by the way the insurance representative answers your queries or how well they guide you towards purchasing the policy that suits your needs.

You must pay close attention to whether they first listen to your queries and answer them to your utmost satisfaction, do they have enough knowledge about the different plans they offer, are they patient enough or do they seem more interested in making a sales pitch without understanding your needs.

Knowing answers to these questions will help you make the right choice.

Reviews and testimonials

Most insurance buyers do not pay attention to this critical factor but looking at the reviews and testimonials can give you a fair idea about the reputation of the insurance company. If you find that many people have posted similar complaints about a specific company, you must not ignore it.

It is better to check the insurance company’s website and their presence on social media platforms to know about what other customers think about them.

Final Word

Given the fact that there are a plethora of insurance companies for you to choose from, you must be careful in making the right decision. After all, you would want to have a seamless buyer experience. If you find it hard to decide on your own, it is wise to take your trusted family member’s advice who is known for their financial acumen.