5 Steps to Select the Right Insurance Company in India

19-03-2015 / admin / 0

Selecting an insurance company means customers trust an insurer with their hard-earned money. When you buy a policy, insurer plays a key role in protecting you and your family’s financial future. Hence, it is important for you to make an informed selection while choosing the best insurance company in India.
Today, majority of people are still not paying enough attention when it comes to buying a policy. Below are five simple steps customers should follow to choose the correct insurer:
Price Matters
Insurance experts suggest buyers to access the online insurance service portals because they are easily accessible to compare costs as well as benefits offered by a plan they are interested in. Do not forget to make sure that the insurer you select gives a cost which complements your financial strategy and you do not exceed your budget.
Insurer’s History
Always be a discerning investor and do not get lured by flashy advertising of an insurer. Check how long the insurer has been in this business as reviewing established track record is must while selecting an insurance company in India. Generally, claim settlement ratio is available on online portals. Check the overall performance of the desired product.
Financial Condition of an Insurer
Check some important facts like market share, total assets and growth ratio in new business premiums to evaluate whether insurer has the financial strength or not to fulfill your needs, in case you seek it.
Quality of Services
It is an important factor while selecting an insurer. Make sure they answer your queries on time. Observe whether they patient in their approach or too busy to make sales.
Reviews and Complaints
Usually, customers miss these points to check while selecting insurance company in India. Sometimes, fake comments are generated by competitors. But, take a fair idea about which insurer to select because this decision will affect you in the long run.

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