Ways to Evaluate Insurance Policies Online

When buying an insurance policy, be it life insurance, health insurance, or general insurance, you should always take the time to choose and invest in a policy that suits your needs. This way it will extend financial protection to you in during an emergency, when you need all the help you can get. Insurers these days offer a number of policies and add-ons that address your unique circumstances, so you are sure to be spoilt for choice.
Availing the wrong insurance policy can prove to be a meaningless expense, as it may not help you in times of need. Hence, it is best to avail a policy only after conducting a thorough comparison of specifications. This will help you narrow down on the ones that satisfy you at the best possible premium. When shopping for an insurance policy, compare parameters like the premium payable, the sum insured, the coverage, and the exclusions and inclusions.

Here are the most important points of comparison to help you apply for the right insurance cover.

1. Credentials of the insurer

Before entrusting your financial health to an insurer, dedicate some time to conduct thorough research about the insurance company. The best insurance policies in India are offered by insurers have a strong history in the sector. Although the IRDAI has strict regulations in place for insurers, you can be safe and rest assured when you read about a company and find out that it has a good financial background. This means that your claim will get settled on time without any hassles or default.

2. Claim settlement ratio of the insurer

Be sure to check the claim settlement ratio of an insurer before availing any of their products. A claim settlement ratio is used to measure the number of claims that an insured has honoured as against the total number of claims that they receive in a financial year. Go with an insurer who has a track record of a high claim settlement ratio, so you can be sure that your claim will be settled.

3. Costs involved in applying and maintaining the cover

Don’t get overwhelmed by low premiums even though it sounds highly tempting as an offer. The truth is, an insurance policy with low premiums may not have much to offer. This means it is likely to have several terms and conditions built around inclusions and exclusions. To make the most of your policy, choose one on a competitive premium that also offers a comprehensive cover.

4. The convenience of availing and filing a claim

These days you can avail almost any type of insurance conveniently, thanks to online insurance aggregators. They provide you with a sea of information around each insurance policy so you can conveniently read and understand which policy is the right one for you. Also, most insurers allow you to apply for an insurance policy online to make it convenient for you. Study their claim settlement process to determine if it is lengthy and complicated or easy and simple. Go for insurance policies that offer convenience in applying for a policy as well as making a claim. Also, make sure that your insured has a comprehensive customer care support system that includes a clear and detailed website, email support and a 24x7 customer care helpline, among others.

5. Coverage and inclusions of your policy

The most important thing to check when shopping for insurance is the scope of the policy’s coverage. This will help ascertain if your probable health conditions are listed under the policy inclusions. A policy will be less meaningful if it doesn’t include your health conditions.

Now that you know the key points of comparison, wait no more and avail an insurance policy for yourself and your loved ones. Shop for the best insurance policy in India by checking those offered by a reputed company like Bajaj Finserv. Bajaj Finserv offers life insurance and a range of general insurance products such as Health Insurance, Car Insurance, and other Pocket Insurance so you can be protected in every walk of your life.

Before you apply for an insurance policy, check out your pre-approved offer to enjoy customised deals, which offer both affordability and convenience.  

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