In today’s world taking risk is something entrepreneurs are considered as quality. Most of the achievers have succeeded in their life because they moved out of their comfort zone and was ready to take the risk. You cannot take any risk when it comes to your health and personal life. Insurance companies are constantly on the go to customize insurance plans for each based on the requirement. New insurance companies are entering the market; most of the big banks have a separate insurance wing which is ready to cater to their customers as well as others.
It is easy to feel overwhelmed when you are trying to choose an insurance provider. Now, there is an option to buy an insurance policy online as well. Once the insurance provider is chosen, you also would have to choose an insurance plan that is suitable for your lifestyle and situations. So how do you make that decision? Some of the main points to be checked before buying insurance plan are as below:
- Claim settlement: one of the most important aspect to be checked is what is the company’s claim settlement ratio. This ratio is nothing but the number of claims that the company has settled against the number of claims raised. This ratio will give you a fair idea of how the company is doing and how the customers are benefited.
- Time taken for claim settlement: All of us are terrified of the stories about the time taken by the insurance company to settle a claim. So be sure to take a look at the time taken for settling a claim from the date it is raised. It can also help you know the service provider if you look into the process of claim settlement. Much of the delay happens due to the truckload of paperwork and approvals. So have a basic understanding of such factors before you buy a plan.
- Customer support: You can never underestimate the need of customer support in the insurance field. At times of distress, you need to have someone from the insurance company guiding you and helping you to raise claims or even to avail the cashless facility. It is always nice if your questions are answered on time and updates are also received. So make sure that the insurance provider also has a good customer support system.
- Terms and conditions: another nightmare in insurance is the terms and conditions section. Most of the terminologies are confusing and is not understood by common man. Make sure to have a complete understanding of the terms and conditions so that your claim will not be rejected.
- Premium to be paid: a hard to miss factor when comes to compare insurance plans is the cost involved. Be sure to have a comparison of premium and the coverage received for each of the insurance plan provided by different insurance providers.
The above-written factors will help you to shortlist the best insurance deal from the ocean of insurance providers and various schemes. It is always good to compare your options using these factors. For more details roseandjones on.