How To Choose An Insurance Company?

There are dozens of insurance companies in the market offering wide variety of products to choose from and it is confusing with very little the knowledge for the buyer to know where to begin. However, it is best to start by identifying your individual insurance needs. It is important to know how much coverage do you need or how much of a deductible are you willing to pay? Once you have identified your insurance needs then there are couples of things to remember while choosing a private insurance company.

Financial strength (security)
Ensure that the company has sound financial history to fulfill its promise if the situation requires. To assess the financial strength of the company one can study the balance sheet in terms of assets and liabilities and Underwriting Policies.

Credit Standing
Enquire about the credit standing of the companies and ensure that the company you are choosing has a good track of settling claims and treats the customer well. Check the best rating companies.

Premium Feature
premium is not the only factor important when choosing the right company; other factors like coverage should also be considered .There are portals that offer comparisons, markets rates and calculations based on age, fitness and other parameters.

Services
Check the network coverage of the Third Party Administrator (TPA) being employed by the health insurance company to guard you against emergencies. For instance wanting to buy a health plan, ensure that you get covered for Swine flu, which is an urgent requirement of the current time. Also enquire about the network of hospitals/ garages provided under the cashless claim facility provided by the company. When opting for health insurance or travel insurance it is very important that you avail cashless claim in the options of your choice.

Claim management
Your insurance company and its representatives should answer your questions and handle your claims fairly, efficiently and quickly. It is a good idea to check with a claims database how many costumers have complained because of a bad treatment and what kind of claims service does the insurance company have. See if the company has proper network of agents, offices and call centers. Also check their online interactive services and its effectiveness.

Online Facility
Prefer purchasing your policy online  as itís easy and time saving with no paper work. But it is important to check the licensing of the company and the availability of services in your location. Preserve the e-policy generated which is a valid legal document and can be renewed easily .

Please take the time to educate yourself before making your final decision. This will help you buying the insurance policy that will best fit your particular needs.

We can help you. You can buy insurance policies offered by insurance companies in India through our website, while receiving very competitive quotes from qualified and IRDA registered Insurance Agents.
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