Life insurance is the most important financial product as it acts as a financial safety net that protects your family after the untimely demise of the insured. Life insurance policies can safeguard your loved ones from financial needs when you are no longer there.
But how to choose the best life insurance policy?
The easiest way is to go with the top products like the Tata AIA life insurance plans that have a proven market record. Choosing a top insurance company ensures you receive the necessary coverage with excellent customer service and a hassle-free claim settlement ratio.
If you want to know more, this blog will help you research the best life insurance company that meets your needs and offers reliable, quality service.
Here are some of the considerations for choosing the best life insurer in India.
Choose IRDA Recognised Insurance Company
It is essential to choose an insurance company which is IRDA recognised as IRDA is a regulatory body that supervises insurance companies in India. They make sure-
- The insurance industry operates fairly and transparently while safeguarding the interests of policyholders.
- The insurance companies under IRDA are thoroughly vetted & must comply with strict regulations and guidelines.
The above factors assure that you receive the best of your promised services. However, going for companies that are not IRDA-approved will lead to uncertainties, unnecessary risks and no guarantee that they will honour your policy or support from IRDA in case of any issue.
The Insurer Should Have Multiple Products
Another important factor while choosing an insurance company is to choose a company that offers a variety of policies. Variety in policies reflects the company is capable enough to cater diverse needs of customers, further ensuring flexibility in coverage and specific needs as per budget. You can also check the insurance company’s customer retention ratio to ensure you get the reliable experience you expect.
Provides Flexibility In Premium Payment With A Payment Window
It is essential to choose an insurance company that offers flexibility and allows expansive payment windows for premium payments. Such flexibility in premium payments makes the best life insurance policy more pocket friendly, divides the payment burden and removes the lapse issue. With flexibility, one can choose whether they want to make payments in single, monthly, bi-annual, annual, 2-year, 5-year, 10-year, and so on. Further, it supports overcoming any uncertainties in gathering hefty premiums.
Claim Settlement Ratio
CSR is an essential metric when choosing an insurance company. CSR measures the percentage of claims the insurance company settles in the provided year. A high CSR percentage indicates the efficiency of the insurance company while settling different types of life insurance claims.
Choosing an insurance company with a higher claim settlement ratio can assure a peace of mind. If your family ever needs to raise a claim, they will have a higher chance of getting it approved.
Company Reputation
Goodwill is an essential factor not only for policyholders but also for the company. Read company reviews left by customers. Connect with them to know in details about the company’s post-sale services, claim approval process and time, etc.
Consider Other Important Factors
- Whether the company has a lengthy, complicated claim settlement process
- Whether they have a 24*7 customer service helpline number which productive and supportive at the time of need
- Whether the company has online premium calculators that take into consideration a variety of factors
- Whether the company allows partial withdrawals in times of emergencies
- Enquire about the grace period the company offers to revive frozen premiums due to non-payment of premiums, late payment, documentation discrepancies, etc. Some best life insurance companies in India provide a grace period of up to 1 year or approx.
Conclusion
Before buying a life insurance policy, it is important to choose an insurance company that not only helps you safeguard your family’s financial safety but also supports and improves your overall experience during the time of emergency. Making sure you carry out thorough research and mindful consideration of all these factors will help you make an informed decision and choose among the best life insurance companies in India that meet your needs and expectations.
