check 5 things before buying a best life insurance policy: Report 17Apr 2022

check 5 things before buying a best life insurance policy

It is important to do a thorough policy research.

Life insurance policies have been a part of  households for decades. Individuals choose such policies to secure the future of their family.

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And since the COVID pandemic in 2020, important things, including life insurance, have been taken seriously.

If you are planning to buy a life insurance policy, check out these important things you need to remember.

1. Insurer’s records

Before choosing a life insurance policy, you should always check that the company provides the amount of compensation on time or that there is a bad customer service experience.

When comparing different insurance companies and their policies, it is important to do a thorough study of the insurer’s reputation.

2. Claim Settlement Ratio (CSR)

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You should also check the life insurance company’s claims settlement ratio (CSR). It is the ratio of the total claims received by the company to the number of claims paid by the insurance company’s customers. The higher the better.

The Insurance Regulatory Authority of India (IRDA) publishes CSR for life insurance companies every year.

Claims settlement ratio = (total amount of claims accepted and paid) / (total number of claims received by the insurer) x 100

3. The strength of the company

According to a survey conducted by the Life Insurance Council, some of the biggest barriers to people investing in insurance are mistrust and unethical sales practices.

To make an informed choice, look for reviews from financially savvy friends as well as read online reviews.

4. Consumer Focus

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Insurance companies offer many plans that sometimes confuse people. Thus, the company needs to communicate better with the purchase of the policy so that they feel safe.

It is important for the customer to be able to distinguish their actual needs from the various offers of insurance companies.

5. Service power

The capabilities of the service include the important steps in the process of explaining claims, ensuring the right policy for the consumer, providing the maximum possible information to help the consumer, and so on. As a consumer, it is important to assess these parameters in order to make an informed and fair decision.

check 5 things before buying a best life insurance policy

#best life insurance policy

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(Except for the headline, this story has not been edited by News East India staff and is published from a syndicated feed.)