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How to Evaluate Insurance Policies?

It is in our nature to compare prices and brands even if it is the smallest things we buy. But when it comes to evaluating and comparing insurance policies we take a backseat and let out agents decide for us. We view insurance policies and companies in one light, while in fact they are quite different from each other. Different insurance policies offer different benefits and features that may or may not be applicable to all.

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What is the Evaluation of Insurance?

Let us understand the evaluation of life insurance with the help of an example,

Renuka grew up in a family where her parents always focused on paying the premiums for joint life insurance. Since Renuka understood the importance of life insurance from an early age, as soon as she started earning, she started looking for life insurance for herself. However, during her search, she came across a wide range of life insurance products, ultimately confusing her. Soon, she realized that the best life insurance policy depended on her needs. After assessing her requirements, she needs to make an evaluation of insurance to find the right life insurance policy for herself.

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How to Evaluate Insurance Policies?

Here are a few tips on how to evaluate and compare life insurance companies in India and their insurance policy. These tips will help you zero down on the one that is most suited to your requirement.

Coverage - You need to make an evaluation of insurance and check how much coverage you and your family will receive from a particular life insurance policy. Always opt for the right sum, assured that it is enough to take care of your family’s financial needs in your absence. You can enhance the base cover of the policy by adding term insurance riders to the policy. Some recommended riders are critical illness and disability, accidental death benefit rider, term rider, waiver of premium rider, etc. There is an extra nominal sum you need to pay in addition to your premium for these riders. 

Premium Rates - Purchasing the most expensive policy where the premium amount is too much does not make sense unless you can manage the huge payout and if it is absolutely required. Therefore, you should make an evaluation of insurance and select a policy that is not only cost effective but suits your purpose of buying one. You can use the online term insurance premium calculator to see the required premiums for the desired life cover.

Claim Settlement Ratio - You should always make an insurance evaluation of the life insurance claim settlement ratio of each insurance company before buying insurance. The information is available online and is published by the Insurance Regulatory and Development Authority of India (IRDAI). You should always opt for insurance from a company with a CSR of over 95%, as it ensures that the company is capable of settling your family’s claims in your absence.

Type of Insurance - There are various types of life insurance plans available in India. You should always make an evaluation of insurance before selecting the right type of life insurance. For example, if you want your insurance to offer pure risk coverage at affordable premiums, you can opt for term insurance plans. However, if you want your insurance plan to offer insurance and investment benefits, you can opt for endowment or ULIP plans.

Convenient purchase - There are several modes that you can use to buy an insurance policy, e.g., through an agent or online. Although buying through an agent has been the only mode of purchase until recently, it is not recommended by experts. Buy term plan online hassle free and save time as well as money. The convenience of purchasing policies online from an insurance company makes a whole lot of difference. It adds value by allowing you to learn about the policy, compare policies as well as make payments and submit documents online. This ease of purchasing is what buyers need to evaluate before buying policies from any insurance company.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Customer Service - If the customer is the king, they should get services that are fit for a king. Evaluation of insurance in terms of customer service sets an insurance company apart from those that provide bad or no service at all. Buyers today look for a website that is resourceful, has complete information on their product, a helpline that can be reached 24/7, good email support and a relationship manager who is reachable and resourceful. 

Note: Know what is term life insurance first and then buy a term plan for your loved ones.

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Wrapping it Up!

Evaluation of insurance can help you make an informed decision and buy a plan that fits your needs. With these plans, you can ensure the financial security of your loved ones at affordable premiums and save on your yearly premiums. The main factors on which you should evaluate insurance plans are premiums, life cover, CSR, convenience, customer service, and type of insurance.

Note: You should also check the term insurance benefits if you are planning to purchase the term insurance plan.


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