The Indian markets seem bullish. However, the inflation is not going down with CPI hovering around 9%. And until the inflation drops, RBI won’t cut interest rates. In such situation, it becomes important to invest in general insurance options which give good returns.
Getting general insurance from the best general insurance company should be a part of your financial planning.
However, the real concern is how to decide the best general insurance company? With so many general insurance companies available in India, getting car insurance from the best general insurance company can be a daunting task. Hence, one should be aware of vital essential tips to get insured from the best general insurance company in India.
The essential things one must remember to get insurance from the best general insurance company in India are-
Decide on your requirements-
Before you purchase general insurance, it’s important to know your requirements. Get general insurance based on current income and decide on the premium budget you will be able to pay. This will make your process to select from best general insurance company easier.
For instance, get car insurance after analyzing your current as well as projected ability to pay premiums. Also consider factors like the buyer’s medical state, age & future financial goals prior to the purchase of insurance. This will leap you forward towards selecting from the best general insurance company.
Did you compare the cost to benefit ratio?
This is an important parameter to be checked to decide on the best general insurance company. It refers to the insurer’s ability to give maximum benefits at minimum costs. In simple terms, it’s the factor which implies the favorability to purchase from a particular insurer.
Hence, you should always ensure that insurance’s cost justifies the benefits offered by the general insurance company in India.
For example, you can check & ensure Bajaj Allianz’s cost-benefit ratio on its website which is one of the best general insurance companies in India.
Are your dependants covered?
You should ensure that the insurance policy covers all your dependents. For instance, in term of health insurance, ensure that it covers majority of the health problems.
Make sure about the insurance company’s commitment
Make sure about the insurance company’s commitment towards fulfilling all stated promises in its policy. It’s important to check and ensure the validity of promises being made by the general insurance company in India.
The 4 major types of general insurance are-
* Term insurance plan- The insured gets coverage for limited period of time.
* Endowment plan- The insured is required to pay a lump sum amount subsequent to the specified term or on death, whichever happens earlier.
* ULIPs- This is a combination of investment & insurance policy. In this, the premium’s one part we must goes towards providing insurance coverage. The other part is invested by the company in several debt & equity schemes.
* Money-back policy- Money back policy enables a person to get periodic survival benefits unlike endowment plans where the survival benefits are received only after the endowment period ends.
Remembering all the above points will ensure complete safety and assurance of benefitting from the best general insurance from the best general insurance company in India.
By ErikaWittlieb from Pixabay