The times are uncertain, financial markets are volatile and future is unpredictable. In such situations getting yourself and your dependants insured becomes very important. It’s because general insurance covers play a vital role in providing financial assistance to the insured when faced with uncertain events in life.
Selecting the best insurance from the best general insurance company should be a part of your financial planning. Also for married people, they are also responsible to get valid insurance for dependant members.
However, the real concern question is how to select the best general insurance company? There are several general insurance companies in India. Therefore, one needs to know the essential tips to be able to select best general insurance company in India.
The essential rules to follow to select the best general insurance company in India are-
Get your fundamentals right-
Getting your fundamentals right relates to the awareness of basic things. Select car insurance as per your present income after deciding how much premium you’ll be able to pay conveniently.
In simple terms, 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.
The cost to benefit relation
The insurance cover’s cost depends on many reasons. The above listed factors are only some of them. It also depends on the various items being covered by the insurance policy for the insured. In any case ensure that that the cost of the insurance justifies the benefits being covered by the general insurance company in India.
You can check 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. Also ensure that it covers majority of the health problems.
#Will the insurance company fulfill all its promises as stated in the policy?
It’s important to check and ensure the validity of promises being made by the general insurance company in India.
There are 4 major general insurance policy types which one can buy. They are as follows-
* Term insurance plan- This type of plan gives you coverage for limited period of time.
* Endowment plan- An endowment plan enables a person to pay a lump sum amount subsequent to the specified term or on death, whichever happens earlier.
* ULIPs- Unit-linked insurance plan (ULIP) is a combination of investment & insurance policy. Here, a part of the paid premium 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 benefiting from the best general insurance from the best general insurance company in India.
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