Future Generali

How do I choose which insurance company to buy from?

Everybody knows the importance of buying a reliable insurance policy. Regardless of whether the insurance is for an individual’s health, home or car or even term insurance, it is essential to pick an insurer that can provide the best plan at the lowest premiums. However, it is crucial not to get taken in by cheap premiums. Those looking to buy insurance policies must thoroughly research insurance companies and understand their own requirements before opting for an insurance policy.

With a plethora of options available both online and offline in terms of insurance companies, it can often get confusing as to which is the best insurance company one should opt for. Read on below to learn about the different considerations to keep in mind before buying an insurance policy, and why Future Generali India Life Insurance emerges as one of the best options in the market.

  1. Claim Settlement Ratio:
    The claim settlement ratio of an insurance company is the ideal measure for verifying its effectiveness. The claim settlement ratio refers to the percentage of the number of claims raised by policyholders and the number of claims that are settled by the insurer. This ratio helps determine how active an insurer will be in settling claims. A high claim settlement ratio is indicative that the insurer is reliable in terms of claim settlement. The claim settlement ratio of an insurer is monitored by the Insurance Regulatory and Development Authority (IRDA) and even on the individual insurer’s website. Future Generali India Life Insurance plans are preferred owing to the insurer’s high claim settlement ratio, which saw 95.15% of individual death claims settled in FY 2018-19.
  2. Check Financial Status:
    It is crucial to understand the insurer’s financial status before opting to buy a policy. This is because the insurer will only be able to settle claims if they are financially stable themselves. If an insurer is not economically stable, they will not be able to pay claims if several claims are raised at the same time. It is necessary to check the assets held by the insurer and its financial history carefully before purchasing a policy from it. Future Generali India Life Insurance is considered reliable owing to the ₹ 3,775.6 crores worth of assets held under its management.
  3. Research Policyholder Reviews:
    The Internet is a powerful tool for research, and it is up to policyholders to utilise it effectively. There are reviews of practically everything now available online, and insurance policies are no different. Run a search on the Internet and read reviews left by existing or old customers regarding an insurance company before buying a policy from it. The best insurance company will have favourable reviews left by existing customers who have benefited from the company’s service. On the other hand, the internet also makes it easier to learn about bad experiences faced by customers at the side of this insurer.

The best insurance policy will have favourable reviews online and will be financially stable to settle claims raised by policyholders. However, it is up to individuals to thoroughly research the insurance policies on offer by the company and align these with their individual requirements.

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