1) If you are planning to purchase home life insurance in India, make sure you check out some tips on choosing the best policy for your financial need. The premiums offered by many providers vary from one provider to another and are often a little bit higher than the standard state premium. However, most of these providers offer various types of coverage options which can cater for various needs. Make sure you do your homework first, before selecting any provider. Here is our curated list of top 5 tips to choose life insurance in India for your protection against risks, including but not limited to:-
2) Read company’s terms and conditions, which would include the coverages available
3) Analyse at least five policies and understand their coverages. As well as the type and amount of savings, you want. This will help you analyse and select the policy that fits your financial requirements and budget. It is also important to keep an eye out for the age limit too, as companies don’t offer cover for infants at the time when they are still young and cannot buy home cover. Also, you should consider if it is suitable for the family size as this determines how much the premiums will be quoted to pay and may go up as the number of family members increases. Another factor to take into consideration is the interest rate and tenure.
4) Find the right insurer with adequate knowledge and experience in your sector. This is because there isn’t just one insurance firm which understands your business and industry. There could be several firms across different sectors and even regions. You can get an idea about what services and products you want and the insurer can show the different offers that are suitable as per the criteria you have set. Also, look for policies with long-term cover offerings and a lot of coverage. Some insurers may give discounts as a way to lure customers to invest more by offering better deals or discounts. In general, make sure you research about all the features available for your policy and what kind of options suit your needs and circumstances.
5) Look for the carrier that offers competitive quotes and pricing. Many top tier carrier offers competitive premiums and good cashback rates if you switch to its plans after making payment for the policy. If you require higher amounts, then you should check for extra benefits such as tax free return of investment and money back guarantee. After deciding upon the plan and finding your ideal policy carrier, finalize it and start shopping for the best policies to protect your assets.
6) Consider whether you want a lifetime or term policy. A Term Policy gives maximum coverage to the insured person from the date of inception of the contract of this Policy to the expiry the same date of the contract, whereas under a Lifetime Policy, you will get cover anytime during your life span even after death. Term coverage is often preferred more over Lifetime as it is cheap to quote and can be renewed without penalty. With both types of policies, the cost is considerably less and you don’t need to worry about paying any annual recurring installments. In addition, there are no limitations on the age that may be covered which means your loved ones won’t feel left out and may want to take advantage of the lower limits on your policy so that you are forced to provide them with the option for the first three years of coverage after the expiry of their agreement.
7) Research about the insurance Company and see if your chosen carrier has been in existence for a longer period, if applicable. The policies that were made before or even on the website can be found easily by checking the history or reviews it has garnered online. This is very helpful once you make the decision about the carrier to take your next step. Also, see how the carrier conducts its claims handling so if you find something amiss with it, don’t rush to get your claim settled through normal channels. Remember to ask questions regarding any clauses or conditions that may influence the finalization of any transaction. Ask about other similar transactions done by the company and also their past clients. This will help you gain insights about the company and decide which insurance covers the most suitable for your personal circumstances and financial goals.