Do really one choose a company or a policy? Do we really care about the track record of the insurance company? What do you expect from an insurance company when you choose one? So what we are looking at is, the paramaters on which one should zero down (or agree to work with) an insurance company.
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Choosing an Insurance Company is like choosing someone who is caretaker of your Family if you are not there, an insurance policy should be such that your family should get
- Required Cover
- Easy Settlement
Required Cover means the Value at cost , there are many companies whose cost is very low , their views and outlook towards insurance is good and they are well know for what they do , based of these I would choose
- SBI life insurance
- Max Newyork Life
- Kotak Life Insurance
- Aegon Religare
The other factor is easy settlement , apart from LIC no one else has big enough history to judge , but still i would say SBI and HDFC are quite old , based on this i would choose
- LIC (high cost)
- SBI life insurance
If I combine both the factors , At the end I come up with
- SBI life Insurance (for Cost and Goodwill)
- Aegon Religare (For cost)
- Max Newyork Life
This is the way I would like to choose my Insurance company , simple Logic and requirements .
Assumption : I am looking at only Term Insurance , not other products
Manish
http://www.jagoinvestor.com
Since LIC is covered under LIC act and gurrantee by GOI nothing better then LIC
One should choose a policy, not a company. All insurance companies are under the purview of Insurance Regulatory and Development Authority (IRDA). IRDA has been established to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto. IRDA regulates all life and general insurance companies and one should not worry about the company while choosing a policy.
Each individual’s needs and financial position are unique and individuals should select the policy as per his/her needs.
Insurance company’s track record should be considered while taking the insurance policy, but it should not be the only criteria to select a company or policy. The company’s track record gives confidence to the individual.
I would expect the following from an insurance company when I choose one:
1) The policies on the offer, the uniqueness of the policies and the suitability of the policy to my need/requirement
2) The accessibility of the branches/agents/service centers
3) Lastly, the management/promoter quality, the track record of the company, the company’s ethics etc.
The basic factors one should consider while selecting an insurance company are:
1) The variety of policies that they offer
2) The uniqueness and innovativeness of the products
3) The accessibility: Large branch network, number of agents, number of service centers, customer care on various media (Phone/Email/LiveChat). The company’s website can give this information. The ability to view/renew my policy information on Website etc.
4) The quality of service and customer support. We should look at the speed at which the company responds to queries/enquires/issues etc.
5) The internal controls, management/promoter quality.
“Hi,
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It is very difficult to choose insurer,
Those who are conservative investor should go for only LIC as
1)It has a track record in term of settling claim.
2)53 years of history.
3)Good assets.
4)Govt backing.
When one choose ULIP LIC is very conservative in terms of investment and one can select insurers based on following critaria.
1)Return generated by that policy in recent years(if ULIP plan is not new)
2)Return of its other ULIP plans and various funds(This includes its track record).
3)Charges(Select policy with good insurer + lesser charge as money saved is money earned).
4)Feature of the policy.
There are various procedures around the market offering insurance regarding several motives. Critical Illness Term life insurance supplies a protection with regard to critical ill illnesses. If the policyholder is “diagnosed” with any type of disease that is long-term then the insurance policy will payout “tax-free” lump chunks of cash for the insurance policy holder.
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