How to Choose the Best General Insurance Company in India

The increasingly uncertain times & volatility of financial markets present a situation where buying an insurance cover has become extremely important.

The increasingly uncertain times & volatility of financial markets present a situation where buying an insurance cover has become extremely important. General insurance covers give the most required financial assistance to the insured during the time when economy is fragile.

Hence, while you plan your finances, don’t forget to get insurance for you & your family. So the real question is how to choose the best general insurance company in India? Considering the large number of general insurance companies in India, it’s imperative to look at factors which go into choosing the best general insurance company in India.

The factors to be considered to choose the best general insurance company in India are as follows-

#First things first-

Choose an insurance policy based on your present income. In simple terms, get insurance considering your current & projected ability to pay the premiums. Also consider your medical state, age & future financial goals before you start planning to purchase from the best general insurance company in India.

#The cost-benefit ratio

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.

#Coverage

You should ensure that the insurance policy covers all your dependents. Also ensure that it covers majority of the health problems.

#Check for the validity of promises

It’s important to check and ensure the validity of promises being made by the general insurance company in India.

Further you need to decide whether you want a pure insurance cover or something which also gives investment opportunity.

The 4 major kinds of general insurance policies which you can buy 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.

If you remember all the above points then you will be able to purchase the best plan from the best general insurance company in India. While you buy general insurance always ensure the validity of the general insurance company in India you’re going to buy from. Remembering all these points will always ensure complete safety.