Pro Tips to Choose Right Insurance Company

Pro Tips to Choose Right Insurance Company

Choosing a suitable insurance provider is a must if you have to enjoy the advantages of a proper insurance policy that gives you adequate coverage and mental wellbeing. Now, for finding out the best insurance policy in India, you will have to do your homework carefully and this includes doing research on the insurance claim process and other tenets of any insurance policy.

Yet, the first thing you should do is pay attention to the insurance companies that are in the market and choose the right one accordingly. You can keep the following things in mind in this regard-

  • Many people remain clueless as to their actual insurance company and deal solely with agents. You should always be careful about the company in question and have a direct communication link with the same instead of relying only on your agent. Do your homework on the plans and policies offered by the company in order to know whether your agent is selling you the right plan or not.
  • The reputation and track record of the insurance company matters. Always go for an insurer with a solid reputation in the market along with a favourable claim settlement ratio in addition to having skilled professionals at the helm. Also take into account the mission and vision of the company, its performance over the years, the customer base and type of products being offered along with the overall financial strength of the entity. Read reviews and talk to people about the companies that you shortlist in this regard.

View financial results carefully-

There should not be a situation where your claim has been rejected or postponed since the insurance company does not have the funds to pay up the same. In order to avoid these situations, do your homework on the financial results of the company and its overall standing in the market. Go for a reputed, well-known company with decent financial results and the financial strength to settle claims swiftly.

Coverage for your insurance policy-

Always make sure that you choose an insurance provider that offers suitable coverage for your requirements. Do not compromise on coverage and duration which are the two most important aspects.

Premium amounts-

Compare the premiums and other costs being offered by various insurance companies for their products. Go for the one which seems most reasonable and not necessarily the cheapest one available.

Business mechanism-

Go for insurance companies which have quick online mechanisms for applying for policies, renewing them, paying premiums online and also reporting of claims online. There should be round the clock customer service offered along with readily available guidance.

Read Also: How Digitisation is a Blessing for Your Insurance Needs

Discounts and benefits-

From no-claim bonuses to other benefits, look out for these while choosing an insurance company. You should not let go of any such benefit since it will give you major savings in the long run.


Talk to friends and family and see who they refer. Referrals are a great way to discover the right insurance companies. This may help you make an informed choice.