Insurance: If these things are not taken care of while taking insurance, you will be cheated badly, there will be a lot of trouble in getting the claim.
Sometimes it happens that even after having insurance, you do not get any benefit from it. When you ask for a claim from the company, it gets rid of its chase by making some technical excuse.
We take various types of insurance in our life. There are many types of insurance like health insurance, life insurance, term insurance, car insurance, home insurance and more, which a person takes according to his needs. But, many times we make some mistakes while choosing these insurances, due to which we have to suffer in future. Sometimes it happens that even after having insurance, you do not get any benefit from it. When you ask for a claim from the company, it gets rid of its chase by making some technical excuse. In such a situation, it is necessary that when you are taking any insurance, then take special care of some things.
Premium and cover
When you are taking any type of insurance, first of all pay attention to its premium and the cover available in that premium. Along with this, also check that there are other companies in the same premium, which are giving you the same cover or giving better cover than that. Many times it happens that after taking an insurance policy from one company, we come to know that some other company is giving better cover for the same premium. In such a situation, you feel cheated, which can be avoided. While taking insurance, check the policies of different companies, see their premiums and pay attention to the cover carefully to see what cover you are going to get in that premium.
There are certain prerequisites for the cover that insurance companies offer. The insured gets his claim only after fulfilling the conditions. Insurance companies refuse to provide cover at the last moment if any of those conditions are not fulfilled. In such a situation, the entire premium paid by you is completely wasted and you are not able to take advantage of insurance at the time of need. That is why when you are taking an insurance policy, read all the terms of its cover carefully and ensure that you fulfill all those conditions.
Claim settlement ratio
The most important thing to keep in mind while taking insurance from any company is to check its claim settlement ratio. The claim settlement ratio shows how many insurers' applications for claims have been settled by the company in a financial year. Higher the claim settlement ratio, better is the claim record of the insurance company. If the claim settlement ratio of any company is less than 95 percent, then you should be alert immediately and not take a policy from it and take a policy from any other company with good claim settlement ratio.