A life insurance policy is an insurance policy that provides cover to the family or the nominees of the insured after their unfortunate demise or any other situation. This is done by financially supporting the family in exchange for a premium that is paid by the policy holder every month, half yearly or yearly. Certain types of life insurance policies also have investments opportunities and can also be chosen as a plan that would give benefits to the policy holder while they are alive as well as to their family. Get a life insurance plan out of the best life insurance policies out there that will give your family maximum benefits.
Few of the best life insurance policies will get the claim settled without any hassles or delay. So, choosing out of the best life insurance policy should be done after proper and thorough research and comparison.
Choose the one with a high claim settlement ratio
It means that the number of claims settled is closer to the number of claims made by the policy holders or their families. The insurance company having a high claim settlement ratio can ensure that your family will be secure and get the cover in case anything happens. Getting a policy with a good claim settlement ratio is the best thing to do for your family while getting a life insurance policy. If, in case you die and your nominees are having troubles in getting the claim, it makes it even more difficult for them. So, you have higher chances of getting your cover after you or your family claims for the life insurance policy. The best life insurance policies are the ones with a really high claim settlement ratio.
Choose the one with a high market share
Choose a plan out of the best life insurance policies for a high market share. If an insurance company has a good hold on the market with a high market share among the counterparts, it means that a lot of people have been purchasing insurance policies from that company and it is trustworthy and has been delivering the service as they had promised and satisfying their customer which is making them come back to buying more insurance policies from them and getting in potential customers as well. And this is happening duration a period of time as gaining trust and loyalty is not an instant thing. So, by choosing life insurance policies from such insurance companies for your family will prove beneficial as they will be more trustworthy in terms of settling claims and providing support and aid financially when they need it without creating any hassles or difficulties. LIC is on the top with a tremendous 70.5 % market share in 2015-16 making it the majority among the other insurance companies. Following are few of the insurance companies with the highest market shares and you can see that only LIC – Life Insurance Corporation of India has made it to double digits. The best life insurance policies come with a high hold on the market as well as his high on the benefits.
|Life Insurance Corporation (LIC)||70.5%|
Choose the sum assured appropriately
You do not want your family to be running out of the sum assured soon after they have received it, right! So, you need to choose the sum assured which is not too little nor too much as that would calculate into paying really high premiums. You should choose a sum assured amount which will take care of the needs of your family and nominees sufficiently and in the same manner that you used to do with your income. This is very important in case you die and were the sole bread earner of the family and they were financially dependent on you for their daily functionally. Do not over – insure yourself and definitely do not under – insure yourself for the sake of your family. Buy life insurance plans by selecting a sum assured that will approximately fulfill your requirements. It is said that one should settle for a sum assured which is 8 to 10 times their annual income. What if the education of only one of your child is able to be covered by the sum assured and your other child’s education is not, so, choose well! Choose from the best life insurance policies available in India.
Choose the one which will provide them with the same lifestyle you do
Make sure that while you are settling on a sum assured for your life insurance policy, that you select an amount that, when claimed, will cover for all the expenses of your family in a similar that you do. The best is to ensure that they are able to maintain the same lifestyle that they do with the income of the bread earner or the policy holder of the family. You certainly do not want your family to financially downfall in your absence which is possible by selecting a policy out of the best life insurance policies. Choose a sum assured that will provide your family or your nominees with the finances that will provide them a similar, if not same, lifestyle after your unfortunate demise. Compare the best life insurance policies to get the best one for you and your family.
Choose the one which offers maximum benefits at reasonable premium rates
While choosing a life insurance policy that will protect you and your family, you should get the one that will provide the maximum benefits of a life insurance policy at reasonable premium rates. Sure, cheap policies seem more attractive but they will not cover much. A policy that will provide a good amount of benefit for a good premium price is the one you should seek and obtain. The benefits that are given should be worth the price of the premium rates that policy holder has to pay. The best life insurance policies will have benefits which fit the rates.