How to Choose the Right Online Insurance Policy: A Step-by-Step Guide

Thinking of buying an online insurance policy? It’s not as easy as it seems, particularly with the tons of choices out there for you to choose from today. Indeed, the rapid growth of the insurance industry in India can make it overwhelming to select the best possible option that is tailored to your specific requirements. But there’s no need to fret over the same, and you don’t have to consult any broker or specialist right away, unless the policy is complex. Here are some simple and easy tips to help you select the best policy that suits your needs. 

Step-Wise Selection of Your Online Insurance Policy 

Here is a step-wise guide to choosing the best online insurance policy to fully serve your needs. 

1. First, make a list of reputable insurers in the country. Do this after reading reviews, researching aggregator platforms, and checking each major insurer’s financial health through publicly available data such as their solvency ratios and claim performance reports. 
2. Next, check the claims settlement ratio and other metrics. This essentially tells you whether the insurance company has a good track record of settling claims every financial year. Choose insurers with high claim settlement ratios, but also consider grievance redressal records and customer reviews for a complete picture. 
3. Now that you have zeroed in on a few insurance companies list down their insurance policies/products that are available in the market. 
4. Check these policies for their coverage amounts and whether they meet your needs. For example, ensure the sum assured is adequate to cover your family’s future financial needs or major medical expenses.
5. Next, check the premium amounts for the coverage you need. While affordability is important, don’t compromise on critical features or adequate coverage just to pay the lowest possible premium. Balance cost with the policy’s overall value.
6. Thereafter, once you have found the right fit, look at the features of these policies and any inclusions/exclusions to be aware of. Also, check the terms and conditions and other additional benefits. 
7. Now look for the addition of riders to your policy. A good online insurance policy is one that will allow you to enhance coverage with riders like critical illness, accidental death, or waiver of premium. Evaluate these options carefully since some riders may incur higher premiums. 
8. Check the claim settlement processes of the insurance company, making sure that they are easy to understand and execute. 
9. Now look at the application process, whether it is easy to complete online, and the documentation that is required. 
10. You can then apply for your chosen insurance policy online by submitting documents and filling up the applicable forms. Make sure that you read everything carefully before signing on the dotted line.
11. Confirm when your coverage begins. Verify if there is a waiting period, and whether the tenure matches your long-term needs. Also, take note of the free-look period. It lets you cancel the policy if you’re unsatisfied.

Every household needs adequate insurance coverage today to tackle unprecedented and unexpected scenarios in the future. Thus, you should put in your best efforts to find and select the best policy without any further delays.