Whatever channel you choose to buy your insurance, please ensure that you are dealing with an authorised channel
I am 26-years-old and want to buy term insurance. Is choosing a trusted player such as LIC better over a private insurer with good claims settlement ratio? Also, does buying a policy through an agent help?
The Insurance industry is highly regulated and all players have to comply with the guidelines of Insurance Regulatory and Development Authority of India (IRDAI). Hence, even private players have to operate within laid down strong governance framework and are reliable. While purchasing a life insurance plan, one should gather details on the insurance provider, the features of the plan, premium to be paid, purchase process, and most importantly, the claims experience. To answer your concern on the premium charged by different insurers, let me throw some light on the comparison of premium amount. The amount of premium should not be the sole yardstick for choosing a life insurer. There are multiple evaluation criteria namely claim settlement ratio, brand image, customer service, fund performance, etc. In addition, premium amount for a particular amount of life cover may vary for individuals of the same age group. It depends on habits, health condition, occupation, and even participation in certain hobbies and activities. Lastly, you can buy your insurance policy through an individual agent, your bank or a broker. You can also buy your policy directly from the insurance company and some of them can be bought on the internet. Whatever channel you choose to buy insurance through, please ensure that you are dealing with an authorised channel and ask questions, get information and clear your doubts.
Anuj Mathur, MD & CEO, Canara HSBC OBC Life Insurance
Send your queries related to life insurance to personalfinance@dnaindia.net
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