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Financial Immunity means having proper health insurance and life insurance coverage protection. This fact was very well understood during the recent COVID pandemic the world went through!
Well, life insurance policies have been a part of Indian households for decades, generations of different ages have opted for life insurance policies to protect their family after them. However, a survey recently conducted states that the ratio of people aware of the importance of life insurance to the number of people who bought life insurance policies differs!
The survey states that while the awareness of the need for a life insurance policy is at 91 percent, the actual number of people who own one is lower at 60 percent.
KEY TAKEAWAYS-
- Life insurance policies have been a part of Indian households for decades.
- A survey conducted states that the ratio of people aware of the importance of life insurance to the number of people who bought life insurance policies differs.
- Insurance companies brought massive digital transformation and technology adoption among businesses as well as consumers.
- An individual must watch out for certain factors before he decides to purchase a life insurance policy.
- The Service quality of any insurance company is decided on two things, what the policy offers (technical quality) and how the policy is given (functional quality).
- Life insurance is financial protection for your family after you; thus, it might be purchased from a company that is trusted by more and more. Before you purchase a policy, make sure that the company that you go ahead with has a clear record with no complaints regarding claims, etc.
Experts say the above difference in ratio can be because of high premiums, high tax rates, and lower adoption of technology, among others. However, during the COVID pandemic, insurance companies brought massive digital transformation and technology adoption among businesses as well as consumers.
After these transformations, individuals who still put life insurance back forth, must take a relook at the essentiality of life insurance seriously! Well, after you decide to get a life insurance cover, the second part comes which LIFE INSURANCE POLICY is best suitable for you? How to decide?
Come Let Us See!
What To Watch Out Before Choosing Your Life Insurance Policy?
Life insurance provides cover to your family, simply financial protection after you! Thus, before you purchase one, it is mandatory to pick up the most suitable one.
Let’s look at the key things you must remember before you purchase a life insurance policy:
Service Quality Of The Company!
The Service quality of any insurance company is decided on two things, what the policy offers (technical quality) and how the policy is given (functional quality).
Both these standards when analyzed, how compressive the insurance policy is and how it addresses one needs. Also, it helps an individual know how smooth is the process of purchasing a life insurance policy.
Both, the technical service, and functional service quality of the insurance provider decide how much the customer is satisfied with the policy and its service. This way the policy gets popularized and maintains a high number of customers for the company. However, not customer addition is necessary but customer retention also is!
The service quality of an insurance company must include, explaining every necessary detail related to the policy, purchase process of the policy, important steps in the claim process, providing the right policy for the consumer, and more.
Do Track The Record Of Insurer!
Life insurance is financial protection for your family after you; thus, it might be purchased from a company that is trusted by more and more!
An individual must have the record of the insurer before he decides to purchase the policy. Just like any investment, the track record of every insurance company is available online.
Before you purchase a policy, make sure that the company that you go ahead with has a clear record with no complaints regarding claims, etc.
Pitfalls like delayed processing of claims and bad customer service reflect the lack of the track record of any insurance company!
Do Evaluate The Strength Of The Company!
According to the survey conducted by the Life Insurance Council, some of the key barriers to people investing in insurance are mistrust and unethical practices used for sales.
Information on the company’s profile and standing is available on various websites online. Making an informed choice by reading online reviews and also taking feedback from friends and relatives can help as well.
Has The Insurance Company Adopted Technology?
In modern terms, insure-tech has gained great popularity and is becoming a crucial part of the industry. Artificial intelligence (AI) provides the much-needed personalization that modern buyers are looking for.
Consumers need to be aware of the available technologies in the market and choose the company best equipped with these to ensure top-notch customer service at any hour.
You can contact your insurer or can visit Ashutosh Securities Pvt. Ltd. for any further assistance in mutual fund investment. Keep reading our article and stay updated with the latest news about Health Insurance and Life Insurance!
For any kind of query, you can contact us at Shri Ashutosh Securities Pvt Ltd., we are here to help you in any way possible.
Happy Investing!
(Mutual Fund investments are subject to market risk Illustrations are for example only, there is no guarantee of returns. Past performance is not an indicator/guarantee of future returns).