6 Best Tips to Compare & Buy Insurance Online

It is important to know the different options available when buying an insurance policy. What’s more important is to compare them on different parameters (sum assured, tenure, premium, riders) to buy a suitable insurance that covers your requirements. So, how do you compare & buy insurance online? Read on to find out more.   

Tip 1: Cost

Not all insurance policies are created equally, some have more and better features, and subsequently more expensive, while others are cheaper but equally good. To evaluate which insurance cover will help you tide the unforeseen financial burden, you must compare the insurance quotes from different insurers. To help you make the comparison, premium portals like MyInsurancebaazar.com can help. However, do note that the most expensive premium does not indicate the best policy and neither does a cheer insurance cover speaks otherwise.   

Tip 2: Coverage

To sign-up with your choicest insurer, you must evaluate your requirements. You should weigh he policies against different parameters like short or long term goals, to make the right purchasing decision. Please note that each policy offers different covers, therefore, opt for the policy that offers maximum coverage.

Tip 3: Sum Assured 

A healthy sum assured along with the availability of popular riders is highly desirable. You should therefore make a comparison of this parameter to sign-up a lucrative deal.

Tip4:  Convenience

The ease of buying is an important factor in purchasing an insurance policy. The online mode of purchase is therefore preferred over the traditional. Why? Online comparison portals like MyInsurancebazaar.com offer the opportunity to compare Insurance Online policies and their premiums, and also  offers convenient payment modes- net banking or debit/credit card payment.

Tip 5: Claim Settlement Record

The efficiency of processing claims settlement by the insurance company is a primary indicator of the company’s dedication towards its customers. According to Insurance Regulatory and Development Authority of India (IRDAI), claims that do not require an investigation, must be settled within 30 days of submission of complete documents. So, it is advised to check the insurer’s history of claims settlement before you sign-up for their policy. 

Tip 6: Company Credentials

The insurer’s financial position enables it to honor a claim. Therefore, you must research the insure’s financial fundamentals, i.e., how sound financially the insurance company is. Fir this you must check the insurer’s income to debt ratio, and liquidity of the company. Doing so would let you about the insurer’s capacity to pay your claims settlements.