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Life Insurance

If you’re looking at endowment policies, you will have several different options in the market. You will find policies with varying features, benefits and costs. So how do you find a plan that meets all your requirements and at the same time goes easy on your pocket? Here’s a look at how you can find the best endowment policy.

Have a look at the features of endowment policies in the market - To find the most suitable insurance cover, look into the endowment policies of different insurance providers. Have a look at the features and benefits of insurers and select one that covers all your requirements, and at the same time fits your budget. When you’re studying the features, make sure to consider the type of plan, policy term, sum assured, mode of premium payment and maturity age.

What is the insurer’s claim settlement ratio? - Claim settlement ratio is one of the most important factors you need to consider while buying a policy from an insurer. To calculate the claim settlement ratio, you need to total the claims settled by an insurer and divide it by the total claims received. If an insurer gets 100 death claims and settles 95, the claim settlement ratio of that insurer is 95%. Higher the number, more favourable the insurer. Thus, consider availing policies from those companies that have a high claims settlement ratio.

Who should buy an endowment policy? - Endowment policies are suitable for people who are not market savvy and would not like to take on investment risks. Since such policies provide a disciplined route for savings, they are apt for individuals looking for disciplined investment avenues.

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