December 22, 2011 1:31 pm
How is Birla SunLife Insurance, in terms of claim settlement, service? Protection Plus? They have excellent riders (cheper than Kotak) & some other features. Premium is also at par with others.
When selecting an insurance cover, the buying decision should not be governed by cost alone. Test of a policy is the smooth culmination of the claim, which in a life policy is something that the beneficiary/nominee goes through.
Read the claims process carefully and make sure that you keep the policy details updated and easily accessible with your family members. It will not be a bad idea to visit the insurer’s office and speak to someone handling claims to gauge how they handle claims. You can also clarify the doubts regarding claims that you may have with this officer to figure how good or bad they are with claims. Lastly; share the contact details of the agent who services your policy as well with your family so that they can get in touch with him/her at the time of a claim.
Dear Tukar, it’s your own comfort level with the insurer. be it Birla or Kotak or any other. The things may go wrong horribly for your own case no matter how good a claim ratio is there of a co.
My take instead of focusing on claim settlement ratio, focus more on the point – how to file a successful claim with a life ins. co. for a term plan?
You should educate at least 1 member apart from your immediate family to file the claim. There is every possibility that you & your immediate family members are injured in a common accident where you are dead & other family members are also dead or not in position to file claim.
No ins. co. is sitting here to charity. In case of a claim for a term cover, co. ‘ll try every trick to deny the claim. No matter it’s LIC or Birla or Kotak or IPru or any other one.
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