Want to buy insurance in India? The first thing you have to consider is choosing a reliable insurer in the country. Whether you need to purchase a term plan or invest in a retirement plan in India, opting for a reputed insurer is crucial to getting quality services and meeting your needs. For that, you need to tick off certain factors that make an insurer trusted. Here's a look at these important factors or signs.

High Claim Settlement Ratio

A claim settlement ratio is the percentage of claims out of the total claims that an insurance provider settles. It is the most important sign of their credibility. A higher ratio means a more trustworthy insurer since it implies that your claims have lower chances to be neglected.

So, make sure to check the claim settlement ratio of the chosen provider. A top insurer in India offers as high as a 98.4% claim settlement ratio and considers their clients' claims as their main priority.

Hassle-Free Claim Process

Another factor of a good insurer is that the claim process is simple and quick. Nowadays, a part or whole of this process can be carried out online. So, check out that feature.

An easy claim procedure even allows people with basic education to claim without requiring others' assistance. This is helpful in emergencies like those of term insurance since the time of the demise of the insured person is usually unpredictable and requires the beneficiary to make a death benefit claim without much delay.

A Variety of Insurance and Savings Plans

This is yet another factor that a renowned insurer must meet. The provider must offer all the major insurance and investment plans that a person usually needs to meet different life goals. Examples are:

• Pension Plan: A retirement plan in India can help you save for your post-retirement life by investing money during your employment years in the plan.
• Child Plan: It is important to finance the higher education of your children and help them achieve the career milestones that they dream of. The plan can also take care of their financial needs after your death and financially secure their future until they start earning.
• Term Insurance: It provides a high cover at an affordable premium rate. If the insured person dies during the policy term, the beneficiary gets the death benefit. If you choose a suitable plan, you can also avail optional covers for accidental death and critical illnesses.
• Unit-Linked Insurance Plan: It allows you to invest for long-term financial goals and avail life insurance to financially support your loved ones after your death.

Check whether the insurer offers these plans at reasonable premiums but is known for providing good returns in the long term.

Last but not least, see if the insurance provider has earned any awards for being a trusted insurer in India. Also, remember to look for reviews of happy clients on their website. All these signs can speak of the reputation that the provider has built in the industry over the years.