While buying term insurance, people always get confused and overlook the minute details of the plan that they are purchasing. Please note that you don't have to rush into anything. However, one of the significant factors you must consider is comparing the several plans from different insurers to land on a perfect policy.
Firstly, it's important that you understand which term plan best fits your family's financial needs. Since it aims to make sure your family's financial future is secure when you're not around choosing enough life cover with additional benefits is important to help your family maintain their living standards.
In case you're not aware of how to compare term insurance plans, we're here to provide a guide to help you select the best term insurance plan that is a better fit for you.
The Indian insurance market has grown extensively in the last few decades and is filled with numerous term plans. However, with the growing number of available options, it becomes daunting to select the perfect one for you.
Whenever we buy something, we all love to compare stuff. So, it's also important we perform term life insurance comparisons to get ourselves the best deal. In the end, the main objective of buying term insurance is to secure our families and their financial future.
Do you want to take the first steps to buy term insurance? In that case, you must do a term insurance plan comparison. However, most people are unaware of the factors to consider while comparing therefore we've listed the important aspects that help you compare term plans and lock yourself in a great deal.
Buying a term plan is a long-term commitment, so you must check the Claim Settlement Ratio (CSR) of the companies, which is essential to verify their reliability. In simple terms, CSR is the number of claims approved against the total number of claims received in a financial year. A good CSR should be more than 95%.
The second most crucial factor to consider while comparing term insurance is the premiums payable under term insurance. The perfect plan must be pocket-friendly and best fit your requirements. But a cheaper term plan is not always good.
However, the premium payable during the policy term is based on the life cover chosen. In simple terms, the higher the life cover selected, the more expensive the premium will be. So make sure you compare the premiums of several plans from different insurers to get the best deal.
Each plan comes with additional benefits and may help policy buyers with term policy comparisons. With a better understanding of benefits, you can make sure which plan features best fit your convenience. Some additional benefits include special exit value, return of premiums, waiver of premiums, in-built covers, premium holiday, joint life option, Etc.
With an optional in-built cover option, you can enhance your life cover for specific situations by adding different riders to your basic term plan. It may slightly increase your premiums, but it's beneficial in the long term. So, ensure that you do a term plan premium comparison by adding riders.
Last but not least, the idea of flexibility in term insurance sounds good. Here are some flexibility options provided by the insurance provider in the plan. Please note that it may vary from insurer to insurer.
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PolicyX is among India's top 10 IRDAI-approved insurance aggregators, known for its round-the-clock customer service with future claim assistance. Indeed, comparing term insurance isn't as easy as it seems.
However, with a free comparison service at PolicyX, you can get instant help from a professional representative to compare term insurance and choose the best plan. Our team of insurance experts is always pleased to solve policy buyers' queries and simplify the policy-buying process for them.
The Indian Insurance market is filled with numerous term plans, so selecting the best one is quite challenging. Therefore, we've created a small guide for you to understand the factors important to consider while comparing term plans and getting yourself the best deal. You can even reach out to our customer care team for further assistance.
Sahil is a passionate content writer with over two years of expertise in the insurance domain. He uses his knowledge in the field to create engaging content that the customer can relate to and understand. His passion lies in simplifying insurance terminology, ensuring a hassle-free understanding for potential policyholders. With his outstanding collaborative efforts with people, he understands different perspectives and keeps readers' viewpoints at the forefront of his content writing approach.