7 min read
Updated on Jul 13, 2022
Getting a good term insurance plan is not difficult at all. This is because there are some excellent life insurance companies in India and they all offer good online term insurance plans. However, the insurance requirements are person-specific. This is why every single plan that is available may not be suitable for you. So how do you find the best cover for yourself? The answer is simple – term insurance comparison and you will find the best policy. But before you compare policy, you need to narrow down the search so that you find the most effective results. Here are some handy tips for you:
First and foremost, you need to have a suitable coverage amount in your term plan. To arrive at this figure, you need to see what your financial duties and liabilities are. If you die, the proceeds from the term plan will work as your income replacement and help your family, so you need to calculate this amount carefully. Take into account costs such as your kid’s education expenses, housing expenses, loans, medical costs, etc. Once you calculate these factors, you will know how much coverage you need. Then, compare term insurance plans and find a good life cover.
Riders allow you to understand the value of life insurance before customising your term plan. As a result, you need to add some riders to your base term plan. Compare between the riders to find the most appropriate add-on covers. Once that is done, get them attached to your policy and keep your family protected in a comprehensive manner.
Term plans with Return of Premium are available in various types. These include the decreasing term plan, increasing term plans, level term plans and the TROPs. Understand the scope of coverage offered by each of these term plan types. Then, evaluate them against your own needs after evaluating the features of term plan and see which cover is best suited for you. Compare between the specific type and get the best policy.
It is absolutely vital for you to make a budget before you compare term insurance plans and make a purchase. This is because you need to search for the cover within your price range and ensure the premium rate is affordable.
It is always an excellent idea to compare insurance policy and then make a purchase. Comparing allows you to spot the best plans. Also, when you see all the options, you can evaluate the covers and make an informed, as well as, unbiased choice. Then, when you compare and buy an online term insurance policy, you save money too. This is because the online term plans are a lot cheaper than their offline counterparts.
Once you follow the tips mentioned above, finding the most suitable online term insurance policy will become easy for you. Get the plan and keep the financial wellness of your loved ones protected at all times. Don’t forget to compare, as that is the key to success.
Given below is a list of one of the Best Term Insurance Companies in India and their term insurance claim settlement ratio in 2020-21
|Name of Company and Plan||Entry Age||Claim Settlement Ratio||Highlighting Features|
|SBI Life eSheild Plan||18 years to 65 years||89.74%||
|LIC Tech Term Plan||18 years to 65 years||93.45%||
|Bharti AXA Life eProtect||18 years to 75 years||97.35%||
|ICICI Pru iProtect Smart Term Plan||25 years to 74 years||97.84%||
|HDFC Life Click2Protect 3D Plus Plan||18 years to 65 years||99.07%||
|Aditya Birla Sun Life Insurance DigiShield Plan||18 years to 65 years||97.54%||
Buying Term Insurance on PayBim is super easy and quick. Follow the steps given below;
Step 1: Visit the Company Website and go to Term Insurance or click here
Step 2: Enter your details here and click Next
Step 3: Fill in the Annual Income, Education and Occupation. Then Click on Next
Step 4: You will now be asked to enter some personal and contact details. After you enter the fields, you can click on Get Quotes
Step 5: Once you click Get Quotes, you will be shown the best-suited plans, which you can explore and compare
Step 6: You can then choose a plan with the best suited features
Step 7: You will then be redirected to the company page, where once you fill in the formalities and pay for the plan, you will receive the policy in your email
The benefits of term insurance policy are many, let us take a look:
There are many benefits of term insurance plans but these are the most important ones.
When you want a term insurance policy, you would primarily want the one that covers your family in the best way possible. In the market today, there is a plethora of such plans and products available, however, it can quite overwhelming to make a decision. This is where PayBima can come to your rescue.
You can set the parameters and get a variety of plans that suit your insurance needs. Out of the selected plans, you can further analyse the features and courage each one offers and the premium that you would have to pay. This makes it easy for you to have a clearer picture and make a well-informed decision.
You need to understand the disadvantages of term insurance plans before opting for one.
Given the above disadvantages of term insurance plans, you need to first understand your requirement and then opt for one only if you have financial dependence.
One of the key factors that we keep in mind when choosing a term insurance plan is the Claim Settlement Ratio. The CSR is a representation of the life insurance claims that are settled by an insurance company, in comparison to the total number of claims raised in a particular year. A percentage over 98% is considered to be a good score. In the year 2019-20, TATA AIA Life Insurance recorded a term insurance claim settlement ratio of 99.06%.
Most term insurance plans have a minimum entry age of 18 years and a maximum of 65 years.
Routine Medical Tests are generally done by insurance companies. Though in many cases, if you are young and enjoy good general health, the company may not ask you to get the check-up done, it is best suggested that you find out about the test from your insurance company.
Though it is convenient to buy a term plan online, you need to ensure that you buy the plan only from a reliable and trusted website. PayBima ensures that your transactions are 100% safe and secure.
The income that one should have in order to purchase term insurance is a flexible eligibility criterion. It depends on the plan that you are opting for and the terms and conditions of the company that you are buying the plan from.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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