A Term insurance plan is a life insurance of the simplest form. Term insurance provide policyholders with monetary coverage in lieu of premiums paid or a specific time period.
Claim settlement ratio = (Total claims calculated)/(Total reported claims outstanding claims at the starting of the years outstanding claims at the end of the year)
The claim settlement ratio of term insurance companies indicates their veracity and honesty. A company that possesses a higher ratio is considered more reliable as compared to others. With this type of company, your chances of getting a claim settlement will also rise.
The insurance sector in India has numerous insurance companies offering term insurance plans at the most affordable and cost-effective premium rate.
1. Max Life Insurance
2. Aegon Life Insurance
7. TATA AIA
4. Exide Life Insurance
5. Kotak Life Insurance
6. Reliance Life Insurance
The CSR for 2020-2021
If you want to know which term insurance is best in India you must consider the below mentioned factors :
1. CLAIM SETTLEMENT RATIO
2. AVAILABILITY OF ADD-ON COVER/RIDERS
4. CUSTOMER SUPPORT SERVICE OF THE INSURER
3. INSURER'S SOLVENCY RATIO
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