Life Insurance Companies
Life insurance companies are businesses that sell policies to people. When someone buys a life insurance policy, they agree to pay a certain amount of money (called a premium) to the insurance company. In return, the insurance company agrees to pay a specific amount of money (called a death benefit) to the policyholder's beneficiary when they pass away.
Highlights of Life Insurance Companies
Select an Life Insurance Company of Your Choice to See the Best Policies
Select an Life Insurance Company of Your Choice to See the Best Policies
How To Find the Best Term Insurance Company in India
A Term insurance plan supports the family members of the insured financially in the event of sudden death of the person. Thus, it is very important to choose the most suitable term insurance plan while considering to opt for one. The best term life insurance company in India will not just allow comprehensive cover under the plan, but will also cost you a low premium rate.
A thorough research on the insurance provider is a must before you choose to buy a term insurance policy. Also, it is equally important to identify your precise insurance requirements while considering a plan of term insurance.
If you want to know which term insurance is best in India you must consider the below mentioned factors before buying or selecting a particular term insurance company:
Claim settlement ratio of Term Insurance Companies is the most important factor to consider while choosing the best term insurance company. When we talk about an insurance company's claim settlement ratio it means the total number of claims settled by the insurer during a budget year as against the total claims received by the insurer during that year. This ratio helps in deciding the efficiency of the insurer as well as its trustworthiness. An insurance company with a high claim settlement ratio portrays the commitment and loyalty of the company towards the policyholders. The Insurance Regulatory and Development Authority (IRDA) observes and keeps a note of the claim settlement ratio of insurance companies in India.
Another factor to consider while choosing the best term insurance company in India is to check the availability of riders offered by the insurance companies. The add-on covers or riders are added benefits that are presented by term insurance companies. These riders are offered at the time of buying a term insurance plan to upgrade the cover received under the term policy by paying an extra amount.
Thus, while buying a top term life insurance policy it is important for the insured to look for the insurers who offer the option of adding riders to the policy. The common riders that most term insurance companies offer include
- Critical Illness Rider
- Accidental Death Benefit Rider
- Accidental Total or Permanent Disability Rider, and
- Waiver of Premium Rider
- Insurer's Solvency Ratio
Another factor to consider while opting for the top term life insurance companies is the solvency ratio of an insurance provider. By solvency ratio it means the insurer's financial status. It is likely that insurance companies should have greater assets as compared to liabilities. Thus, the policyholder can be sure that the insurer has enough funds to settle any urgent claims if required.
Sahi Advice,
Sahi Insurance
If you have any questions on how to choose the best insurance plan, you can connect with our IRDAI certified insurance advisors.
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In India, there are approximately 24 life insurance companies registered under the Indian regulatory body, IRDAI (Insurance Regulatory and Development Authority of India), offering various life insurance policies to individuals
