Prices Increasing Soon
With the growing awareness, term insurance has gained huge popularity today. Advertisements by insurance companies and dropped premium rates have invited numerous people. And, the facility of purchasing policies online is just another feature that attracts the customers by helping them to compare the best term policies. Term insurance is considered the best and most suitable plan by the financial planners because it provides higher cover at lower premiums.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
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The amount paid for purchasing a ULIP or money-back policy with same coverage is known as the premium. No-investment element and the lower premium are the factors behind the vast demand for term policy.
Here are the points to ponder when planning to purchase term insurance policy-
Adequacy of The Cover Amount
Life insurance cover is the amount provided by the insurance company to the dependents of the policyholder in case of his demise in order to replace his earnings. Hence, the chief priority is the analysis of cover amount that would be enough for the primary expenses, basic expenditure and other accountability of dependents. Select the best term life insurance in India with a cover that helps the nominee lead a relaxed life.
What’s The Policy Tenure?
Term plan tenure is another thing that requires attention. Getting coverage till retirement is one of the best things a policy can offer.
The new trend of late marriages and having children at a higher age has changed our lives where we generally don’t retire from our responsibilities at an age of 60 years.
The best term policy would provide you the flexibility in selecting the policy tenure as per the circumstances. There are fixed tenure policies with cover for 15, 20, 25 or 30 years. Some plans might not offer you any cover after 60 years. It is always better to opt for policies which can be customized according to your need.
Comparison of Plans
It is always better to compare the plans by various insurers and analyze the features along with premium charges. This process can help you purchase the most affordable policy. In addition to the plan, keep a check on the claim allowance when deciding on the insurer.
The Unforgettable Inflation Factor
Inflation is something which has acquired an important place in our life. When searching for the best term policy, do analyze the cover according to the inflation factor. The cover might look sufficient today, but not at the end of the plan.
Many companies have come up with a solution of increasing your cover every year by a percentage of about 5-10% but such plans have higher premiums as well.
Online Term Plan Benefits
Now-a-days, all insurers have come up with online term plan option that generally benefits you in two ways- Firstly, you can perform the compare and contrast process and analyze each plan minutely . Secondly, there are no extra broker charges as the process does not require any dealer in between, making it a cost-effective means.
In addition to the above points, one must also have knowledge about the insurer’s claim settlement period for selection of the best term policy.
All these steps can help you select the plan that best matches your requirements and plans for your dependents.
Note: Know what is term plan first and then buy a term plan for your loved ones.
Note: It is suggested to calculate the term plan premium on the term policy calculator online tool by Policybazaar before buying.
Note: You should also check the term life insurance benefits if you are planning to purchase the term insurance plan.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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