Term insurance helps you to secure the future of your family. It is very important to take the term insurance plan especially when you are the sole earning member of the family. The insurance company takes care of your family in your absence and ensures to provide financial support in days of hardships.
Term insurance plan is one of major investment everyone makes for themselves and their family. You should be wise enough to make this investment and also consider various factors before investing. You can any way seek the term insurance advise from the customer care or intermediaries.
Generally, people get scared after listening about term insurance plans. They take time in understanding that term insurance plan is a safe investment for protecting the future of their family. One should make this investment as early as possible. As in the later stage the amount of premium increases and also you get lesser coverage. While on the other hand, if you make the investment in term insurance plan at an early age then you get greater coverage for affordable premiums. So, it is wise to invest in term plan as early as possible to safeguard the future of your family.Best advise for buying a term insurance plan:• Look for benefits, not for cheap premiums:
People generally look for cheap premiums before buying a term insurance plan. But, one should look for a lot of benefits for affordable premiums. One must thoroughly check the benefits of various plans before selecting the best term insurance plan.
• Give importance to claim settlement ratio:
Claim settlement ratio tells you about how many claims were settled by an insurance company against the claims raised by the people. Before buying any term insurance plan from any company, you should give preference to the claim settlement ratio of that particular company. It will give you an idea that whether your claim will be settled in the future or not. IRDA releases report every year on claim settlement ratio. Currently, IRDA has highest claim settlement ratio i.e. 98.31%.
• Choose the mode of premium payment wisely:
You should choose the premium payment mode smartly and as per your convenience. Sometimes people prefer paying the premium in single mode but it is not a good idea. Why pay the premium in single mode when you have an option to pay in installments! You should keep this advise in mind while investing in any term insurance plan.
• Use term insurance premium calculator:
These days a lot of tools are available online for comparing various term insurance plans of different companies. These tools help you to select the best term insurance plan as per your need or requirement. The term insurance premium calculator is a commonly used tool available online. The calculator is used to calculate the amount of the premium for the chosen sum assured. This tool will suggest you some of the best term insurance plans. You can select the best one as per your requirement after considering various important factors.
• Take riders only if you need:
Riders are the additional benefits attached to the term insurance policy. There are two types of riders, add-on riders and in-built riders. In-built riders are those which are already attached to the term insurance policy for which you do not have to pay any additional premium. While on the other hand, add-on riders are those for which you are required to pay an additional premium. You should choose riders only if you need them. Choosing riders just because they are available is not a good idea.• Buy term insurance plan at an early age:
You should buy term insurance plan as early as possible. Buying at an early age cost you less than buying at a later age. So one should buy as early as possible. If you buy at an early age then you have to pay affordable premiums for getting a greater coverage. While on the other, at a later age you get lesser coverage for higher premiums.
• Check online presence of insurance company:
Before buying insurance from any company you should check their online presence. The online presence gives you an idea about the reputation, goodwill and bankruptcy status of the insurance company. The online presence gives you a clear vision of various insurance companies available in the Indian market.
Benefit of following the term insurance advise:Best term insurance plan:
All of the above-mentioned tips will help you to select the best term insurance plan. Term insurance plan is a major investment so you should make this investment wisely by remembering all the important tips. The premium calculator will suggest you some of the best term insurance plans as per your requirement. Make sure that you select the best one as per your affordability.Conclusion:
Term insurance plan is a type of life insurance. Term insurance plan helps you and your family. The insurer provides financial assistance to the family or nominees of policyholder when the insured dies before the tenure of the policy. If you are the sole breadwinner of your family then you must buy a term insurance plan as early as possible. Buying insurance plan at an early has a lot of benefits. Term insurance advise will help to select the best term insurance plan as per your affordability and requirement.
It is a major investment which should be done carefully and one should keep all the important mentioned-above tips in mind while investing. Make sure that you do a lot of research work before investing. A lot of tools are available online which can be used to compare various plans from different insurance companies available in the Indian market. The term insurance premium calculator is a major tool used to calculate the amount of premium to be paid for the chosen sum assured for various insurance companies.
For checking term insurance advise that will help you to play the best bet, scroll up the page.