Best Term Insurance Policy in India
How to choose a term Insurance
It is very important for customers to make a decisions based on their need. Also the background of the insurer should be taken into consideration. Like their claim settlement ratio. The age, health, income of the customer is needed by the insurer to decide the amount of premium. Term insurance give more ‘value’ for money. In this type of insurance a fixed sum of assured amount is paid to the nominee in case of death of a policyholder. In case the policy holder survive the policy holder does not get anything. Insurance must be taken from a good company. Claim settlement ratio is very important it is good to know about the number of claims settled by an insurance provider. No saving are provided under term plans. They only provide life cover. Premiums are also cheaper under term insurance. Term insurance give maximum life cover at lowest rates.
Best Online Term Insurance
Since most of the insurance providers are now providing insurance online it would be best if online term insurance are looked upon.
I Protect Online Term Insurance Plan by ICICI Prudential
ICICI is also a great insurance provider. They have a claim settlement ration of 94.10% according to their latest claim settlement data. The premium amounts are reasonable and competitive. Accidental Death Benefits are also provided by this term insurance plan. The maximum assured sum for accidental death benefits is Rs. 50 Lac.
Click to Protect Online Term Insurance Plan by HDFC Life
The premium under click to protect is lower than ICICI’s I Protect Online. Like ICICI, HDFC’s the claim settlement ratio according to latest report is 94%. Under this term insurance maximum assured sum is Rs. 10 crore.
E Term Plan Online Term Insurance by LIC
The premium of E term Plan is lower than its offline term insurance plans. However it is costly than many other private players already operating in the E-Insurance space. LIC is the best insurance provider in India with a settlement ratio of 98.14%. The minimum sum assured under this scheme is Rs. 50 Lakh.
Online Term Plan by Max Life Insurance
The premium under this insurance policy is less. Max Life has a good settlement ratio of 93.86%. The policy also provide accidental death benefits to the rider. The policy has two options Life cover plus Monthly Income or Life cover plus increasing monthly income.
E-Shield online Term Plan by SBI Life Insurance
Premium under this term insurance is higher than other private insurance providers. However the premiums are low when compared with LIC’s e-term insurance plans. This term insurance also provide Accidental Death Benefits and increasing cover every 5 year at 10%. I-Term Plan by Aegon Religare Aegon Religare has pioneered online term insurance. However their claim settlement ratio is low. It is at 81%. They offer very cheap online insurance plans. In this plan other benefits like Accidental Death Benefits and Critical Illness is provided. Upon detection of critical illness future premiums are waived off
Conclusion
In the end we can say that if you want a term insurance plan then keep the above mentioned points in consideration. You should look at the claim settlement ratio of the Life Insurance Company under IRDA claim and death settlement ratio. It is important that the affordability of the premiums is also considered. Also it is very easy to buy term insurance online which is favourable for many customers. Recommended Articles
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