Are you planning to buy or compare term insurance plans? As you begin your quest for the best term insurance, you will find a variety of plans, features, prices, terms, and conditions coming your way. The question that comes to the fore is, “Which term insurance plan should you buy?”
If you are new to the world of insurance, then you may find yourself confused with the critical points and facts. Here’s a quick list of points to remember as you go about the task of buying or comparing term insurance.
Life Stage Protection
1. The type of term insurance
If it is an old-fashioned, simple, and no-frills insurance that you are looking for, then you may want to opt for a plan that needs a single premium payment. It ould be a plain term insurance plan that would offer the assured sum in the event of your death to your family.
Do remember to opt for a sum assured that is 15-20 times your existing annual income to cut out the impact of inflation. It is advisable to compare term insurance plans on offer by different insurance providers before taking your pick.
2. Accident cover is a welcome addition
If you are okay stretching your life stage protection budget a bit further, it would pay to select term insurance with optimum Accidental Death Benefit. By paying for accident cover, you will be able to protect yourself from a wide range of uncertainties and eventualities such as road accidents. You will be in a position to add on a large benefit at a low cost.
So, when you look around for the right term insurance plan for yourself, shortlist those plans that offer stretched-out benefits along with a lumpsum payment.
3. Compare critical insurance plans
Does your family have any history of one or more critical illnesses that you would like to be insured against? Most health insurance plans would compensate you merely for hospitalization costs as per actuals.
It is recommended that you compare term insurance policies that also secure you against critical illnesses that bring on huge expenses after being diagnosed. Once you are satisfied with the cover amount for critical illnesses, look for the premium amount that suits your current and future income before applying for the same.
4. Family income after death?
There are smartly-designed term insurance plans that also allow your family to earn income after your demise. If you want your loved ones to get regular monthly income along with part of sum assured in the event of your absence, then compare term insurance plans accordingly.
With the right insurance features in place, your family will be able to maintain the lifestyle that you have strived to deliver through your life. Just ensure that the income so provided is tax-free.
Premium and Benefits by Various Providers
Ease of buying term insurance is definitely the clincher. Insurance comparison sites like Coverfox.com help you keep in step with the times. They allow you to access the premiums and benefits provided by different insurance companies to get full worth for your money. How would you like to check out these top term insurance plans in India?
1. ICICI Prudential iProtect Smart
ICICI Pru iProtect Smart provides health coverage for 34 critical illnesses. The plan has an option for providing accidental death cover that goes up to `2Cr+. The claim for the term insurance is payable on the first diagnosis itself – that too without providing hospital bills.
2. HDFC Life Click 2 Protect 3D Plus
This popular online term insurance policy offers comprehensive security for a reasonably low premium amount. It claims to cover the 3 uncertainties of life- namely death, disability, and disease.
3. Max Life Online Term Plan Plus
This term insurance offers a lump sum payout for taking care of life milestones like your child’s higher education or marriage, or for covering liabilities such as car loan, home loan, etc. It provides monthly payouts for 10 years in addition to a one-time payout.
Aegon Life iterm Plan, PNB MetLife Mera Term plan, Birla Sun Life Protect @Ease Income Lump Sum, and Canara HSBC OBC iSelect Lumpsum are other term insurance plans that are attracting the interest of many – do check them out as well.
Last Word
These days, buying term insurance online is as easy as comparing and buying flight tickets online. Just as you would filter your search on the basis of timings, fare, carrier, and other pointers while purchasing a plane ticket, you need to keep the critical points of comparison in mind before buying insurance online.
Coverfox.com and related sites help you understand the various nuances and features of good term insurance plans in India. Do log in to compare term insurance and buy the one that suits your immediate and future requirements to the hilt.
