Compare Term Insurance Policies in 2024

What is Term Insurance Plan? 

A Term insurance plan is a pure life protection plan that offers financial security for a specific time. In case of your unforeseen demise during the policy tenure, your dear ones will get the benefit from insurance to maintain their lifestyle and secure their objectives. 

Note: Now that you know that what is term insurance you can easily buy a term plan for your loved ones.

Why Do You Need Term Insurance? 

Term insurance possibly is the most cost-effective type of life insurance that you can purchase to ensure your family’s security and protection. Term insurance provides financial protection to you and your family in case of an unfortunate event. It is always suggested to purchase life insurance as soon as you start earning after comparing term insurance plans carefully to cover all your liabilities and have a monetary back-up at the time of a financial crisis. 

Term Insurance Plan Comparison in 2023  

The insurance market has widened extensively, and you have a number of term insurance plan options to select from as per your suitability. A term insurance plan comparison can be made online that results in the right option for you and your family. 

Here are some points to be taken into account when comparing insurance policies at Policybazaar in 2023. Let’s compare term insurance plans in India 2023: 

1. Cover Requirement

   Insurance cover requirement varies from individual to individual and this is the first point to take into account when comparing online term life insurance. The main reason why people go for life insurance is to provide protection to their families when they are no longer around. Therefore, the general family expenditure, marriage of kids, their educational requirements, and existing loan liabilities are some of the things to consider.  Inadequate covers defeat the purpose of term insurance altogether.

2. Tenure of Term Plan

   When going for a term life insurance quote in 2023, do not forget to take into account the tenure of the term plan you are thinking to opt for. This point is as much important as the term plan cover. In an ideal situation, term insurance should give full coverage for the tenure a person intends to work. With changing social structure in the present time with late marriages and the liability of raising children extending beyond the age of 60, you can consider term plan coverage up to the age of 65 and even beyond.

   It will be nothing but foolhardy to consider a term plan for 15-20 years that completes when a person is in their 40s.  Getting it renewed during this age can add to the expenses beyond your means so a term life insurance quote should take into account this aspect during comparison.

3. Flexibility of Plans

   Ideal term plans are flexible so that the policyholders can enjoy the maximum term insurance benefits. When comparing online term life insurance, do not forget to take into account this vital point. Whether the tenure or the benefits everything should consider the individual situation and then provide the ideal solution that works. If an insurance company offers customized plans, then it can work in your favor completely and going for such policies can become highly beneficial in the end.

4. Term Plan with Premium Returns

   Return of premium with your term plan provides amazing benefits and is a desirable feature of any policy, which you should consider when going for term insurance policies in the online medium. This way not only your family gets financial support in your absence but if you can survive the term then you stand to gain back the total amounts you paid in premiums throughout the plan tenure. Return of premium in a policy can help you to make the final decision while making term plan comparison in 2023.

   Note: It is suggested to calculate the term plan premium on the term plan calculator online tool by Policybazaar before buying.

5. Claim Settlement Ratio of the company 

   With the availability of number of term insurance plans in the market, it is very important to spend some time in making a broadened comparison of term insurance and consider claim settlement or paid ratio of insurers. The CSR of an insurance company signifies the company’s credibility and record of settling claims towards term plans. So, the higher the CSR, the better company it is. 

6. Riders offer for a Term Coverage 

   While purchasing a term policy, you are allowed to make your coverage more extensive by adding different types of riders to your base plan. While the premium amount payable increases at the time of adding these riders. Different types of riders are available such as waiver of premium, critical illness, accidental death/disability cover offered with the base term plan. It is always advisable to determine your requirements and invest in the plan that offers the rider benefits that help create a robust financial security net for your family. 

Wrapping It Up!

2024 is the year to secure your future and that of your family so make a worthwhile decision after comparing the pros and cons of various term plans available. Term Insurance plan comparison can be one of the most crucial decisions, you can make. 

Always Compare Term Plan Before Buying it

Note: Check out the best term insurance plan in India and choose one that suits your requirements.