Compare Term Insurance

Term insurance is the most affordable type of life insurance product that provides financial security to your loved ones for unforeseen events in your life. They provide high life coverage at low premium rates with comprehensive add-ons based on your lifestyle. In order to choose the best term insurance plan for yourself and your family members, it is important to do a term insurance comparison. Thus, it is always important to buy the right term insurance plan to avoid any financial problems for your dependents. 

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While comparing term insurance plans, you as a policy buyer find a number of options that might affect your purchasing decision. So, a wise comparison of term plans is needed to select the best term insurance plan for you and your loved ones.

Why Do You Need Term Insurance Plan?

As discussed above, term insurance is the most economical type of life insurance plan that ensures the protection of your family members. In case of unforeseen demise of the policyholder, a term plan offers financial protection and security to your family. It is always recommended to buy term plan at an early age after comparing plans carefully to cover all your liabilities. Also, it provides a financial backup during any unfortunate event.

What Factors to Consider While Comparing Term Insurance?

There are a few certain factors to keep in mind when planning to compare term insurance online. Some of them are:

  1. Premium Payment Options:

    Term insurance plans, along with low premium rates also offer premium payment flexibility through different options. You can select from 3 available premium payment options which are

    • Limited Pay: pay a premium for a fixed time period

    • Single Pay: only a one-time lump sum payment is allowed

    • Regular Pay: pay throughout the policy term

    Additionally, you can also select the frequency of premium payment i.e., annually, quarterly, or yearly as per your convenience and financial condition. So, to choose the right option of premium payment, you should do a complete term plan comparison and go through all the available options.

  2. Sum Assured

    It is vital to ensure that the sum assured is enough to cover your beneficiary’s expenses. As the whole point of term insurance is to make sure your loved ones can lead a better life, it becomes important to choose the insurance coverage that will be sufficient for them. Before deciding on a sum assured amount, it is crucial to assess the current financial liabilities, assets, and dependents. As per financial experts, a life cover of at least 10 to 20 times your annual income is recommended.

  3. Premium Amount

    It is important to assess your family’s requirements and financial condition while comparing term plans. The premium amount payable under a term plan varies on the basis of the coverage amount selected. Simply put, the more the chosen coverage, the more will be the premium amount payable.

    It is also advisable to use a term insurance premium calculator for an easy calculation of the premium amount required to pay for the right coverage. It can help you make an informed decision as to which plan you want to opt for.

  4. Riders For a Comprehensive Coverage

    When buying a term plan, you can increase your coverage by adding add-ons( riders) to your base term life insurance plan. They are available at additional prices. When comparing term insurance plans, you should consider different types of rider benefits, like premium waiver, and accidental disability/death. It is suggested to first assess your needs and then buy a term plan that involves the add-ons you want to add to create a financial protection net for your family.

  5. Duration of Policy Coverage

    Today you might be in a good health or in a financially stable condition, but you cannot predict the future. Term insurance plans help you choose the right term plan for your family members. And, when comparing plan benefits, you can select a policy term that involves both your working years and after-retirement years. Thus, enabling you to have long-tenure financial security even if you don’t have any regular income source after retirement.

  6. CSR (Claim Settlement Ratio)

    With a number of life insurance companies offering term insurance plans, it is important that you thoroughly compare term insurance plans and consider the company’s claim settlement ratio. CSR tells the past records and trustworthiness of the company related to term insurance claims. The more CSR, the more reliable the insurance company is.

  7. Free Look Period

    Free Look Period is the amount of time provided to a policyholder to review and assess the Terms and conditions of the policy document. You have the option to terminate the plan during the free look time if you’re not satisfied with the exclusions and inclusions which were informed at the time of buying. The free look period changes with the mode of insurance purchase. For insurance plans bought offline the free look period is usually 15 days, whereas for online purchases it is 30 days. It can change depending on the insurer offering the plan.

Online vs Offline Term Insurance Comparision:

Term insurance plans are much more affordable online than offline. You can compare term plans online from the comfort of your home in just a few clicks. Let’s explore some of the benefits of purchasing term plans online:

  • Budget-friendly

  • Less paperwork

  • No waiting in long queues

  • 24/7 customer service

  • Lower premiums since no agent commission

  • Ease in comparison

How can you Compare Term Insurance Plans Online from Policybazaar?

You can compare Term Insurance Plans online in just a few clicks. You can follow these simple steps and easily compare your preferred plans side by side.

  • Fill the Policybazaar form

  • Select your occupation, income details, education, and smoking habits to view the list of term plans.

  • Click on the compare plans option present in the top-left corner.

  • Select the plans from different insurers that you want to compare.

  • You can compare a maximum of 3 plans ( on desktop) and compare 2 plans ( on mobile) at the same time, all in a few seconds.

  • After finalizing the Term Insurance Plan you want to buy. you can proceed to pay.

On Final Thought

A term plan comparison is important to find the one right plan that suits you and your family’s financial requirements. For more increased coverage, one can also use the term plan comparison process to buy for suitable riders such as critical illness rider, premium waiver, or accidental death benefit. Now compare plans online using the term insurance calculator in a few clicks and get the right plan for you.

FAQ's

  • Why should I choose Term Insurance?

    Ans: Term Insurance provides financial security to your family in case of an unfortunate event. This plan offers high coverage at low premiums. It also allows you to enhance your cover against critical illness or waiver of premium which is not offered in regular life insurance.
  • Can I have 2 Term Insurance plans at the same time?

    Ans: Yes, you can have as many Term Insurance plans as per your insurance needs. You also have the option of adding multiple nominees to each policy.
  • What are the benefits of Term Insurance?

    Ans: The benefits of Term Insurance are:
    • Large cover on low premium
    • Option of adding Riders
    • Tax benefits under 80C and 10(10D)
  • Can I increase my Term Insurance period?

    Ans: Yes, you can increase your Term Insurance period. Many Term Plans offer life coverage until the policyholder is 90-95 years of age.

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