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term insurance plan
  • Checklist To Shortlist The Most Suitable Term Insurance Plan For Oneself

  • Published By:
  • Category: Insurance
  • Published Date: June 26, 2021
  • Modified Date: June 26, 2021
  • Reading Time: 4 Minutes

Featured Image Caption: Term Insurance Plan

If we look at the 30+ age group of people in India, we find a majority of them are making a lot of money through their jobs. Many of them show interest in buying a house in a city, having cars or other types of vehicles, taking foreign trips, and shopping only from the top international brands. We see these people as successful ones who are living the best time of their lives. What we do not see is the other side of their life where they are over-stressed to meet all these needs and to provide a lavish life to their families. It is the stress that keeps lessening their life and that is why we quite often get to hear these days that even 30+ people are getting cardiac arrest.

In case we are living a fast-paced life filled with adventures and stress, we need to also invest in life insurance. To take care of the lifestyle and other needs of our family, we can also buy a term insurance plan that can take care of their financial needs, in case the stressful life actually engulfs us.

The only confusion that many people come across while choosing among the several options of insurance plans is finding the right term insurance plan for their needs. It can actually be perplexing since there are so many companies offering term insurance policies. So, let us first check out the various characteristics and features of the term plans in India, and based on that we can make our choice.

  • Claim settlement ratio: Claim settlement ratio explains the percentage of the claim that is honored by the insurer. This helps in making an insurer preferable a high claim settlement ratio.
  • Maximum age of coverage: A policy term should cover you for the period when you are earning or ideally whole life. It should at least be long enough that the loans taken are paid off during that period so that the family does not have to worry about paying off the loan from the insurance money that they will receive.
  • Online purchase option: You can check if the insurer offers an online term plan. They should also allow you to renew a term policy or buy a new one online. This will help you save time and learn about the term plan from the comfort of your home.

Buying the plan should be need-based, not peer-based

Whether you are in a get-together with your friends or at the office with your colleagues; the moment you mention about term plan, your friends or colleagues will start telling you their chunk of stories and the kind of term plans that they prefer. Some will even try to convince you to take the one that they have already taken while others may deter you from the idea of taking a term insurance plan altogether. Maybe their intention is just to help you in making the best decision regarding the term insurance plan but what is good for them may not be good for you. In such a situation, you can hear them out and note points that sound valid. You need to make sure that you are not buying a term plan under peer pressure. After all, you know the needs of your family and accordingly have to choose a plan that can benefit them when you cannot be with them physically.

One of the best ways to compare the term plans from various companies is by starting your search online. You can even visit the website of IIFL Insurance and come across the various companies that are selling term insurance plans. You can relax, take your time, and find the term insurance plan that is ideal for you and your family.

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