Buy the Best Term Insurance Plan in India
With the growing number of insurance companies, buying an insurance has become a challenge. We have to choose the right insurance company that offers a comprehensive coverage at best rate. When it comes to choosing an insurance policy, people prefer choosing policy that requires reasonable premium payments. People first look into the price. Though price is an important factor, never compromise on security of your family for the sake of price.
With insurance plans like term insurance, you can get greater coverage on reasonable price. To find out the best term insurance policy check below mentioned points which will guide you well.
Claim Settlement Ratio
First and foremost, thing is to check the claim settlement ratio of the company you choose. You can check this online and it shows the percentage of claims the company paid in the current year. From this ratio you can understand how genuine is the company. When the claim settlement is on higher side you can rely on the company well.
Critical Illness Cover:
On account of any unfortunate event, life insurance policy plans provide financial security to your family. Yet, death of the main earner in the family is not the only time that put the whole family under financial threat. Instead, a critical illness can cost a fortune to cripple the financial condition of the family. So, it is important to check for critical illness coverage option along with the best term insurance plan.
Check Solvency Ratio
The solvency ratio denotes the financial capability of the insurance company you choose. It shows if the company have the financial ability to settle your claim. IRDAI suggests a mandatory minimum solvency ratio of 1.5. The solvency ratio takes its prominence when some natural disaster occurs. During such instances, the company has to settle large volume of claim in short time. The family security of any person depends on the financial ability of the insurance company.
Check for Extra Coverage Options
When you buy term life insurance, you get a basic life cover in all plans. When financial security of your family is your main aim, then make sure to opt the best term life insurance plan with comprehensive benefits such as
• Premium Weaver
• Accidental Death Coverage
• Income Benefit
• Terminal Illness Benefit
• Flexibility to Upsurge Sum Assured
After evaluating the best term insurance based on the above-mentioned parameters, look for the cost and compare with the best insurance company to choose the best term insurance plan.
