Are you looking for the best term insurance plans? One of the defining attributes that classify any plan as the best one is the combination of a high coverage amount and a lower premium that you can comfortably pay. However, this is easier said than done, since there are multiple options available, making the choice a confusing one. Here is a guide that will help you land the best term plan without any hassles.
Choosing the Best Term Insurance Policy- Key Tips
Here are some pointers worth noting while choosing the best term insurance policies for your needs.
- Always zero in on your desired coverage amount first. This should account for future inflation, household costs, children’s, and debt repayments.
- Look for insurance companies willing to offer you this coverage amount and flexibility in terms of choosing the policy tenure. Select a tenure as per your objectives, i.e. till retirement or up to a maximum of 99 years, depending on the policy terms.
- The next step is looking at the premiums offered by multiple insurers for the coverage that you desire. Select the best possible plan that comes with a comfortable and affordable premium amount.
- Make sure you choose a plan with a trustworthy and reputed insurer with a claim settlement ratio above 95%, ensuring a smooth claims process.
- Also ensure that the plan features and terms are understandable while examining the fees and charges carefully. You should be able to choose premium payment flexibility, tenure, and other plan aspects flexibly.
- Examine the available riders and add-ons that you can choose to expand your coverage, i.e. critical illness, accidental disability, and others, for a nominal premium amount.
Now, there are multiple insurance policies available as mentioned, and you should follow the above-mentioned list to filter out and choose the best options as per your specific requirements.
Choose the Best Term Insurance Plan Today
When it comes to selecting the best term insurance plans, there are several options available. You should compare leading insurers in the category, checking the premiums and coverage amount that they are offering. For example, the ICICI Pru iProtect Smart plan offers reasonable and competitively priced premiums while providing life coverage up to 99 years. You can not only obtain a higher coverage amount but also select the critical illness rider, which covers 34 ailments.
There are multiple payout options, including a lump sum, monthly income, or a combination of both, ensuring flexibility for your nominee. For terminal illnesses, an accelerated payout is available if the policyholder is diagnosed with a terminal condition with less than six months to live.
Additionally, if purchased under the Married Women’s Property Act (MWPA), the policy proceeds are legally protected from creditors and can only be claimed by the wife and/or children of the policyholder, thereby offering extra protection to the family.
You should also compare the plan with other offerings in the market from top insurance companies before making a final decision.
