Term Insurance plan Comparison
We have already discussed many times about the term insurance plan in India and we also have understood about what term insurance plan are and how exactly they are beneficial to us.
There are lots of term insurance plan available in the market and that sometimes is the reason for us to get confused and more the choice more the confusion. But sometimes it’s very important to do some research and get to know about the different policies being offered. There are many features which makes a particular term insurance plan preferred than the other term insurance plans and that is the only way to compare term insurance plans in India. Just know what are the basic and the best thing which should be in a term insurance plan and then you can compare term insurance plans in India by yourself.
The most important features which a term insurance plan must have are:
Entry age: of course you need to know that what are the minimum and the maximum age criteria to be followed in a term insurance plan and that is, 18 years has to be the minimum age limit and the maximum age limit has to be of 65 years for the person to be insured.
Policy term: know your policy term at the beginning of the term insurance plan discussion. 5 years is the minimum term policy duration and the maximum duration goes up to 25 years.
What Plan to choose: you need to check if he insurance company is providing you the option to choose the plan on single as well as joint life basis, if not be sure that this company is not offering you the best to term policy.
Death Benefits: it is well understood that according to the term insurance plan, if the person insured dies during the mentioned premium dates, the nominee assigned by the insured will get the whole entitled money as per the policy.
Maturity benefits available: you need to check that what maturity benefits they are offering to you because as per rule there is no maturity benefit is the insured survives, so if you are promised any maturity benefits then confirm it seriously from the insurance provider.
Additional Benefits: there are also additional benefits available like, accidental death, death due to critical illness, natural death or in case of any uncertainty.
So before you make sure which term insurance plan to go for do remember the features and compare term insurance plans properly.
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