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How to select the best term insurance plan?

How to select the best term insurance plan?
Last Updated: Sep 07, 2017 | 5,898 Views

Let me attempt to answer one of the most frequently asked questions on MyInsuranceClub!

Which is the Best Term Insurance Plan?

Term insurance plan offers you a very large cover at very affordable premiums. Most of the term insurance plans have moved online and it is relatively expensive to buy it offline plans when the benefits are EXACTLY the same.

Now coming back to the question of the best term insurance part - I really have no favorites. What is most important is that YOU fill up the application form yourself. Ensure that all the information shared by you is accurate. That ensures that the insurance company does not have a reason to reject your claim due to incorrect representation. Apart from this you may also want to consider the claims ratio of the insurance companies as one of the significant parameters. If you have filled up the application form correctly, no insurance company can reject your claim. But if there is a godo history to the insurance compnay it is better to use it in our favour. 
Take term insurance right away, it is the best form of cover for your family and your loved ones. So go check out the claims rato of different life insurance companies on our site and go in for a company which falls in the top 5. The other factor could be a brand preference of yours. There are quite a few big brands operating in the life insurance space and if you have an affiinity for any one of them, you may go in for any of them.

Apart from these, there aren't really any other factors whic impact the decision making process. The benefits are more or less identical in the different plans. There are a few variations in the way the payouts are made - some offer you a lumpsum beneft and a few other offer a regular monthly income options. Some companies offer a few riders which come at an additional cost. 

This is what I would recommend - take a term insurance plan RIGHT NOW. Term insurance plans are the best form of cover for your family who is totally dependent on your income. DO NOT put off this decision for later thinking that nothing will ever happen to you.

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Deepak Yohannan
Deepak Yohannan is the CEO of MyInsuranceClub. He enjoys writing on Personal Finance and contributes regularly on sites like Reuters & Moneycontrol. He is a strong proponent of online insurance and is often found pointlessly babbling about it!

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