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Top 4 things to consider while comparing term insurance plans

Here are some quick tips to compare term insurance plans. Take a sound decision before you buy insurance plans by evaluating term insurance plans from different insurance companies under one roof.

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3 mins 27 secs
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Last Updated - September 6, 2023
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Over the past 2 years, the outbreak of a deadly pandemic has affected the lives of many. We realised how uncertain our lives are and the need to have financial support for our family is of utmost importance. Term insurance means a life insurance plan that provides a large financial coverage to your nominee in the event of death. 

Things to consider while comparing term insurance plans

When you visit MyInsuranceClub, you get to compare term insurance plans from different insurance companies under one roof. Before you go ahead and purchase a term insurance plan, there are few important things you should consider while comparing and evaluating plans offered by different life insurance companies. Here are some quick tips to compare term insurance plans. Take a sound decision before you  buy insurance plans by evaluating term insurance plans from different insurance companies under one roof.

Claim settlement ratio

One of the vital factors that every insurance buyer should compare while buying a term plan is the claim settlement ratio of the insurance company. Claim settlement ratio is the number of claims paid by the insurance company against the number of claims received in total.

Features provided

Each insurance company provides numerous features in their term insurance plans. It is very important to read through each and every feature that the company promises to provide. Features such as regular payout, monthly income payout, return of premium, premium waiver option, accidental death benefit option and critical illness option to name a few.

Premium charged

Another criteria to consider while comparing term insurance plans is the premium charged by the insurer. Premium is the amount charged for the cover you want for your insurance policy. A higher cover at an affordable premium should be an ideal choice while comparing the term insurance plans. Premiums are paid on a yearly basis to renew the term insurance plan and to sustain the cover. One of the benefits of purchasing the life insurance plans at an early age is the low cost of premium.

Brand preference

When choosing a term insurance plan, you must consider the brand name of the insurance company. Financial strength also plays an important role. Look for the after sale service and how well the insurance company has performed over the year. In addition, you should be comfortable with the brand you choose. Indian insurance companies have tie ups with large established global insurance players.  

Conclusion

Choosing a term insurance plan today may not be an easy task, as it comprises the above mentioned criteria. It is ideal to compare term insurance plans so that you can save and find the best plans for yourself. You could compare and buy term insurance plans from MyInsuranceClub. You will be assisted by trained and certified insurance professionals who will assist you with all the options available in the market and help you select the most suitable as per your requirement.

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Author

Sachin Telawane is a Content Manager and writes on various aspects of the Insurance industry. His enlightening insights on the insurance industry has guided the readers to make informed decisions in the course of purchasing insurance plans.