Claim settlement ratio is an important factor you must consider, before purchasing a term life insurance plan. This may not be the sole criteria to judge the performance of an insurer, but claim settlement ratio ensures your nominee/beneficiaries claim is settled. Higher the claim settlement ratio, higher are the chances of your claim getting settled by the insurer.
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An online policy or an offline term plan can make a huge difference in the amount of premium you pay. Buying online plans through online aggregators is beneficial and economical. The experts say that online term insurance plan is almost 40% cheaper than offline plans.
There are several benefits of online term insurance plans. You can compare insurers and check customer reviews and ratings based on claim settlement ratio and service. This kind of evaluation helps you understand, which insurer to choose.
Claim settlement ratio is an indicator on how many death claims a particular life insurer has settled in the financial year. This is one of the main points you must keep in mind, before choosing a term life insurance plan. Compare insurers based on claim settlement ratio. An insurer who has a claim settlement ratio above 90 is a good choice.
Get an idea on how customer friendly an insurer is vis-a-vis dealing with death claims. The term plan is of no use if the nominees don’t get the death benefit. It is important to look at the claim settlement ratio of an insurer, before availing term life insurance plans. It is important for the policyholder to disclose all personal, health and lifestyle details to the insurer. This reduces the chances of rejection of claims in term life insurance plans.
SEE ALSO: Why Buy Term Life Insurance In April?
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