Term insurance is a must-have policy for people who want to secure their dependents and family members in their absence. A term plan helps to keep your family financially stable in case of your untimed demise. Term insurance is budget-friendly and provides a large insurance cover at minimal premiums.
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Sum Assured: It’s the money given by the insurance company as a death benefit to the nominee in the event of death of the insured within the policy term.
Age of Entry: The minimum age of entry is 18 years and the maximum age of entry is 65 years.
Age of Maturity: The maturity period of the term insurance refers to the age at which the policy expires. The maturity period of term plans can vary from 75 years to 80 years.
Claim Settlement ratio:It is one of the most important factors to consider while purchasing term plans. You should always go for an insurer who has a good market reputation of settling death claims. A claim settlement ratio ensureshow reliable the company is when it comes to making settlements.
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Riders: Riders are additional benefits provided by the insurance company to modify the base term plan according to the customer’s requirements. Riders can be availed by paying an extra amount. Various riders available on term insurance are accidental death or disability rider, income replacement rider and premium waiver.
Tenure: The time period for which the policyholder buys the insurance cover is known as the tenure of the term policy. The tenure varies based on the age of entry and the age of maturity of the policy. To gain maximum coverage, one should buy term insurance early and buy the policy for the maximum tenure provided by the insurer.
Health Check-Ups: Before purchasing the policy, many insurers ask youto go through medical test (applicable on purchasing term insurance in certain age) or may ask for a higher premium.
See Also: What is a Term Insurance Plan?
There are several types of term plans available in the market. The customer can choose these plans according to their requirements and budget:
Terms plans can be bought online as well as offline. You can directly visit the website of the insurer or online aggregator to purchase term insurance. An online aggregator enables you to compare the term insurance available in the market and their features. The online method lets you decide for yourself and you do not have to deal with insurance agents.
If you want to purchase the term plan offline, then you can directly visit your insurer and submit the form along with your KYC documents to buy the term plan of your choice. You can also seek the help of insurance agents and brokers to purchase term plans offline.
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