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How you can invest in an appropriate term insurance

term insurance coverageYou can get an unexpected happiness or some sudden mishaps in life can lead to never-ending grief and sadness, one can never be sure. In the unfortunate events like the untimely death of an individual who is the bread earner and head of the family, everything seems to be so scattered and hard to manage for the rest of the family. Term insurance is one of the insurance that can be availed for a certain period of time. Term insurance helps the family of the policyholder to meet the various financial needs like education of a family member, household expense and etc in absence of the policyholder. With the assistance of Term Insurance plan, a family of policyholder can maintain their lifestyle and do not need to beg other people in this world of inflation. There are many benefits of term insurance cover. The coverage of term insurance plan also differs from one plan to another, so one need to be aware of his/her various expectations and requirements from the term insurance while buying a term insurance policy.

Term Insurance Policy-

There are different types of term insurance plans like Standard Term Life insurance Plans, Term Return of premium plans, Group term insurance plan, Term insurance plan by number of years, Decreasing and Increasing term Insurance Plans, Convertible Term insurance plans, Single life and joint life term insurance plans, Offline and online term insurance plans in India. One can choose one term insurance plan as per the age, tenure, cover requirements, tenure and premium amount. Various companies offer a wide range of Term insurance policies in the market but, you should read terms and conditions and understand different types of term insurance policy before buying any.

Even to enhance the beauty of term insurance plans, there are various additional riders that can be enjoyed by the customer at a little more premium amount such as Critical Illness Rider, Total and Permanent Disability Benefit Rider, Accidental Death Benefit Rider, Hospital Cash Rider, Waiver of Premium Rider and etc. Riders can play a vital role in protecting our money if choose wisely.

Pointers to look for the best insurer-

There are various factors that one needs to check before getting a term insurance plan and some of the pointers are as follows –

1. Claim Settlement Ratio – This is the most important pointer. The number of claims settled against the total claims received by the insurer. An insurer with the highest claim ratio is more preferred than other. One can find this data in the annual report that is published by IRDAI for each life insurer.

2. Featured products – it is not necessary that all insurers offer all insurance products. One need to keep an eye on the various products featured by the insurer and filter which insurance policy is actually needed.

3. Customer service quality – Valuing a customer is the most important pointer. A number of queries resolved against the total reported complaints/ queries show the mirror to the customer handling status of any insurer.

Objective –

Right from shoes to clothes we want to give our family the best we could afford. Term insurance is the best thing that you can do for your family, as it offers Maximum cover in minimum investment. The main motive of a term insurance is to help an individual’s family to meet their regular expenses and normal lifestyle in their absence during all future needs. Ideal term insurance helps an individual to wave a web to cover all necessity of his/her family. Eventually, it is your responsibility to prepare you and your family to face any unforeseen event. Don’t wait, use an online insurance web aggregator like PolicyX.com, compare quotes on the basis of benefits, premium, cover and choose the right one accordingly.

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Author:
admin
Date:
October 3, 2018 um 5:29 pm
Category:
Budgeting,Insurance,Investment,Money,Personal Finance
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