Things To Know Before Buying Term Life Insurance Plan In India

Term Life Insurance Plan In India

What is a Term Life Insurance Plan?

A term life insurance plan is a pure protection plan to safeguard the policyholder and his/her family during a financial crisis or an emergency. In such cases, if the policyholder dies due to an unforeseen event, the nominees under his policy get the benefit of their policy.

Read this article to know more about the specifications before buying a term insurance plan. 

How Does a Term Life Insurance Plan Work?

A term life insurance plan is a financial tool that works as a long-term investment. It provides monetary support to the family of the policyholder in need. 

If the policyholder outlives the policy, the insurance company gives back the lump sum amount of his best-term term insurance plan. But if the policyholder dies due to an unforeseen event or a sudden circumstance, the nominees or the family members of the policyholder get the death benefit on behalf of the policyholder.  

Can I buy an Online Term Insurance Plan?

Yes, an individual can buy an online term insurance plan easily. Multiple companies in the insurance markets of India provide you with the best term life insurance policy. Buying a term life insurance plan has become so easy nowadays. If the policyholder outlives the policy, The insurance company gives back the lump sum amount of his best-term term insurance plan.

Things To Know Before Buying a Term Life Insurance Plan In India

If you’re planning to buy one of the best term insurance plans or an online term insurance plan.

These are some of the points that you should consider checking out while buying an online term insurance plan:-

  • Premium

The premium of a term insurance plan is usually competitive with several other plans available from insurance-providing sectors. However, while buying an online term insurance plan, you should check on the premium amount, the sum assured, etc. By this, age criteria, policy tenure, affordability of the policy, and lifestyle are other considerable factors. 

  • Claim settlement

Another critical parameter for selecting the best term life insurance policy is the claim settlement ratio of the insurance provider. If the insurance company has a good deal with the claims of previous policyholders, it’s better to move forward. 

  • Disclosure of medical history

You must disclose each and everything of your post-disease to the insurance company. This means, if you had a medical condition before buying a policy, you should inform the policy provider about the same. It won’t only provide you with the chance of better claim settlement but it’ll also help you get the sum assured amount easily. Or if there’s a family history of disease among your family line, you should discuss that with the insurance provider as well.

  • Medical examination

To ensure a hassle-free medical complexity, it’s advised that you go through the medical examination. Before buying a term life insurance plan, we can make sure of any underlying ailments. It will ensure you get the proper and adequate medical care beforehand. 

  • Sum assured

You should always select a term insurance policy that has an adequate amount of sum assured. As it’s necessary to cover all the requirements from debts to financial aid and so many things. As it’s said, the higher the sum assured, the higher will be the coverage specifics. 

Conclusion

Buying one of the best term life insurance policies may sometimes seem difficult. However gaining proper knowledge about it PolicyX.com will help you select only one out of the best term insurance plans. Nowadays, many companies offer you online term insurance plans that take no-hassle or extra effort while purchasing the policy. You can compare and check several policies at PolicyX.com and buy only the best term life insurance plan. 

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