COMPARE TERM INSURANCE PLANS
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Why compare term insurance plans with us?
Whether you're looking for a term insurance plan for first time or you want to switch to a lower price, our comparison service can help you find the best term insurance plan in India.
Our results pages display key features of the policies, such as IRDA claim settlement ratio and customer service data so you can compare policies from leading insurance companies in India at a glance. Our More Details pages tell you all about the features and benefits of each term insurance policy.
Take a look and select the best term insurance plan for yourself.
Do I need term insurance?
Imagine how your family will cope up with financial liabilities if you were to die tomorrow or say in next 3 years. How would they pay the home loan or take care of basic family expenses? You should consider buying a term insurance policy if you are concerned about how your family would manage in the event of your unexpected death.
How does a term insurance policy work?
Term insurance policy pays out a fixed sum to your family on your death.
How much insurance cover do I need?
The amount of insurance depends on your personal situation. Generally, experts suggest a cash sum equal to ten times your annual income. You might want a term insurance just to cover your pending home loan or you want to cover for an amount that will provide for your family's future expenses like marriage of your children or their education. While you may want to go for a very high cover, you also need to consider your annual premiums. With term covers getting cheaper, one should go for a slightly higher cover.
What should be the duration of my policy?
This depends on length of your home loan or the duration till which your children will be dependent on you. One need not go for very long duration cover ( beyond age 65) unless your situation demands the same.
Are premiums fixed for the complete duration?
Most insurance companies in India offer fixed premiums, so the price of cover remains fixed throughout the contract.
Should I go for any extras riders that I can add to my policy?
It is better to keep it simple. You can buy a separate critical illness or accidental insurance.
I have a pre-existing medical condition. What should I do?
You need to be honest with your insurance company about your medical situation and disclose all the details sought by it. You should preferably go for a medical test. You might end up paying more for your policy but if you hide things, your claim is very likely to be rejected. In that case, your family won't get any benefits upon your death.
What factors should I look for to compare term insurance plans?
You should definitely pay attention to IRDA claim settlement ratio as well as the premiums that need to be paid. Other factors that need attention are the customer service of the insurance company so that your family doesn't face any issues at the time of claim.
What kind of tax benefits are available?
You get normal tax benefits under section 80C (up to 1 lakh limit). The premium paid gets deducted from your taxable income. One should just consider this as an added benefit. The prime reason for buying term insurance policy should be to protect your family.