{"id":6,"date":"2013-05-02T14:11:58","date_gmt":"2013-05-02T14:11:58","guid":{"rendered":"http:\/\/trucompare.wordpress.com\/?p=3"},"modified":"2016-01-21T15:21:24","modified_gmt":"2016-01-21T09:51:24","slug":"term-insurance-in-india","status":"publish","type":"post","link":"https:\/\/www.trucompare.in\/blog\/term-insurance-in-india\/","title":{"rendered":"Best Term Insurance Plan in India- How to Choose the Right Plan for You"},"content":{"rendered":"<p><a href=\"http:\/\/unbouncepages.com\/term-insurance-1\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/www.paisabazaar.com\/Application_Masters\/IN\/Images\/Logo\/Life-Insurance\/Lic.gif?w=604\" alt=\"\" \/><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/www.paisabazaar.com\/Application_Masters\/IN\/Images\/Logo\/Life-Insurance\/icici.gif?w=604\" alt=\"\" \/><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/www.paisabazaar.com\/Application_Masters\/IN\/Images\/Logo\/Life-Insurance\/aviva.gif?w=604\" alt=\"\" \/><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/www.paisabazaar.com\/Application_Masters\/IN\/Images\/Logo\/General-Insurance\/Bharti_Axa_TermLife.gif?w=604\" alt=\"\" \/><\/a><\/p>\n<h2><strong>Choose Best Term Insurance Plan in India<\/strong><\/h2>\n<h3><strong>W<\/strong><strong>hat is term insurance?<\/strong><\/h3>\n<p>Term insurance is the cheapest way to protect your family\u2019s finances if worst happens to you. In this article, we will look at how to select the <strong>best term insurance plan in India<\/strong> that meets your needs.<br \/>\nTerm insurance pays you a fixed amount if you die within a\u00a0<strong>fixed term<\/strong>. So if you take a cover of say 1 crore for 20 years, it will pay 1 crore to your family if you die within next 20 years. You sincerely hope that this is one policy you don\u2019t claim!!<\/p>\n<h4><strong>Should I be getting Term insurance?<\/strong><\/h4>\n<p>Many people in India still view life insurance policies as an \u201cinvestment product\u201d. The other day I met a friend who cancelled his term insurance policy in the second year when he came to know that he won\u2019t get anything in return!<\/p>\n<p>Insurance needs to be viewed as \u201cprotection\u201d against the worst case events in your life.In my view, a term insurance policy is the real LIFE INSURANCE \u00a0and the ONLY life insurance you might need. I have heard people say- \u201cIf I die, then what is the use of money?\u201d<\/p>\n<p>A better question to ask is \u2013 \u2018 How would my near and dear ones cope financially if I die?\u201d If you have taken a home loan or a student loan, do you really want the debt burden to pass on to your family?<\/p>\n<p>As indicated above, this is all about PROTECTION. I think this is also about being RESPONSIBLE.<\/p>\n<h4><strong>How much Term insurance should I take?<\/strong><\/h4>\n<p>It depends. As a rule of thumb, insurance companies allow 10 times of your annual income as the maximum cover. The best term insurance plan in India for you should cover the total of :<\/p>\n<ul>\n<li>Existing debt ( home loans etc.)<\/li>\n<li>Money required by your family to maintain their existing lifestyle ( in your absence).<\/li>\n<li>Existing life insurance coverage( needs to be subtracted from the required coverage)<\/li>\n<li>Premium paying capability- You can \u00a0always increase your cover as your income increases.<\/li>\n<\/ul>\n<h4><strong>How long should the cover last?<\/strong><\/h4>\n<p>As the premium charged by companies for older people get expensive, if you are confident of repaying all your debts etc by 60 and see your children settled by then, one should not extend the term covers beyond that.<\/p>\n<h5><strong>IMPORTANT POINTS TO REMEMBER<\/strong><\/h5>\n<ul>\n<li>The best term insurance plan in India for you should have the right amount of cover and the correct type of policy.<\/li>\n<li>Carefully consider your premium paying capacity and what you\u2019d need at the end.<\/li>\n<li>Quit smoking and you might get much cheaper insurance rates.<\/li>\n<li>A healthy person will find it easier and cheaper to get insurance. So focus on living a healthier life.<\/li>\n<li>SWITCH immediately if your old insurance is expensive. With the introduction of many online term insurance plans in India, insurance costs have come down substantially.<\/li>\n<li>ALWAYS answer questions accurately \u2013 your claim might be rejected if you have given wrong information to the insurers.<\/li>\n<li>DO NOT BUY riders without good advice. These carry a lot of hidden things. Stick to basics.<\/li>\n<li>DO NOT go for very long duration covers. There is no point getting insured till 75!<\/li>\n<\/ul>\n<p>So get yourself covered NOW. Even before you start thinking of tax savings or \u2018wealth creation\u201d, first job should be to protect yourself and your family from the\u00a0uncertainties\u00a0of life.<\/p>\n<p>So I\u2019d recommend you to\u00a0<a title=\"Best Term Insurance Plan\" href=\"http:\/\/trucompare.in\/TermInsurance.php\">ACT NOW<\/a>. Never leave anything to chance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Choose Best Term Insurance Plan in India What is term insurance? Term insurance is the cheapest way to protect your family\u2019s finances if worst happens to you. In this article, we will look at how to select the best term insurance plan in India that meets your needs. Term insurance pays you a fixed amount &hellip; <a href=\"https:\/\/www.trucompare.in\/blog\/term-insurance-in-india\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Best Term Insurance Plan in India- How to Choose the Right Plan for You<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[2],"tags":[],"class_list":["post-6","post","type-post","status-publish","format-standard","hentry","category-term-insurance"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p3wDt5-6","jetpack-related-posts":[{"id":78,"url":"https:\/\/www.trucompare.in\/blog\/product-review-bharti-axa-term-plan\/","url_meta":{"origin":6,"position":0},"title":"Bharti AXA Term Insurance Plan Life eProtect Review by TruCompare","author":"Trucompare","date":"May 6, 2013","format":false,"excerpt":"Company: Bharti AXA Life Insurance Product Name-\u00a0Life eProtect Product features: Minimum sum assured of 25 lakhs Available up to 30 years duration Maximum Age - 70 years Company's pitch: Claim settlement within 48 hours Our view: PLUS- Bharti AXA has lowest premiums in the market when compared to term insurance\u2026","rel":"","context":"In &quot;Bharti AXA&quot;","block_context":{"text":"Bharti AXA","link":"https:\/\/www.trucompare.in\/blog\/bharti-axa\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":31,"url":"https:\/\/www.trucompare.in\/blog\/best-term-insurance-in-india-2013\/","url_meta":{"origin":6,"position":1},"title":"Term Insurance Comparison &#8211; Which is the Best Term Insurance Plan in India?","author":"Trucompare","date":"September 7, 2013","format":false,"excerpt":"Term Insurance Comparison In earlier posts, we have looked at various criteria that can be used for term insurance comparison. Although it is difficult to say which is the best term insurance plan in India, one can keep the following policies in mind before making a buy decision. HDFC LIFE\u2026","rel":"","context":"In &quot;Term Insurance&quot;","block_context":{"text":"Term Insurance","link":"https:\/\/www.trucompare.in\/blog\/term-insurance\/"},"img":{"alt_text":"TruCompare_head","src":"https:\/\/i0.wp.com\/trucompare.in\/blog\/wp-content\/uploads\/2013\/05\/TruCompare_head.png?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":791,"url":"https:\/\/www.trucompare.in\/blog\/online-term-plans-in-2015\/","url_meta":{"origin":6,"position":2},"title":"Top 10 Online Term Insurance Plans in 2015 &#8211; A Detailed Comparison of features and IRDA data","author":"Trucompare","date":"November 21, 2015","format":false,"excerpt":"Compare\u00a0Term Insurance\u00a0Online You have decided to get a term insurance\u00a0cover to ensure your peace of mind and financial security for your family. Since you have already made this decision, we assume that you have conducted a detailed research on what are term insurance plans. If not, then we recommend you\u2026","rel":"","context":"In &quot;Term Insurance&quot;","block_context":{"text":"Term Insurance","link":"https:\/\/www.trucompare.in\/blog\/term-insurance\/"},"img":{"alt_text":"Compare term insurance online","src":"https:\/\/i0.wp.com\/trucompare.in\/blog\/wp-content\/uploads\/2016\/01\/Term-Insurance-comparison-eligibility-criteria.png?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/trucompare.in\/blog\/wp-content\/uploads\/2016\/01\/Term-Insurance-comparison-eligibility-criteria.png?resize=350%2C200 1x, https:\/\/i0.wp.com\/trucompare.in\/blog\/wp-content\/uploads\/2016\/01\/Term-Insurance-comparison-eligibility-criteria.png?resize=525%2C300 1.5x"},"classes":[]},{"id":1226,"url":"https:\/\/www.trucompare.in\/blog\/should-you-buy-term-plans-with-return-of-premium\/","url_meta":{"origin":6,"position":3},"title":"Should you buy term plans with return of premium?","author":"Trucompare","date":"May 7, 2016","format":false,"excerpt":"It refuses to amaze me how the insurance industry will try to complicate a simple product like a term plan. As Indians are not ready to pay for insurance and still view it is an investment, insurance companies have manufactured a product that comes with a return of premium at\u2026","rel":"","context":"In &quot;Term Insurance&quot;","block_context":{"text":"Term Insurance","link":"https:\/\/www.trucompare.in\/blog\/term-insurance\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14,"url":"https:\/\/www.trucompare.in\/blog\/should-one-buy-term-plan-from-likes-of-lic-or-private-insurers\/","url_meta":{"origin":6,"position":4},"title":"Should You Buy Term Insurance from LIC of India or Private Insurance Companies?","author":"Trucompare","date":"May 3, 2013","format":false,"excerpt":"One of questions often asked by clients while buying term insurance is- Can I trust private insurance companies or should I stick to government providers like LIC of India, SBI Life etc.? LIC of India has been the pioneer in the insurance sector and for many people in India life\u2026","rel":"","context":"In &quot;Term Insurance&quot;","block_context":{"text":"Term Insurance","link":"https:\/\/www.trucompare.in\/blog\/term-insurance\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102,"url":"https:\/\/www.trucompare.in\/blog\/product-review-lic-term-plan\/","url_meta":{"origin":6,"position":5},"title":"LIC of India Term Insurance Plan Review from TruCompare","author":"Trucompare","date":"May 6, 2013","format":false,"excerpt":"Company: LIC of India Product Name-\u00a0Amulya Jeevan \u00a0 \u00a0 \u00a0 \u00a0\u00a0 Product features: Minimum sum assured of 25 lakhs Maximum sum assured- No limit Available up to 35 years duration Maximum Age at Entry - 60 years Maximum Age at Maturity- 70 years Company's pitch: The oldest and most trusted\u2026","rel":"","context":"In &quot;LIC&quot;","block_context":{"text":"LIC","link":"https:\/\/www.trucompare.in\/blog\/lic\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/posts\/6","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/comments?post=6"}],"version-history":[{"count":9,"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/posts\/6\/revisions"}],"predecessor-version":[{"id":1029,"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/posts\/6\/revisions\/1029"}],"wp:attachment":[{"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/media?parent=6"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/categories?post=6"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.trucompare.in\/blog\/wp-json\/wp\/v2\/tags?post=6"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}