by Jenny Dsouza
Published Thu, Feb 2nd 2017, 09:37 | Business
Are you planning to buy an online term life insurance policy? Do you want to know the best term insurance plan in India after the LIC e-term plan? Do you want to know the cheapest online term plans? Are you searching for the updated premium of online term insurance plans at one place? Do you want to objectively compare all the available online term plan in the market?
This article will help you to select the best term life insurance plans in India. A premium comparison chart is also there to tell you about the best and the cheapest term insurance plan. After reading this article you get to know about the insurer with best claim settlement ratio. You will have the idea about the financial strength of the insurance companies.
In the next few minutes you will be able to judge the best online term insurance plan. But do you know the features of term plan? Do you know, the importance of the term plan? Do want to know why I recommend a term life insurance plan vigorously. Do you also want to avoid the greedy insurance agent ? If your answer is yes, then please go ahead to choose the best term life insurance. Else, You should first read the Term Insurance Plan Guide.
Parameters For Selection Of Best Online Term Insurance Plan
To compare the online term plan of insurance companies, I would go through these criteria.
· Premium
· Company Reputation
· Claim Settlement Ratio
· Solvency Ratio
· Riders
1- Online Term Plans- Compare The Premiums
I know you care most for bargains. Hence, I will first talk about the premium of term plans. Indeed, the biggest benefit of online term insurance plan is the low-cost. The premium of online term insurance is 30-50% less than offline term insurance. This discount in premium is possible because of the many benefits of an online sale. Insurance companies save on agents commission and administration charge.
Also, The target group of the online term plan, the white-collar people, is considered more healthy hence less risky. Surprised? They are healthy not because, they do more exercise or physical labor. But they can afford better medical care of themselves. Like you, I am also not very much convinced, But insurance companies consider this. So, online term plans are most cost-effective. But like you and me everyone wants to save more. By taking some precaution you can keep insurance premium in control. You can also do this by comparing the online term plan of different companies. A chart is given below.
Term insurance gives you the basic cover. But you need more than basic cover. There may be some other risks linked to your life. You may also like to take insurance cover other than the death cover. Insurance riders are there to give you such cover. Riders give value addition to the term cover. However, many insurance companies don’t give riders with an online term plan. Few of them give useful riders and you should consider them.
You need not to pay further premium for term insurance cover and rider, after the diagnosis of 4 critical illnesses. These illnesses are Cancer, Coronary Artery Bypass Surgery, Heart Attack and Stroke. You can add this rider from bajajallianz at the premium of Rs 439 with the cover of one crore rupees.
source: https://www.apsense.com/article/best-online-term-plans-in-india.html