One of the most important decisions in an individual’s life might be when they are selecting the type of insurance and narrowing down on how much life coverage is needed exactly. It makes all the difference in the world to have the right insurance partner who not only provides you with the best term plan money can buy but is also a trusted insurer in the market, with a legacy that can win over your trust as well.
Therefore, you must remember to find yourself the best term insurance in India, with an ideal coverage option, best payout methods, and a CSR that will guarantee you an easy settlement.
Just as it is important to think about the life cover your family will need thoroughly, it is just aa crucial to compare insurers and do your due diligence to find a term insurance policy that will be perfect for you and your family.
Why Opt For Only The Best Term Insurance In India?
Most of the insurance buyers remember to compare the basic parameters like which insurer is offering a higher coverage for a cheaper premium and who has a better name in the market, but the quest for best term insurance in India runs deeper than that.
The cheapest term insurance plan might not be the best term insurance in India and may not even be ideal for you. Hence, it is important to compare term insurance plans in the market and using an insurance calculator to find out which plan is the best fit for you and your family.
Here are some of the parameters that can help you compare term insurance policies from different insurers and come to a decision:
- Payout Flexibility
You can choose between the fixed monthly income payout or the increasing monthly income payout. Different insurance houses have either of the two or even both payout options for the life coverage.
In the fixed monthly income plan, the beneficiaries of the deceased are paid a predetermined amount monthly, making it easy for them to clear off their dues and monthly expenditure. An increasing monthly income plan, on the other hand, is where insurers allow the monthly income to annually grow by 10%, giving your family an inflation-proof financial cover.
- Claim Rejection Rate
One of the biggest term insurance benefits is the high claim settlement ratio that most of these policies and insurance companies build over time. So if you want to ensure that your family does not have to take too many trips to the insurer and back, simply to get the claim processed, then you should do your bit right of comparing term plans properly. The key is to select a trusted insurer with an excellent death settlement ratio and spotless claim history.
- Increasing Policy Coverage
The best term plan in India will not only give you a great cover from the start but also offer flexibility to increase it as your advance in life. Right from getting married and settling down in a home of your own to having kids and starting an education plan for them, certain milestones in life demand a higher policy coverage. So, check out which term plan is allowing you to increase your life coverage as you pass through such important milestones.
- Additional Riders
Customising a term insurance policy can be tricky at times because there are a lot of useful riders like waiver of premium, accidental death benefit, partial or complete disability, critical illness cover, etc. However, it is important to assess your family’s needs and add only those covers to your policy that could benefit your loved ones. The best term insurance in India will offer you these riders at a nominal cost, and their advisors can help you navigate through the choices and easily pick only the ones you will need.
While there are many benefits to this policy and riders to help customise it, do not forget that at its core, a term insurance plan’s purpose is to protect you and your family in unprecedented times. Another important benefit it has is all the tax-saving you can do once you buy the best term insurance in India.
Under section 80C of the Income Tax Act of 1961, you can claim a deduction on your taxes against your life insurance policy premiums. Use an income tax calculator to ensure that your annual premium amount is less than 10% of your total sum assured to enjoy tax benefits as long as your policy is active.
Besides, if you choose the right insurer, then you could be claiming more tax benefits like the tax-free sum assured amount as well. Therefore, it is very important to compare insurers in detail to find yourself the best term plan in India, with an insurer that would do right by youand your family. So do the right thing for your family and buy yourself the best term plan in Indiatoday!