Term insurance plan is a type of life insurance that provides financial stability and protection to the dependents of the policyholder in case of his/her untimely and unexpected death. In case the policyholder dies during the policy period, the nominee will receive the sum assured. However, if he/she survive the policy tenure, then there are no maturity benefits unless the plan has an investment component attached to it.
Term insurance plans cost less compared to whole life insurance plans and provide good financial protection benefits to the dependents. In case of the untimely death of the policyholder, the dependents get a lump sum from the insurance company that helps them meet financial emergencies.
When you are looking to buy the best term insurance plan online 2018, you may stumble upon many life insurer options like LIC, HDFC Life, ICICI Prudential, Bajaj Allianz, Birla Sunlife, SBI Life, and more. While all will vouch to provide you with premium insurance plans, it is important to choose a policy carefully to avoid a wrong purchase.
Before zeroing in on a term insurance plan, check for important parameters like the insurance company’s reputation, claim settlement ratio, premium amount, and additional features to provide the best protection to your loved ones.
How to Find the Best Term Insurance Plan Online?
Term insurance plan is a great way to secure the future of the dependents upon the unfortunate death of the breadwinner. If you are looking for the best term insurance plan online for financial safety of your loved ones, a trusted insurance aggregator portal like Coverfox.com is one-stop-shop where you can compare the plans offered by major insurance companies. This saves you from the hassle of visiting the websites of top term insurance companies before deciding on one that will best suit your requirements.
After you have compared different insurance providers and selected one for your term insurance plan, you can visit the insurance company’s website and follow these steps to buy the policy conveniently:
- Visit the company website and click on the online insurance tab.
- Enter the sum assured and select the policy term and premium payment term.
- After filling the required fields, you will see the premium amount.
- Select your bank and pay the first premium. You will get an acknowledgment once the transaction is completed successfully.
- The insurance company will get in touch with you within a period of three weeks regarding the status of your policy.
- If the underwriting team of the insurance company approves your policy, you will receive a soft copy and hard copy of the same.
With top insurance companies offering a simple and streamlined online purchase option, you can now buy the best term insurance plan from the convenience of your home.
Look for the Best Term Plan Online
Life insurance companies offer different term insurance plans and selecting the right one could be difficult. Thanks to online term insurance comparison tool on Coverfox.com, you can easily compare term insurance plans and pick the most suitable one.
Here are a few things you should keep in mind while looking for a term insurance plan online:
1. Claim Settlement Ratio:
Claim settlement ratio (CSR) indicates settled insurance claims against the total insurance claims that an insurance company receives. Go for a company with a high CSR so that you can rest assured your claim will get settled when needed.
2. Features of Term Insurance Plan:
Go through the features, terms, and conditions of the insurance plan carefully while you make an online comparison. It is wise to select a flexible policy where you can choose the tenure, total assured amount, premium payment modes, and benefits.
3. Premium Amount:
Compare the premium amount of different companies and ensure that it is pocket-friendly but suitable enough to support your loved ones after your demise.
5. Rider Benefits:
Riders are the additional benefits an insurance company will offer for an enhanced coverage. Some popular riders offered along with the term insurance plans are Critical Illness Rider, Accidental Death Benefit Rider, Waiver of Premium Rider, and more. Instead of buying multiple riders along with your term insurance policy, you should choose one that best suits your requirements.
With a plethora of term insurance plans available, make sure you shortlist the top insurance companies and compare their products diligently on Coverfox.com before selecting the best term insurance plan online. An informed decision will secure the future of your dependents and help them live a good life.