When you buy term insurance, claims settlement ratio is a good metric to check. Higher it is, better is the comfort level when buying a product in which we will not be there during the ‘moment of truth’, i.e. at the time of claim. But rather than just checking the latest values, do see the consistency for each company before you make you final decision on the term plan you want to buy.
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Claim Settlement Ratio is widely used for comparing companies when buying Term Insurance. This data is published by IRDAI on a yearly basis. In this article, we’ve compared how each company stands on this measure for death claims settled in the year 2014-2015. Don’t forget to read some of the important disclaimers associated with using this measure as an evaluation tool – it will give you a clear perspective before you make the decision on the term insurance plan of your choice.
80% of Claims coming to life insurance companies from policyholders aged less than 45 years, are because of accidental deaths. And the trend is worsening. Whatever the precautions you may take yourself, circumstances can sometimes be brutal. Accidental Death Benefit Rider is very inexpensive and gives good additional protection from accidental death with your term insurance plan. Here are more reasons you should go for it.
If you are a businessman and if you were to die with unpaid loans and debts, do you know that the creditors can sell off your land, house, shares, mutual funds, bank FD, cars, jewelry, etc. and it is they (and not your spouse or children) who will have the first right on the money received? Scary, right? But there’s a simple way out – MWPA.
Some companies are offering term insurance policy with life cover up to age 75, sometimes even up to age 80! And many of us are going for it thinking it is a good deal. A good deal for you or a good deal for the company? Stop. Find out why beyond age 60, term insurance is neither required, nor worth it. In fact, it becomes a BET on your death!
Everyone has been waiting for this for a long time now. The LIC Online Term Insurance Plan e-Term was launched recently and is available for buying online. But first check it product features and benefits, and how its premium compares with other term plans available in India as on date.