The cheapest Chinese mobile phone need not necessarily be the best. Likewise with online term insurance plans. There are more than 20 plans in the market today – to find out the best one, you should know what to look for besides the price. MintWise gives you a single view that makes finding your preferred insurance company and your term plan, a simple task.
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So how much life insurance cover are you planning to buy through your term insurance plan – Rs. 50 lakhs? 75 lakhs? or 1 crore? Not sure? You should be. The best way to calculate life insurance coverage when you buy a term insurance plan is using the Expense approach – it is easy and takes just 2 minutes. Check now!
The Term Policy document is the contract under which your life’s risk is undertaken by the Life Insurance company. Any change, deviation, error or misinterpretation can mean rejection of your claim. And you may not be there to explain things.
Here’s a list of everything you need to check in the term insurance policy document the moment you receive it.
It is not enough to buy a term insurance plan and stop at that. Unless you ensure some of these very important checks, the very purpose of buying a term insurance plan itself, i.e. protecting your family against financial uncertainties in case of your death, may not be served. If you have bought a term plan recently, or intend to buy one soon, take 5 minutes out to read this.
These kind of term insurance plans return all your premiums back in case you don’t die during the entire term of the policy. Sounds too good to be true, but check out the numbers – decide for yourself if you are better off with or without it.
Here’s a look at the premiums rates of level term insurance (basic term insurance) plans available online in India in 2013. But remember that the cheapest need not be the best. So while you read this, do also check the claim settlement ratio to spot the company that gives you best value.