Whole life insurance explained. Which is the best online term life insurance plan in India? - Quora

इंश्योरेंस पॉलिसी हर किसी के लिए जरूरी होती है, लेकिन अक्सर लोग ये फैसला नहीं कर पाते हैं। बहुत से लोग यह भी सोचते हैं कि आखिर इंश्योरेंस की जरूरत है भी या नहीं। Best online term life insurance quotes.

मुसीबत की घड़ी में परिवार के लिए मरहम

किसी की अचानक मौत हो जाने से न केवल एक जिंदगी का नुकसान होता है, बल्कि पूरे परिवार को एक बड़ा झटका लगता है। अगर मरने वाला शख्स ही परिवार का खर्च वहन करता था, तो ऐसी स्थिति में परिवार की हालत बहुत ही खराब हो जाती है, क्योंकि कमाने वाले की ही मौत हो जाती है।

इंश्योरेंस पॉलिसी ऐसी स्थिति में काम आती है। जीवन बीमा से भले ही मरने वाले इंसान की कमी पूरी न की जा सके, लेकिन किसी की मौत के बाद बीमा से मिले पैसों से परिवार को अपना खर्च चलाने में थोड़ी आसानी हो जाती है।

अगर आप जीवन बीमा करवा रहे हैं, तो आपके लिए सबसे अच्छा विकल्प है टर्म प्लान। टर्म प्लान के तहत काफी कम कीमत में बहुत अधिक पैसों का कवर मिलता है। इस तरह की पॉलिसी पूरी तरह से सुरक्षा के लिहाज से ली जाती है।

जीवन बीमा कराते वक्त इस बात का खास ध्यान रखें कि बीमा एक खर्च है, न कि निवेश। ऐसे में टर्म प्लान लाइफ इंश्योरेंस सबसे अच्छी पॉलिसी होती है। इसके तहत काफी कम पैसे देकर कुछ विशेष सालों के लिए सुरक्षा कवर मिल जाता है। टर्म पॉलिसी सामान्यतया 30, 35 और 40 सालों के लिए ली जाती है।

To me, questions like these sound like - 'Hey, who should I get married to?". It's your decision, my friend.

You're surely smart enough to understand that anyone who says this policy is good or that one is, will obviously have a vested interest. Even if not, would you rely on advice from someone you hardly know. Personally, I am not qualified to say which brand is better or which one is bad, and why.

Here's how to buy a term plan.

1. Buy for a duration of 60 minus your current age. Yes, you don't need term insurance beyond 60 (or your retirement age). Here's why.

2. Calculate how much cover your need and split them to cover income and liabilities. Here's how to do it.

3. Then compare and make your own choice of plan. Choose the type you are looking for, e.g. lump sum + income. Choose a brand you are comfortable with. Compare settlement ratios and overall performance. Here's a list.

4. Weigh all these factors against the premium. Then, just buy the one that you think is best!!

You are more likely to get it right this way that follow someone's recommendation.

ICICI Prudential iProtect Smart

Direct insurance

This is one of the good online term life insurance plans that one can consider for the following reasons:

1) Claim Settlement Ratio: ICICI Prudential Life Insurance has maintained a good claim settlement ratio in the last 3 years:

2) Premium: For a 30 year old male (non-smoker) for a sum assured of Rs. 50 lakhs for a term of 30 years, the annual premium for ‘Life’ option (basic variant) is Rs. 6,167 (inclusive of Government taxes). This is equivalent to just Rs.500 a month. The premium is subject to change from time to time. Please check the latest premium at the time of buying, as it may be different.

3) Maximum tenure: The maximum tenure of the plan is 40 years. A person can get cover up to a maximum maturity age of 75 years

4) Increase in insurance cover: The plan gives you an option to increase the basic sum assured at specified events of marriage (50% of the original death benefit) and childbirth (25% of the original death benefit), without any medical tests

5) Plan variants: The plan is offered in 4 variants to choose from, thus offering a great deal of flexibility depending on the needs of the individual. The variants include:

a) Life: Pays the sum assured either on the death of the life assured or on the diagnosis of terminal illness. Waiver of premium on permanent disability

b) Life plus: All the benefits under the ‘life’ option are covered plus additional accidental death benefit. In the event of the death of the life assured due to an accident, the accidental death benefit will be paid to the nominee in addition to other death benefits

c) Life and health: All the benefits under the ‘life’ option are covered plus additional critical illness (CI) benefit. The CI benefit provides coverage against 34 critical illnesses. On the first diagnosis of any of the 34 covered critical illnesses, the entire CI benefit amount will be paid as a lump sum, irrespective of the actual expenses incurred on treatment

d) All in one: All the benefits under ‘life’ option are covered plus additional cover for the accidental death benefit and critical illness benefit.

6) Death benefit payout options:

a) Lump sum: In the event of death of life assured, under this option, the entire benefit amount will be paid as lump sum to the nominee

b) Income: In the event of the death of the life assured, under this option, 10% of the benefit amount will be paid every year for 10 years. The annual amount will be paid in equal monthly instalments

c) Increasing income: In the event of the death of the life assured, under this option, the benefit amount is payable in monthly instalments for 10 years. In the first year, 10% of the benefit amount will be paid, spread over 12 equal monthly instalments. The income amount will increase by 10% per annum simple interest every year thereafter.

What is life insurance company

The best online term life insurance plan for you will depend on what are your needs and which plan fulfills those needs. Some of the points that you should consider while deciding which online term life insurance plan to buy include:

1) Claim settlement ratio (CSR): The higher the CSR of the company, the better. Consider an insurance company with a high claim settlement ratio.

2) Premium: Other things being same, consider a company that has the lowest premium

3) Plan tenure: Consider a term plan that covers you for the maximum possible tenure, if that is one of your needs.

4) Claim pay out options: These days, term plans offer various claim pay out options for the customers’ convenience. The various claim pay out options offered include:

a) Lump sum payout on death

b) Level monthly payments for a specified period like 5 years or 10 years or 15 years

c) Increasing monthly payments for a specified period. In this case the monthly payout increases by 5% or 10% annually

d) Combination of lump sum payout on death and monthly payments for a specified period

Evaluate the various claim pay out options offered under various term plans and choose the one that suits your requirement.

5) Rider options: Consider a plan that offers riders as per your need. Some of the riders offered with term plans include:

a) Accidental Death Benefit Rider

b) Accidental Total and Permanent Disability Rider

c) Waiver of Premium Rider

Level benefit term life insurance

d) Hospital Cash Benefit Rider

6. Variants of the plan: Term insurance plans of some companies are offered in various variants giving flexibility to the person to choose the variant that suits their requirement.

We have written a detailed blog that compares the claim settlement ratio of various insurance companies for the last 3 years. We have also compared the premiums and features of online term plans of 6 life insurance companies. These include:

2) Max Life Online Term Plan Plus

3) Kotak Life Preferred e-Term Plan

4) Edelweiss Tokio Life TotalSecure+

5) ICICI Prudential iProtect Smart and

6) HDFC Life Click2Protect 3D Plus

We hope it helps you finalise the best online term life insurance plan that you are looking for. Check the blog article here

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