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Term Insurance Comparison
Term insurance plans provide maximum coverage for a nominal premium. They provide financial security for your family in case of your untimely demise during the policy term. However, with so many players in the market offering attractive deals, term insurance comparison becomes mandatory for an informed decision. Access the coverage required to maintain your family’s lifestyle vis-a-vis the inflation rate and go for a plan that provides the most. ...Read More
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Term Insurance Comparison: Find the Best Plan for Your Needs
Table of Content
What is a Term Insurance Plan?
Term Insurance plans are life insurance products that act as a financial safety net for your family when the uneventful happens when the policy is in force. It provides a maximum cover for a relatively low premium. Buying a life insurance makes your family financially independent, especially if you have incurred debts to fulfil life goals like owning a dream house, children’s education, buying a car, etc. Your family receives a lump sum as a death benefit that they can use to clear the outstanding debts and manage other expenses without financial stress.
Why is Term Insurance Important?
Term insurance is important because it is the most affordable life insurance policy option for your family’s financial protection. It is recommended to invest in a term plan early in life to ensure the debt burden, if any, is not shifted to your family in your absence. Term insurance is also a great way of having a backup during medical emergencies.
Term insurance comparison is vital to provide complete financial protection to your family. For individuals with more financially dependent members in the family, term insurance plan comparison is more crucial for financial support.
Term Life Insurance Comparison
The insurance industry has grown extensively, and the number of plans has also increased, providing a range of options to suit your requirements. Term insurance comparison is crucial to choosing the right plan that caters to specific needs. Here are some aspects to consider before purchasing a plan.
Options for Paying Premiums
The premiums for a term plan are affordable. In addition, different premium payment options, such as regular pay (payable throughout the coverage period), single pay, or fixed pay (payable for a limited period lesser than the policy term). When you compare term plan, pay more attention to premium comparisons to get an idea about their impact on your budget.
Apart from the premium payment options, several premium payment frequency options are available to make it more convenient. The options are monthly, quarterly, half-yearly, or yearly. The monthly payment option suits salaried individuals with a regular income, whereas the other options are better for self-employed individuals whose income is uncertain. A term insurance plan comparison helps in choosing a plan with the best premium payment frequency options to suit your income pattern.
Premium Amount vs. Coverage
The premium amount depends on the coverage chosen. Before online term plan comparison you should be equipped with the right coverage amount for premium estimation. Evaluate your family’s financial needs, keeping in mind the inflation rate and then choose the coverage amount. If the coverage amount is higher, the premium will also be higher. Do the term plan premium comparison to get the highest coverage for an affordable premium.
An online term insurance calculator facilitates affordable term insurance comparison. It will provide insight into the premium payments for the policy duration and its impact on your monthly budget. It helps plan your finances accordingly so that you never miss any premium payment and keep the policy in force at all times till maturity.
Different Riders Available for Better Coverage
Enhancing the term plan coverage is important to derive the best out of the plan. A variety of riders are available for you to customise the plan according to your requirements. Term plan comparison helps you review the different riders under the plans and go for the one that suits your needs.
Adding riders to your basic plan makes the premium dearer, which is worth it, considering the long-term benefits you derive out of it. A term insurance plan comparison on adding the riders is crucial to arrive at a policy price that fits your financial plan.
Compare term insurance plans concerning the different riders such as accidental death rider, waiver of premium rider, critical illness rider, etc. After rider comparison for term plans, settle for a plan that provides the riders of your choice to maximise the coverage.
Longest Policy Duration Available
Policy duration comparison is as vital as premium and rider comparison. You may be financially stable during your career days, but the same may not be true on retirement. The duration is such that it extends beyond your career days. It provides financial security even when you do not have a regular income, i.e., your retirement years.
Term insurance comparison helps you locate a plan that provides coverage for a maximum duration, for instance, till the age you prefer to be covered.
Claim Settlement Ratio and Payout Ratio of the Insurance Company
The claim settlement ratio is the yardstick to measure the credibility and claim settling track record of an insurance company. A pure term plan comparison includes reviewing the claim settlement ratio for various insurance providers. An insurance company with a higher claim settlement ratio denotes a higher number of claims settled out of the claims filed during a financial year. Claim settlement ratio comparison is crucial because the higher the ratio, the more seamless and hassle-free the settlement will be.
Compare Term Life Insurance Plans: Understanding Your Options
Term life insurance comparison and understanding the options available in the market are paramount to making the right decision and deriving the maximum coverage for an affordable premium. The options are:
Basic Term Plans
This is the simplest time insurance plan. The coverage remains constant throughout the policy duration. The plan provides only a death benefit i.e., the beneficiaries receive a lump sum amount on the death of the policyholder during the policy term. If the policyholder survives the policy duration, the plan is terminated without any benefits.
TROP (Return of Premium) Plans
A term plan with return of premium option is beneficial as the policyholder receives the entire premium paid on maturity if he/she survives the policy term. Compare term plan options before investing in one to understand the advantages of death and maturity benefits in a plan
Increasing Sum Assured Term Plans
Term insurance features comparison will help you choose the right plan to maximise the financial protection for your family. Unlike the two plans discussed, this plan permits an annual increase in the sum assured while keeping the premium constant. The premiums for these plans are high from the start.
This plan helps enhance the coverage periodically to align with the rising costs and future financial needs. It ensures that the loved ones get a higher payout in case of an unfortunate event.
Decreasing Sum Assured Term Plans
This plan is beneficial for those who intend coverage for their debts. As the outstanding liability decreases over time, the sum assured also decreases. This results in a decrease in premiums and a cost-effective way of reducing the debt burden on your loved ones. Compare term life insurance plans for an insight into the scope and advantages of coverage and invest in the best plan to suit your needs whether it is life cover or coverage for loans.
How to Buy HDFC Life Term Insurance?
After you have done the coverage and premium comparison, duration and riders comparison, etc., and done with the best term plan selection, you proceed to buy a term insurance plan. The steps to buy an HDFC life-term insurance plan are:
Evaluate The Coverage
To begin with, evaluate your current financial status. Consider your existing financial obligations, the number of financially dependent members in the family, and the future needs, keeping in mind the inflation rate. Arrive at the right coverage required to provide financial protection to your family. Term plan comparison is necessary to choose a plan that provides maximum coverage for a premium that fits your pocket.
Consider Add-ons
Compare insurance riders such as critical illness riders, accidental death benefit riders, return on premium riders, etc., that you may need to add to your basic plan to enhance the coverage. You can customise your plan according to your specific needs by adding these riders.
Complete The Application Form
After selecting a suitable term plan, you should fill out an online application form. Provide details such as age, lifestyle habits, medical history etc., Upload necessary documents and submit the form. Thereafter, the team will schedule a medical test to take the process forward.
Make Payment
On submission of the application form, you are navigated to the payment gateway. You can choose from the payment options available and pay the premium.
With the process complete, the team will review the application and the documents submitted. If they are satisfied with the details provided, the policy is issued, and you will have peace of mind that your loved ones are financially protected.
Compare Term Insurance Plans to Secure Financial Protection for a Lifetime
If the financial safety of your loved ones is a priority, you should consider the life insurance comparison tips for a prudent decision. The comparison tips are important to find a good plan that provides complete financial protection for your family. Rest assured that your family is taken care of financially after your demise gives you peace of mind.
You can further enhance the coverage by adding riders like critical illness riders, waiver of premium riders, accidental death benefit riders, etc., to your base plan. Term insurance comparison helps you choose the right riders to maximise the coverage.
Term insurance plan comparison is imperative to choose the right plan. Providing accurate information about your health condition, lifestyle habits, family medical history, etc., is equally important to avoid complications during claim settlements. Suppressing facts to get the best coverage for an affordable premium may have dire consequences, including rejection of claims filed. Instead, a thorough term plan comparison will help you choose a plan that suits your requirements as well as your budget.
FAQs on Term Insurance Comparison
Q. How do you compare two-term insurance plans?
While comparing two term insurance plans, you should consider several factors. They are:
- The premium for the coverage amount required. Getting maximum coverage for a nominal premium should be your primary concern.
- The add-ons to the base plan enhance the coverage. Comparing the riders to get the best add-ons to suit your specific needs is important.
- The policy duration ensures that both your career and retirement years are covered.
- Inclusions, exclusions, and deductibles impact the claim settlement amount. Look for a plan with fewer exclusions and deductibles and maximum inclusions.
- Compare the claim settlement ratio to ensure a hassle-free and seamless claim settlement.
Q. What is the 3-year rule for term insurance?
The 3-year rule for term insurance is a vital aspect that can impact claim settlement if ignored. According to the rule, you should have maintained the policy for a minimum of 3 years. If the policyholder dies before the completion of 3 years, the beneficiaries may not get the payout or receive a reduced amount unless they fulfil certain conditions. This rule was introduced to prevent exploitation of the plan benefits soon after the purchase.
Q. How do I choose my term insurance amount?
To choose the right term insurance amount, you should evaluate your current financial status, consider your family’s financial needs in the next 20 to 30 years, the number of dependent members, and the add-ons you need for complete coverage.
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
Vishal Subharwal
Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.
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#Provided we have received all the relevant and required documents and no further investigation is required. Claim settlement process would be completed within stipulated timelines once the claim request is approved
##Individual claim settlement ratio by number of policies as per audited annual statistics for FY 23-24
@As per integrated annual report FY23-24, available on www.hdfclife.com. As of May 2024
***Online Premium for Life Option for HDFC Life Click 2 Protect Super (UIN: 101N145V07), Male Life Assured, Non-Smoker, 20 years of age, Policy term of 25 years, Regular pay, Annual frequency, exclusive of taxes and levies as applicable. (Monthly Premium of 622/30=20.7).
ARN - DM/02/25/20887