How to Compare Term Insurance Plans?

What is a Term Insurance Plan?

Factors to Consider When Comparing Term Insurance Plans in India

How to Compare Term Insurance Companies and Decide Which One is Better?

How to Compare Term Insurance Policies and Decide Which One is Better?

Why is it Important to Compare Term Insurance Plans?

Why to Use Term Insurance Calculator to Compare Plans?

FAQs about Comparing Term Plans

Is it secure to buy online term insurance plans?

Yes. It is secure to buy online term plans, provided you have researched well about the insurer, they are an IRDA certified insurer, and you are buying through their secure website. Online buying only makes the buying experience more hassle free and simple.

Is it better to opt for a higher sum assured or a lower premium when comparing term insurance plans?

The decision between a higher sum assured and a lower premium depends on your individual financial goals and risk tolerance. Comparing multiple plans allows you to find the right balance between coverage and affordability based on your needs.

Can I switch to a different term insurance plan after purchasing one?

Most insurance plans offer a free look period during which you can review the policy terms and conditions and cancel the plan if not satisfied. However, switching to a different plan after the free look period may involve surrender charges or other fees, so it's advisable to carefully consider your options before deciding.

Can we buy two term insurance policies?

Yes, you can buy multiple term insurance policies based on your coverage needs and eligibility.

Can I extend my term plan duration?

Usually, term plans do not allow extending the duration. However, there might be some renewable and convertible policies offered by a few insurers rarely. In usual cases, you need to purchase a new policy when your term plan expires. 

What is the difference between term and endowment plans?

Term insurance provides pure life cover with no savings component, while endowment plans combine life cover with a savings element.

What are the payout options in term insurance?

Term insurance payout options include lump sum, monthly income, or a combination of both, chosen at policy inception.

What is tele medical in term insurance?

Tele medical in term insurance refers to remote health assessments conducted via telephone or digital platforms for policy issuance.

What is the waiting period for term insurance?

In a term plan, a waiting period is usually applicable for the riders like critical illness or terminal illness riders which can range from a few days to a few years or more.

How do I know which term insurance is best?

The best term insurance is one that aligns with your financial goals, offers a competitive premium, and comes from a reputable insurer with a high claim settlement ratio.

What is the best age to buy term insurance?

The best age to buy term insurance is in your 20s or early 30s, as premiums are lower and you can secure a longer coverage period.

What is the most common term insurance?

The most common term insurance is the level term plan, where the benefit amount remains the same throughout the policy term.