Things to Consider While Buying a Term Plan

15 Things to Consider Before Buying a Term Insurance Plan

Frequently Asked Questions

Do Personal Habits Matter While Choosing a Term Plan?

Yes. For example, if you are a smoker, the premiums will be higher than those for non-smokers. This is because it poses a higher risk of health-related complications which can even be fatal.  

Should You Take Credit Repayment into Consideration While Deciding the Amount?

Yes, if you have any outstanding loan repayment, then you must consider the EMIs as well while deciding the sum assured. This way, your family will be able to pay the monthly instalments on time without any trouble. 

Is the Solvency Ratio of the Insurer Important in Selecting an Insurance Provider?

Yes, it is essential that an insurance provider has a minimum solvency ratio of 1.5. If it is lower than that, it reflects the insufficiency of funds with them to settle claims. Thus, you should not purchase an insurance policy from them.

Can you buy more than one term insurance policy?

Yes, you can buy more than one term insurance policy in your name to strengthen the financial security of your family.