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?

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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?

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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?

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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?

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

Disclaimer

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  • This is an informative article provided on 'as is' basis for awareness purpose only and not intended as a professional advice. The content of the article is derived from various open sources across the Internet. Digit Life Insurance is not promoting or recommending any aspect in the article or its correctness. Please verify the information and your requirement before taking any decisions.
  • All the figures reflected in the article are for illustrative purposes. The premium for Coverage that one buys depends on various factors including customer requirements, eligibility, age, demography, insurance provider, product, coverage amount, term and other factors
  • Tax Benefits, if applicable depend on the Tax Regime opted by the individual and the applicable tax provision. Please consult your Tax consultant before making any decision.

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