What to Look Out For When You Buy a Term Plan Online

One of the most popular proverbs over the years is look before you leap. What it essentially means is that we should all be watchful before we decide to do something. This also holds true when it comes to purchasing insurance coverage. And when we talk of insurance coverage, choosing the best term insurance plan becomes a priority. Yet, there are some aspects to be looked out for, to make sure that you’re making the best decision for your needs. 

Selecting the Best Term Insurance Plan- Some Vital Pointers

Here are a few things worth noting while choosing term insurance plans: 

• The insurer should have a 95-98% ratio of settling claims. You can look up the claim settlement ratio of the company from the IRDAI official website. This shows how many claims it settles in relation to the total claims it receives. 
• The method of submitting and settling claims should be fast and convenient. It is something that you should examine as well. 
• Look at the eligibility and other guidelines of the insurance company. Check the documentation carefully. Some companies may insist on medical tests before they approve policy applications. Look out for the same along with taking a look at the application procedure and whether it is simple and hassle-free. 

• Check insurance plans from multiple insurers, comparing them for their basic features and premium rates for your chosen coverage. It is best to choose the highest possible coverage for the lowest possible premium, as the thumb rule states. 
• Always be clear about the coverage amount that you require, since this should be sufficient enough to meet your family’s future financial needs in case something happens to you within the policy period. 
• Look out for any inclusions and exclusions in the policy, along with its terms and conditions. Read every clause with care before finalizing your decision. 
• Be accurate and honest while entering your personal details and information regarding your medical condition, lifestyle habits, and so on. Incorrect and misleading information may lead to future disputes with the insurer if your family members file claims. 
• Before signing, double-check the policy document for the tenure, your details (including your name and identity proof), the sum assured amount, etc. 
• Check for the availability of riders/add-ons and the possibilities of integrating them into your term plan. Some of the options may be critical or terminal illness, hospital care, waiver of premium, accidental death or disability, and more. 

Upon examining and verifying all these aspects, if you feel that the plan matches your needs, then you can go ahead and purchase the same. Only ensure that you compare multiple policies and also buy only from a trusted and reputed insurance company. Be alert while buying the policy since it does make for a major life decision by all means. Here’s to future financial safety for your family with adequate term insurance coverage.

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