The very best term insurance plans in India always have some common features. It is a factor worth checking out since you should be sure that you’re taking the plan that is best suited to your specific requirements. It is a major life decision- choosing a term plan and something that you should take seriously. Thus, you should evaluate some of the features that are common to the best policies in this category across the country. It will help you find the policy that fits your specific needs.
Features Common to Top Term Insurance Plans in India
The country’s foremost term insurance plans are likely to have these features:
- High coverage amounts- Top insurers usually offer flexibility in choosing the coverage amount as per your specific requirements. Some plans may also provide an increasing cover feature to help counter inflation, but this is not standard across all plans.
- Flexible tenures- Most leading term plans come with ample flexibility to help you choose the tenure. It is usually between 10-40 years or more, depending on the insurer and when you’re starting out. You can choose as per your life goals or specific needs. Just to cite an example, if you’re choosing these plans at the age of 30 and are retiring at 60, then you may consider a tenure of 30 years. By this time, you will have repaid your loans, and your children will be financially independent.
- Additional features- Top term insurance plans usually allow you to scale up the coverage amount based on changing requirements flexibly. Another benefit is the flexibility in choosing the premium payment frequency, i.e. every month, quarter, or year.
- Availability of riders- Most leading insurance companies offer add-ons or riders that help widen the coverage scope considerably. You can opt for accidental death or disability or even premium waiver features. Other options include critical illnesses, but the list of covered illnesses can vary by insurer. Terminal illness benefits are usually part of the base policy and not a separate rider. You can choose according to your affordability since these riders require a nominal premium over and above what you’re paying for the basic term plan.
- Reasonable premiums- Top-term plans are generally cost-effective for a relatively higher coverage amount. However, the premiums depend on factors such as age, health, lifestyle, and sum assured.
- Easy claims and application procedures- Leading insurance companies have seamless online application procedures with minimal documentation and hassles. Many also have easy claims procedures for nominees.
You should also check whether the insurance company has a higher claim settlement ratio (CSR) before deciding, but do not rely on this alone. Evaluate other factors like claim settlement time, customer service, and grievance redressal mechanisms. Additionally, you must carefully examine the policy document for exclusions, conditions for claim denial, or additional fees for riders, which are usually disclosed upfront. These are some factors that you should keep in mind while choosing the best term insurance plans tailored to your specific requirements.
The features given above are usually common to the term plans offered by reputed insurers in the market. You should check them carefully before making an informed decision. If you want to customise your plan further to meet your needs, reach out to the company representatives for additional assistance.
