Term insurance is a sort of life insurance policy that covers you for a set amount of time, or for a set number of years. A death benefit will be paid if the insured dies during the time period stated in the policy and the policy is active, or in effect.
It is critical to choose the correct term insurance plan for you and your family's future. When comparing term plans, there are a number of things to keep in mind. There are several term insurance plans available in India, so you'll need to pick the proper premium amount, period, sum assured, claim-settlement, critical diseases, beneficiaries' needs, and more for you and your family. All of these elements, which are important for term life insurance comparison, are discussed in depth below:
Most insurance professionals highly advise that insurance be bought as soon as a person begins earning money. If you choose a term life insurance plan early, you will pay the lowest premium. Furthermore, the premium does not increase as you become older.
One of the first things you need to decide when you buy term insurance online is a sum assured. For this, you first need to chalk out your income as well as your liabilities, in which you must include the following:
a. The monthly income of your family
b. The monthly expenditure of your family
c. The liquid assets you own, for example, cash, money in your savings account, your fixed deposits, mutual funds etc.
d. Only when you design your financial future, would you be able to see what your family’s requirements would be at different stages
e. What you save today, would not have the same value tomorrow, thus you have to cater for Inflation
f. The number of dependent members and their lifestyle Tip: Make use of a term insurance calculator to get an estimate of the sum assured and the premium
Paybima allows you to compare term insurance plans from top life insurance companies online, as well as compute the premium amount.
