Term insurance is one of the most popular kinds of life insurance in India. There are some very logical reasons why people opt for term insurance. From low cost to high cover, there indeed are many benefits you get when you buy a term life insurance plan. So, if you are looking for a good life cover, make sure you compare term insurance and find the best possible policy for yourself. Thankfully, there are many good websites where you can compare term insurance. Read on to know more.
Benefits of comparing term insurance
Before you buy a term insurance plan, it is an absolute must for you to compare the available options. There are many good and trustworthy insurance aggregator websites where you can run the comparisons. Here are some benefits of doing so:
- Find the best quotes: The greatest advantage you get when you compare term insurance is that you get to find the quotes of all the plans in one place. This makes it very simple for you to make a selection. You can compare the prices of the various plans from the various insurers. You don’t have to go to each insurance provider’s website separately. So compare term insurance plans to understand how each plan is priced.
- Find the best features: While on one hand the cost of term insurance is significant, on the other hand it is very important for you to find a plan that has the best features. When you compare term insurance, you get a good idea about the different features that each plan has. You can glance over the features to filter down a few plans. This will take you closer to your ideal term life insurance cover.
- Analyse the different riders: Riders are add-on covers available with term insurance. Riders are available with most term insurance plans. It is important to compare and choose the correct riders for yourself. This will help you make the term cover more flexible. When you compare the term plans, you also get to compare the available options. Hence, comparison is very important.
- Check the claim settlement ratios: Last but not the least, when you run an online comparison of the different term plans, you also get to see the claim settlement ratio of each insurance provider. This is an important point to look at. Always aim to buy your term cover from an insurer who has a high claim ratio. This will make it more likely for your nominees to get the claim if anything were to happen to you.
As we can see, there are some excellent benefits that you get when you compare term insurance online. It hardly takes a couple of minutes to compare the plans. So make sure you compare your options before you make your final purchase.
Best known companies for term insurance plans
Currently, there are many life insurance companies in India. While most of them are private insurance providers, the leading in the sector is the Life Insurance Corporation of India (LIC). LIC is the oldest and the most trusted seller of term plans in this country. There are very few insurers who match up to the scale and business of the LIC term plans. LIC also has a claim settlement ratio of over 98.31%. This just shows how bankable the insurer is why most people in India prefer the LIC term plans over the other term plans.
Having said that, there are some very competent private life insurance providers too. ICICI Prudential and HDFC Life are the forerunners here. Both these insurers offer excellent term insurance plans that are affordable and wholesome. The cost factor is also reasonable, making the term plans from both ICICI Prudential and HDFC Life highly popular. Some of the other big players in the Indian term insurance market are Max Life Insurance, SBI Life Insurance, PNB Metlife, TATA AIA Life Insurance and Bajaj Allianz. All these insurance providers have good term insurance plans that you can choose from.
The final word
Term insurance is a modern-day necessity. You cannot afford to live without a proper term cover. So go online to coverfox.com, compare term insurance and buy the most suitable plan. Keep all the points mentioned above in mind and you surely won’t have any issues finding the best term life insurance cover for yourself.