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A Detailed Comparison Of Online Term Insurance

Updated On Oct 06, 2021

A term insurance policy is the most basic type of life insurance, providing financial protection for a set period of time. Your loved ones will get the insurance benefit in the event of your untimely death within the policy term, allowing them to maintain their lifestyle and achieve their goals. Term insurance is perhaps the most cost-effective type of life insurance you can get to safeguard your family. It is advisable to purchase life insurance as soon as you begin earning money, after conducting a thorough term insurance comparison. The insurance market has grown significantly, and offers a wide range of term plan options, according on individual needs. You can compare term plans online to choose the best one for you and your family.

What Factors Should be Considered While Comparing Term Plans?

When comparing term insurance plans, keep the following aspects of term plans in mind.

  • Premium Payment Options

Term insurance plans provide the convenience of paying through a variety of choices in addition to low premiums. You can pay your premiums in a variety of ways: limited pay, which is for a set amount of time, smaller than the insurance coverage period, single pay, or recurring pay, which is paid throughout the policy coverage period. You also have the option of paying the premium on a monthly, quarterly, or yearly basis, depending on your financial situation and convenience. It is crucial to conduct a thorough term insurance comparison and analysis of the premium payment alternatives available to ensure you select a reasonable premium payment plan.

  • Coverage

When comparing term insurance, you can consider your family's demands as well as your financial status. You should be aware that the cost of a term insurance policy is determined by the level of coverage selected. To put it another way, the higher the coverage you choose, the higher the premium you'll have to pay. As a result, it's a good idea to utilise an online term plan premium calculator to figure out how much you'll have to pay for the coverage you've chosen. A term plan calculator can also help you in gaining an understanding of the overall long-term premium-payment structure and managing your assets properly.

  • Policy Tenure 

You may feel good about your health or your financial situation right now, but you can't predict what will happen in the future. Term insurance policies allow you to select a policy term that covers both your working and post-retirement years, ensuring long-term financial stability even if you are no longer receiving a regular source of income. The best thing to do here is to get a plan that covers you until the age you wish to be covered.

  • Rider Benefits 

When purchasing a term insurance policy, you can add riders to your standard term plan to make your coverage more extensive. While adding these riders raises the premium payable slightly, the additional cost is insignificant when compared to the long-term financial benefits of these add-ons. When comparing term insurance policies, you should consider the numerous types of riders available, such as critical illness coverage, premium waivers, and accidental death/disability coverage. It is recommended that you examine your needs first and then invest in a term plan that includes the riders you want to purchase to build a stronger financial safety net for your loved ones.

  • Claim Settlement Ratio of the Insurer 

With all life insurance companies offering term plans, it's important that you take the time to do a thorough term insurance comparison and factor in the insurance companies' claim settlement ratio. An insurer's claim settlement ratio is a reflection of their trustworthiness and track record in resolving term insurance claims. As a result, the greater the Claim Settlement Ratio, the better.


When you buy a term insurance plan, you won't have to dig too far into your finances. Therefore, before purchasing a term insurance policy, it is important to understand what it covers. You can determine which option is ideal for you based on your requirements and select the option that best meets your needs. You can even consult a financial advisor to clear your queries and concerns. 

Also read: 

How Long Should You Have Your Term Insurance Policy For?

Difference Between ELSS Or EPF

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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