Downlaod online Pure Term Insuance comparision excel sheet of Indian Insurance companies.(LIC,TATA,Reliance,ICICI,SBI Life etc.....)
Life Protection/Pure Term Insurance is a product which gives us the ability to protect our family financially if we are not around. Life being very uncertain, a protection to our family is a must. Pure Term Insurance comes at a very affordable price which can be as low as 2500/- per annum. As the name suggest, value of the policy is only received in the event of the death of the policy holder. If the holder of the policy survives through the term of the policy, no benefit / compensation would be recovered.
Life Protection/Pure Term Insurance is a product which gives us the ability to protect our family financially if we are not around. Life being very uncertain, a protection to our family is a must. Pure Term Insurance comes at a very affordable price which can be as low as 2500/- per annum. As the name suggest, value of the policy is only received in the event of the death of the policy holder. If the holder of the policy survives through the term of the policy, no benefit / compensation would be recovered.
- Minimum and maximum entry age at the time of buying the policy. Age of the holder at the time of buying the policy is one of the key factors in calculation of premium value. Higher the age higher would be the premium value as the risk of death increases with the increase in age.
- Minimum and maximum Term of the policy – minimum policy term is the minimum number of years that the holder should continue the policy while maximum policy term is the maximum number of years an individual can continue the policy
- Sum assured – Sum assured is the amount that the policy holder’s family/benefiter receives in the event of the death of the holder. There is no upper limit to the sum assured in most of policy available in the market.
- Mode of payment – payment of premium could by monthly, quarterly, half yearly, annually, limited period payment or single premium. This gives the option to choose the payment style as per the comfortability of the holder.
- Rebate – some insurance companies provide rebate in premium amount if the sum assured is on the higher side. A female while taking up a policy might get some rebate
- Riders -Few companies provides additional protection against accidental death, permanent disability or critical illness, but again the same comes with additional premium.
- Grace and Revival period – At times it happens that we fail to meet obligation of premium payment. In such cases insurance companies provides a grace period of 30 days to pay premium at no additional cost. At times it may also happen that we fail to pay premium for a longer term. In such cases companies gives us a revival period of 2 to 5 years, were we can continue our policy by paying the entire pending premium along with interest.
- Loan Availability - no loan can be procured against such policy as the same does not give any benefit if the holder survives through the term of the policy unlike other policy against which loan may be procured.
- Online purchase – most of the policies can now be purchased online. The same can be known from the "Term Insurance features comparison sheet” attached with this article.
- Surrender value – only in case of single premium payment if the policy holder wants to discontinue the policy can recover some part of the premium paid.
- Smokers – those who smoke, for them the premium is much higher compared to Non – smokers.
Hi Madhup, thanks for providing the information on the check points before buying the insurance plan, i am planning to purchase a term insurance plan and this blog is going to help me to make it easy to go through it.
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