The Best Term Insurance Policy for You!

We all are aware that the primary reason for buying term insurance is to offer financial cover to the family when we are no longer around to support them. If this is the sole cause of buying the policy, then the policy must provide proper financial coverage so that the family/dependents can achieve their financial goals. Birla Sun Life Insurance plans to ensure that your goal is achieved by helping you choose the best term Insurance plans.

Why Should You Choose a Term Plan?

Although life insurance has many options, term insurance plans are worth a look. It provides life cover with no profits/savings component. They are quite basic in nature which is the best part; the plan is best suited for individuals who are looking for a life cover and no savings. The features also make term plans the most affordable type of life insurance plans. The premium is cheaper compared to most of the other life insurance plans. This is also the reason why term insurance gives the highest life cover at low cost. It is imperative to note that in a term plan, a fixed sum of money- Called the Sum Assured- is paid to the beneficiaries if the policyholder expires before the policy term ends. If the insured survives, there is no pay out.

Here are Few Tips on How to Choose the Best Term Insurance Policy for you!

1.    The Company’s Reputation: While the company and its reputation are important in any business, it is particularly important in life insurance too. Birla Sun Life Insurance, for instance, is known for giving its customers a pleasant insurance experience.

2.    The stability and the solvency of any Insurance company are decided on its solvency ratio. It tells us whether the company cleared all pending claims or is only on a growing business bust. Again information about this is available on Birla Sun Life Insurance Website.

3.    Claim settlement ratio Is another important factor in determining the best term insurance policy. That’s because the ratio tells us how many settlements have been done per 100 claims.

4.    Expenses play a vital role in choosing a term insurance plan. Look for plans with lowest expenses, as it translates to lower premium for the same cover. Some companies offer discounted rates for non-smokers etc.

5.    Also, check if the insurance plan offers riders. The life insurance rider is an add-on to the primary policy, which offers benefits over and above the policy based on a particular condition. As a policyholder, you can attach riders to the existing policy, like a critical illness rider, etc.

6.    Some Insurance companies offer insurers the flexibility to enhance the life cover during the critical stage of the policyholder’s life.  This allows the policyholder to start with a modest cover and then improve the protection as the responsibilities increase.

7.    Across the range of life insurance plans, term insurance has seen the maximum innovation. Buying term plans have also become easier, thanks to the internet. 

Investing in Term Insurance policy is not a task anymore, thanks to the internet and the era of convenience. You can buy a policy, read the features and decide which one is best for you just by a few clicks of the mouse, sitting a sipping that evening tea. Obviously, the benefits the plan offers are enormous considering all of us have someone left behind when we are not around. The feeling that their life is secured after we are gone lets us sleep comfortably through the night. If you want a comfortable sleep, think about investing in a term insurance plan by Birla Sun Life Insurance.