Life is the most precious gift
that has been given to us and it would be impossible to put a price tag on a
person. However, financial security and protection is an absolute essential in
today’s time and age where there are risks waiting at each and every corner.
Life insurance, one of the most common types of insurance packages are known to
provide the beneficiary with a certain designated amount at the event of the
death of the person who has been insured.
There are many types of life
insurance products available in the market, ranging from whole life plans,
endowment policies, limited payment policies, double endowment policies, etc.
However, term insurance plans are the most popular ones that are availed by
millions of people across the country.
So, what is term plan?
Also known as term assurance, it
refers to that life protection providing a person with a coverage amount for a
specific period of time (fixed tenure). After the policy expires though, the
policy is of no value until it is renewed. These policies are known to offer
the most value for money proposition. However, when choosing these policies, it
is very important to pay attention to the claim settlement ratio. It is easy to
find information regarding the various claim settlement ratios that are offered
by term insurance providers, according to the IRDA (Insurance Regulatory and
Development Authority) of 2014.
Purchasing these products online
has become a very popular method for people since the past few years. People are able to compare term insurance plans
that are offered by different insurance companies, all on a single platform.
This helps them make a wiser decision when they decide to purchase a policy.
This is one of the most
beneficial aspects of purchasing a plan online. People are able to gain a
deeper insight about their prices in the market. They do not need to physically
visit each company to find out the price. All they have to do is conduct a bit
of research and they can compare policies.
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