Why Compare Term Insurance Plans With Us?
Online Term insurance comparison is simple, easy, and hassle-free, at PolicyBachat. The best term insurance plan in India can be found on the portal after entering the basic details of the policyholder for Term life insurance quotes online such as gender, occupation type, monthly income, date of birth, name of the applicant, Email address, bank account details, etc.
The best term insurance plan is the one that offers the maximum coverage at affordable premiums and with all the possible add-ons. To get the best term insurance plan please talk to our life insurance expert who will guide you in selecting the best term insurance plan in India. We are working with 20+ top term life insurance companies to give the best insurance policies to our customers.
Any individual with financial difficulties should consider buying an online term insurance policy. This includes young professionals, parents, married couples and people who want to add tax benefits as a term insurance plan provides tax benefits under section 80C of Income Tax Act 1961. Hence, any individual who wants to provide life protection to their family at an affordable premium rate along with the benefit of tax exemption should purchase a term insurance policy.
Best Term Insurance Quotes
The best term insurance quotes should be well balanced in all aspects such as the Premium, Coverage, Add-ons, or Riders and Claim settlement ratio. The best term insurance quote can be obtained from the online portal which provides the term insurance quotes from the top life insurance companies in India. Let us understand every aspect which should be considered while taking the term life insurance policy:
The premium for a best term insurance quote should be at par when compared to that of the other life insurance companies. The premium for term insurance is quite less when compared to the other forms of life insurance policies as in term insurance there is no savings component involved.
Coverage and Riders
The coverage offered under the term insurance policy would be the death benefit in case the policyholder expires during the policy period. But few of the insurance companies offer extra coverage in the form of add-ons or riders without charging any extra premium from the customer such as waiver of premium rider which means that in case of disability of the policyholder or diagnosis with critical illness, the future premiums under the term insurance policy are waived off by the insurance company. The best life insurance quote is the one that offers extra coverage without charging any extra premium.
Claim Settlement Ratio
One more important thing to check before purchasing the term insurance plan is the claim settlement ratio of the insurance company. The higher the claim settlement ratio, the higher would be the chances of your claim getting settled. Claim settlement ratio between 95-99% would be the safe bet while considering the other factors.
The solvency ratio is the most important thing to look at in an insurance company while buying the term insurance policy. As per IRDA, every life insurance provider should maintain a solvency ratio of 1.5 at least.