Hello Dear Readers, Warm Greetings Of The Day, We Hope You Have Landed Here Just Because You Are Very Keen In Knowing About The Best Term Insurance Plan With Maturity Benefit, So Today We Are Sharing A Very Important Article On
Σ Best Term Life Insurance Σ
Before Taking Term Life Insurance Firstly We Should Know That Which Is The Best Term Insurance Plan With Maturity Benefit. What Is The Claim Settlement Ratio (CSR) Of These Best Term Life Insurance Plan ? Let Us Select The Best Term Life Insurance Plan By Comparing The Best Term Plan With The Rate Of Return Of The Premium.
As Per IRDA Data We Have 24 Life Insurance Companies And As Of Now, Every Insurance Company Is Giving You The Facility Of Buying Online Term Insurance Plan. So, Now It’s Hard To Find Out The Best Term Life Insurance With Maturity Benefit. But You Need Not To Worry, This Article Of Insurancemarketz.com Will Help You In Finding Out The Best Term Insurance Plan With maturity Benefit.
List Of Life Insurance Companies in India
As We Proceed Further, We Are Going To Take Our Discussion Deeper And Find Out The Best Term Life Insurance Companies. Let Us Understand The About Term Life Insurance And How It Works.
What Is Term Life Insurance ?
Term Insurance Is A Type Of Life Insurance Plan, Under This Plan, The Cover It Provides Is Available For A Limited Period And Claim Is Paid To His/Her Nominee Only In Case The Assured Dies Within The Policy Tenure. And, If The Policy Holder Survives Till The End Of The Policy Then He/She Will Receive The Maturity Amount Only. It Is Also Known As Low Cost Plans.
This Is The Reason, These Policies Cost Are Very Less And Cover A Large Amount Of Life Risk. Therefore It Is PURE LIFE INSURANCE. Hence, Anyone Who Has Financial Dependents Must Buy This Product Immediately.
You Can Also Read
Now A Days There Are So Many Term Insurance Policies In the Insurance Market Like:
- Level Term Plans,
- Increasing Term Plans,
- TROP (Return of Premium) Plans,
- Convertible Term Plans,
- Decreasing Term Plans,
- Term Plans With Riders.
And Every Plan Have Their Own Benefits Like Term Plans With Riders Gives Benefit Up To 100 Years.
Need Of Term Life Insurance
If any Person Has Lots Of Responsibility And His Family Or Any Person Dependents On Him Financially, Then Term Insurance Policy Is Necessary To Support Policyholder’s Loved Ones. This Investment Tool Helps You In Saving Money For Education And Marriage Of Your Child As Well As It gives You Tax Benefits Too.
Buying Term Life Insurance Online
Now A Days Almost All Insurance Companies Offer Their Esteemed Customers To Buy Insurance Plans Online. Here We Will Discuss About Buying Term Life Insurance Online And Its Advantages.
- You Can Buy The Best Term Life Insurance Policy At Your Comfort From Home By Just Few Clicks.
- Online Term Life Insurance Plans Are Much Cheaper Than The Traditional Method Of Purchase, Because If You Purchase Online You Can Save The Commission Of Agent Or Broker From The Insurance Company Which Is Added To Your Premium Amount.
- Understanding The Terms And Conditions Of Your Policy Is Very Much Necessary Before Making The Purchase And Online Medium Allows You To Make A Well Informed Decision. Each And Every Detail Of The Policy Like Exclusions, Inclusions, Key Benefits, Etc. Can Be Read Easily
- You Fill Up The Proposal Form On Your Own. Hence, An Error Of Margin Is LESS.
- You Can Easily Compare The Different Available Polices Online Very Easily. And Since There Are 24 Life Insurance Companies In India And It Is Not possible By Any Agent Or Broker To Show You The Comparison Result Of All. But, You Can Do It Very Easily And Comfortably By Using Various Available Online Tools Or Websites.
- The Paperwork Involved In Online Term Life Insurance Policy Is Always Less Because All The Policy Related Documents Are Submitted And Received In Digital Format.
- You Can Easily Check The Reputation And Trustworthiness Of Various Life Insurance Companies In India By Making Few Clicks Which Is Very Much Necessary For The Easy Management Of Your Policy And Also For Quick And Easy Claim Settlement.
While Purchasing Term Life Insurance, It is very Important To Find Out The Age Of Life Insurance Companies As Per Economist Direction And We Should Purchase Term Life Insurance Plan Only From Those Companies Who Have Completed Their 10 Years.
Don’t Worry Here We Will Help You By giving You The Age Chart Of Different Life Insurance Companies.
In The Above Life Insurance Companies Comparison Chart We See That only 17 Life Insurance Companies Have Completed Their 10 Years Among 24 Different Life Insurance Companies Now It Can Be A Little Bit Easy For You To Find Out The Best One Because Now Your Target Is Only 17 Life Insurance Companies.
The Reason Behind This Life Insurance Companies Age Comparison Is That Life Insurance Policy Is A Long Term Investment Between You And The Life Insurance Company So, The More Older The Company Is, More Trustworthy It Will Be, And We Also Feel More Comfortable While Make An Investment With A Trust Worthy Company.
IRDA Claim Settlement Ratio For 2016-17:
Claim Settlement Ratio Is The Indicator Of How Much Claims A Life Insurance Company Has Settled In Any Financial Year. It is Calculated As The Total Number Of Claims Received Against The Total Number Of Claims Settled.
Depicted Below Is The Study Of IRDA Claim Settlement Ratio For The Financial Year 2016-17 Or You Can Say Upto 31st March, 2017.
After Going Through This Data Now It Can Be More Easier For Us To Find Out The Best term Insurance With Good Claim Settlement Ratio.
As You Can See Here, That Among 24 Companies Only 8 Companies Came In The Green Slab Which Means That Their Claim Settlement Ratio Was Above 95% And 11 Companies Are In The Yellow slab Which Means That Their Claim Settlement Ratio Was Above 90% And Rest Of The 5 Companies Which Are In The Red Slab Their Claim Settlement Ratio Was Below 90% .
So Now We Can Easily Decide That Which Is The Best And Where Should We Invest.
If We Had To Choose We Would Consider The 5 Given Below Life Insurance Companies For Term Life Policies.
The Shortlisted Companies Are Given Below:
- Life Insurance Corporation Of India (LIC) – Because It Is The Most Oldest Company And It Has Highest Claim Settlement Ratio 98.31% As Per The Annual Report OF IRDA 2016-17)
- HDFC – It Also Has A Good Claim Settlement Ratio
- ICICI Pure Life
- Aegon Life – Though This Life Insurance Company Has Not Yet Completed Its 10 Years Slab But The Its Claim Settlement Ratio Is Very Good. As Per The Annual Report OF IRDA 2016-17) Its Ratio Of Claim Settlement Is 97.11%. It is Also A Growing Company, Therefore, We Can Give It A Chance To Perform.
- Max Life.
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