September 19th, 2018 | Updated on February 21st, 2019
Being insured under any sort of insurance plan, be it a health insurance plan, a medical insurance plan or anything else is essential for each and every person in the world.
Having an insurance policy is a finance helper in all medical cases. For those who are looking for an insurance plan, there are different sorts of plans that are all available in the market.
A term insurance plan, unlike other insurance plans is different because of a number of reasons and has become increasingly popular over the years.
Anyone who is inured under a term insurance plan must play a regular premium for their insurance policy either on a quarterly/ bi-annually or annual basis.
The beneficial for the nominee is also opted to be paid by the insured. A term insurance plan provides total coverage for the nominee of a policyholder in case of the unfortunate demise of the main policyholder.
Reasons for Buying a Term Insurance Plan
Some of the rime reasons why everyone is opting to buy a term insurance plan as compared to any other health insurance plan that is available in the market today include:
- A term insurance plan, first and foremost is supposed to financially secure a person in times of medical needs. The term insurance plan gives a certain amount of sum assured to the policyholder for them to use and have in case of any medical emergencies that any individual may come across. In addition to this, the term of the policy itself is meant to last an individual throughout the course of their lifetime. This makes sure that the individual is covered each and every moment.
- Compared to all other insurance plans that are in the market with their own unique set of functions and inclusions, the premium for each of the plans keep on changing depending on the type of plan that is being bought. However, the premium for a term insurance plan is rather low comparatively.
- The chance of any insurance claim is quite high for anyone who makes a claim to their insurance company. In case of a term insurance plan, the chance for an insurance being claimed is very low. Due to the low claim rejection of the insurance policy itself, term insurance plans are preferred compared to other insurance plans.
- A term insurance plan can be modified and changed according to the wishes of the insured all the time. The premium of the plan is decided by the insured, the different features, inclusions and exclusions can all be modified or added according to the wishes of the insured. There are also a number of additional features that can be added to a term insurance plan.
- The payment for a term insurance plan is flexible and all of it is dependent on the insured. The time that the premium is paid, the renew-ability of the plan itself and all other features can easily b added or subtracted from the term insurance plan whenever wanted.
Tips for Buying a Term Insurance Plan
Due to the great amount of term insurance plans that are there in the Indian market, it becomes difficult for customers to choose the best term insurance plan for themselves.
For anyone who is wanting to buy a term insurance plan, there are certain points that they need to keep in mind for the same. Some of the points to remember before choosing any term insurance plan include:
- The company from where the term insurance plan is going to be bought should be a known company with a good reputation and good customer satisfaction. The business of the company, the reputation that the company has in the insurance market and all other reviews regarding the company should all be taken into account before buying a term insurance.
- The amount of money that the term insurance will need to be maintained needs to be taken into account for future purposes. It is important for everyone to be able to maintain their premium amount on a regular basis.
- The way that the term insurance plan insures that customers get a 100% of their claims process is important. Customer reviews on how term insurances are claimed are all important. Must go for medical test for term insurance however, many providers that are offering insurance plans that don’t require you to undergo medical tests for getting a life cover.
- The extra features and covers that are available for the term insurance plan are all important to take note of so they might know which of the extra covers are free and which are not.
- The term insurance plan that suits the needs of the customer should be the ideal choice for him/her. The choice should be something that matches the lifestyle of the customer and something that will cover all the needs and necessities of the customer as well.
Buying Term Insurance Online
On the internet, all the different types of term insurance plans are all available for customers. With a few easy steps, anyone can buy the term insurance plan that they want easily.
Online insurance comparison sites help customers to compare the different types of term policies that are available from different insurance companies and presents the data to customers in a more readable way.
On the internet, the different types of term insurance plans are all present for users to choose. The internet has also enabled the feature for customers to check the type of term plan they want, customers can pay their premiums on an online basis and customers can also choose to get regular updates about their term insurance plan as well.