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All insurance firms across India sell Term Insurance Plans to the customers. The rates are competitively low and often prove beneficial to the end users. So, it really doesn’t matter which company you take the cover from. Based on your relation with the sales agents and prior experience with the insurance firm, you can choose to buy your Term Insurance Plans.  Nowadays, you can buy policies online and save up to 30 to 40% on the costs of premiums.

Term Insurance Plans is best insurance policies in the market that give higher life cover with low premiums. But they don’t give any returns after the end of the tenure if you outlive it. These are plain protection plan that offers a financial blanket across the family of the insured person in case anything unfortunate happens to them.

Agents/sales person may lure customers with some guaranteed returns on maturity but in reality, these plans are high cover at lower premium costs with no returns. There is some Term Insurance Plans that offers returns but you will have to choose a separate rider such as “return of premium” that will help you gain some amount on maturity.

Most of the other insurance plans are built around these plans. As the features are incorporated the premium might increase a little bit. Many times, the premium increase is very steep as the commission and company charges increase as a percentage of the premium. It increases rapidly in value terms.

The premium costs of Term Insurance Plans are major influencers when it comes to buying a life insurance policy.  However, it’s not the only factor to judge your insurance policy, the claim settlement ratio; financial goals also play a pivotal role in deciding the same.

While buying your term plan you have to be vigilant enough to choose the right insurance firm as per your foremost concern would be claim settlement ratio. It is because you will not be there at the time of claim settlement and you have to ensure that your family gets every penny of the insured value under the policy agreements.

You should look for a reputed and reliable insurance company whom you can trust has a better claim settlement ratio. That trust factor is important that the claim amount would be a distributed evenly amongst your family members.

Term Insurance Plansstructure is revised and made more customer-oriented in terms of affordable premium costs, better features, and easy online purchase. The Term Insurance Plans has changed the insurance market dynamics. You can easily get an online term plan of Rs 1 crore, at mere premium costs of just Rs 7000/-

Thus, because of affordability of Term Insurance Plans, more and more people have started taking adequate insurance cover for their family. Indeed, the slashed premium amount has become a major component in the choosing Term Insurance Plans.

Besides, there are various riders such as accidental death benefit, critical illness, permanent disability, waiver of premium, etc. that can leverage your Term Insurance Plans to great extent and offer a sound financial cover to your loved ones in your absence.