Categories: FactsIndia

4 Factors to Consider While Choosing the Best Term Policy in India

No matter how organized you are in life, you can never be truly prepared for its uncertainties. But what you can do is minimize that risk by taking a smart decision at the right time, especially if you have family members that are entirely dependent on you financially.

The best term plan in India is the simplest and most affordable way to secure your family against certain risks, such as your untimely demise. In case of your passing, the nominee of your term policy will receive the death benefit that will help them pay for their expenses and other liabilities without depending on anyone else. Thus, the term plans are protection plans that protect your loved ones from the financial impact of eventualities, such as your demise during the policy tenure.

When you invest in the best term policy, you can rest assured that your loved ones are protected and safe from any financial hardship, in case you are not around anymore. However, it is also important not to confuse it with other investment products in the market.

With different term insurance policy variants out there, it can often get confusing to choose the best term plan in India. Therefore, you can consider the following factors to make the right investment decision and find the best term policy suitable for your needs as well as your budget.

1. Customizable Coverage

The best term plan in India is the one that gives you the flexibility of customizing your protection solution by choosing the benefits and features offered by the policy. An insurance provider should give you the freedom to choose the premium payment term from a single payment to multiple payments throughout the policy tenure.

Additionally, they should not only cover the risk of untimely death but also act as an income replacement tool, in case something happens to you. Apart from the risk of death, there are also many other risks, such as loss of employment, disability, and contracting a lifestyle disease, to name a few. Merely buying the best term policy will not cover all these risks. Therefore, you should be able to supplement your policy cover with the add-on benefits such as riders.

Riders are add-on benefits that you can use to enhance your policy coverage at a nominal price and expand the scope of your policy. For instance, if you want to cover yourself against the risk of rendering your policy inoperative due to a lack of payments, you consider buying a waiver of premium rider. This rider will protect you against this uncertainty by waiving off your premiums while keeping your policy active.

You can attach riders to all kinds of life insurance products. They are the best way to customize your policy as per your needs and lifestyle.

2. Critical Illness Coverage

The purpose of term insurance is not limited to claiming the death benefit. You can also protect yourself against life-threatening diseases by taking a critical illness cover. This rider option is one of the most sought after riders for term insurance policies.

Critical illness riders get activated as soon as you are diagnosed with one of the illnesses mentioned in the policy document. Unlike health insurance that only bears hospitalization costs, a critical illness cover will give you a lumpsum amount that you can use to pay for treatment, doctor consultation, medicines, and day to day expenses.

Since lifestyle disorders are becoming a stark reality, it is better to enhance your policy cover with a critical illness rider.

3. Multiple Payout Options

Multiple payout options are the ability to choose between lump-sum death benefit, fixed/increasing monthly income, or a combination of both. Most leading insurance providers, such as Max Life Insurance, offer multiple payout options for the best term policy in India. These payouts will not only help you meet your financial liabilities but also enable you to fulfil your expenses by receiving a monthly payment. Make sure your insurance provider is giving you the option to choose the payout.

4. Milestone-based Financial Protection

The best term policy in India is a long-term investment that covers various life stages. Therefore, your policy should allow you to increase your death benefit at crucial life stages. For instance, some policies allow insurance holders to increase their death benefit by 50% when they get married and by 25% when they become a parent.

When choosing the best term policy in India, make sure that you opt for the one that offers you the broadest range of benefits at an affordable premium. You should also choose an insurer you can trust. Don’t forget to compare and review the policies online before investing.

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