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5 Term Insurance Comparison Factors


March 16, 2020

By : Bajaj Allianz Life

Term insurance is one of the most important part of financial planning tools for an individual. It provides life protection to the policyholder and ensures that their family’s life-goals aren’t derailed in their absence. A term insurance plan provides a lump sum payment to the nominee if the life assured is no more even though some term plans offer an additional advantage of returning the entire premium paid at the end of the policy term if the life assured survives the policy term.

The advantage of buying term insurance is that it’s not only one of the simplest kinds of life insurance but also among the cheapest as premiums are generally lower than other types of life insurance products.

To be able to select the right term insurance plan, a person needs to consider multiple factors, some of which are listed below:

1. Deciding the amount of life cover

The basic formula for calculating the life insurance cover depends on the age and annual income of person. You can go up to 25 times of your annual income to ensure you have an adequate cover. However, this formula is just to help you get an estimate. You can arrive at a more accurate amount by taking into account number of dependent members in the family, family’s collective life goals, your current income, the tenure for which they will need the financial support, and the minimum protection needed to ensure continuity of your family’s life goals in your absence. If you have any existing investments or saleable assets which can help your family in their hour of need, you can deduct these from the amount you have arrived at. Further, you should add your existing liabilities, if any. The resulting figure will be a more accurate indicator of what amount you should take term life insurance for.

2. Tenure of term insurance plan

The tenure of your term insurance plan should be chosen wisely for two reasons - one is to ensure your family continue to meet their life goals even in your absence, two is to ensure you’re able to pay the term insurance premiums.

Hence, it is advisable to be adequately insured until your earning years. This way, your family’s goals will continue to be met even in your absence, when they are financially dependent on you. Secondly, you will be in a position to pay term insurance premiums during your earning years.

3. The correct time to buy term insurance plan

It is advisable to buy term insurance plan early on in life since life insurance premiums tend to rise along with age. Individuals who buy a term insurance plan earlier can receive the same coverage at a lower cost than those who buy it later in their lives. However, one should remember to not just check the premiums but also the features of each product before buying, as cheaper isn’t always the best.

4. Checking life insurer’s Claim Settlement Ratio and Solvency Ratio

You should do some research on the financial soundness of the insurance company from whom you decide to buy a term insurance plan. Look at the claim settlement ratio of the life insurance company which indicates the number of insurance claims paid by the company in proportion to the total claims it received. The higher the ratio, the better, as it reflects whether the Company is honouring customer’s claims in times of need. You must also look at the solvency ratio of the life insurance company which indicates whether the insurer you have chosen will be able to pay your claim when needed.

5. Disclosing correct information

You must be very careful about providing all relevant and correct information while applying for a term life insurance policy. Incorrect data on the form is likely to invalidate claims on the policy. For instance, if you suffer from diabetes or have a medical history in the family, it should be disclosed to ensure that your claim isn’t rejected later on the grounds of information been withheld.

In summation, while choosing a term insurance plan, pay attention to the product’s features, benefits and terms and conditions, if any. Opt for an adequate sum assured amount to keep your family’s life-goals journey on track, and pay premiums regularly to prevent the policy from lapsing.

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2Above illustration is considering Male aged 25 years | Non-Smoker | Life Cover Variant | Policy term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | medical rates | Annual Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.