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The outbreak of the COVID-19 pandemic turned everybody’s life upside down. As we faced infinite hurdles, we understood just how unpredictable life can be. The reality of the increasing death rate encouraged us to buy term life insurance. Better to be safe than sorry!

Term life insurance offers life coverage up to a certain period of time, i.e. the ‘term’. In case, the policyholder dies during the active years of the policy, then the family of the deceased receives a pre-decided monetary benefit from the insurance provider. In case the policyholder does not pass away, the policyholder gets an agreed sum of money on the maturity of the policy

  • Coverage: The most common mistake we make is, calculating the required amount of coverage. You must consider the aspects such as age, average monthly expenses, current loans, and lifestyle. Experts recommend buying a policy with a death benefit of at least 7-10 times your annual gross income.
  • Policy Period: The next important point to consider is the policy period. When you purchase a policy, choose the maximum available policy period. Opt for a term insurance plan at an early age if you want higher insurance coverage at a low premium.
  • Right Insurer: It is important to consider the following parameters before choosing an insurance provider:
  • Claim-settlement Ratio: It is the ratio of the number of claims settled by an insurance company and the number of claims filed by the policyholders. It is advisable to go for the insurance company with the highest claim-settlement ratio(CSR)
  • Solvency Ratio: It highlights the insurer’s ability to pay out policyholder claims.
  • Provide accurate information: Many companies reject claims on account of discrepancies filled in the form. Fill correct details, especially:
  1. Date of Birth
  2. Medical History(If you are a regular drinker, smoker, or may be suffering from an acute disease, do not hide these details from your insurer)
  3. Family Medical History
  4. Profession
  5. Any other insurance policy you hold.
  • Choosing Ad-on: Choosing suitable riders is an added benefit that provides additional coverage in the term insurance plan.
  • Critical Illness cover: On being diagnosed with critical diseases mentioned in the policy by the insurer, a lump sum amount is paid to the policyholder.
  • Waiver of Premium on critical illness: Future premiums are waived off if the policyholder is diagnosed with a critical illness mentioned in the policy during the policy tenure.
  • Waiver of Premium on disability: If a policyholder becomes permanently disabled during the tenure policy, your future premiums would be waived off.

Before buying a term insurance plan, there are a lot of points that you should consider. Be sure to compare various plans on Elephant.in before finalizing the one you want to buy.

Alliance Insurance Brokers Pvt. Ltd.
8th Floor, Gold Crest, 10th Road, Juhu, Vile Parle (W), Mumbai 400 049, India
Email
Monday - Saturday
9:30 am - 6:30 pm IST
CIN: U67200MH2003PTC141621
IRDAI Registration No.: 217
Valid from : 13/10/2021 to 12/10/2024
Category : Composite Broker
Principal Officer Name: Mr. S. V. Thakkar
*All discounts provided by insurers as per IRDAI approved insurance plans. Standard T&C apply.
Insurance is the subject matter of solicitation. For more details on policy terms, conditions, exclusions, limitations, please refer/read policy brochure carefully before concluding sale.
Visitors are hereby informed that their information submitted on the website may be shared with insurers for soliciting insurance policies.The product information for comparison displayed on this website is of the insurers with whom our company has an agreement.Product information is authentic and solely based on the information received from the Insurer.
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