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Every applicant, especially if buying health insurance, or life insurance is a fiscal risk to insurance companies concerning various factors that determine the applicant's eligibility. Especially so with term plans that are sold online. In this case, without the involvement of an agent to corroborate to the details furnished by the applicant, insurance companies employ the use of a Term Insurance calculator or a term plan premium calculator to maintain transparency between the insured and the company in good faith.
Every insurance company has its plan calculator based on calculations designed by experienced policymakers. Given that this article strictly adheres to term plans, in this segment, we shall talk about ingenious term plan premium calculators and their role in deciding everything from premiums to tenure in one click.
The term plan premium calculator, as it is also known as, is an algorithm-based "calculator" that helps a potential buyer determine the actual premium he/she has to pay towards a policy based on certain parameters. Given that most of the insurance companies have streamlined their sales process by enabling customers to buy policies online, the premium calculator comes in handy as it allows you to view multiple options in a single click. With customization options not limited to allowing the applicant to go with the sum assured limit of his choosing, this tool eases a lord of hardships previously faced. Let's take a more in-depth look into the features, benefits, and the primary working mechanism that makes the term plan calculator a buyer-friendly option.
Term insurance calculators are a super quick way of flitting in and out of hundreds of plans based on what you are looking for. Some of the key features offered by these calculators are
Term insurance calculators are not generic. They utilize data entered by the applicant and provide real-time results based on various factors like age, lifestyle choices, premium payment frequency, the sum assured, and tenure
Anyone can use this tool with ease. What makes it such a user-friendly feature is that it does not pose unanswerable demands, hence checking every box in the list of why you should use term insurance calculators list
The term customization in this context is in regards to changes that a buyer can make. This pertains to choices he/she makes that define the type of plan he/she looks for. Tenure length, the sum assured, premium payment modes, and the addition of riders are some of the fields that an applicant can tweak to optimize the results closer to his/her requirements
The one thing that does not cost a buyer vast amounts of time, and helps save costs by cutting out intermediaries is a policy purchased online. Insurance companies offer discounts on purchases made online, so once the term insurance calculator quotes out the best policies based on a particular buyer's interests, he/she can make a detailed comparison between plans, weigh pros and cons, and proceed to buy a policy in his/her best interests
The term plan premium calculator is the only tool in India that is designed to provide multiple options from multiple sellers under the same roof. This saves up a lot of time when trying to opt for the best plan out there
Because policies do not require submission of hard copies and other menial time-consuming processes, term plan premium calculators offer streamlined options within minutes, one of which the buyer can go ahead with without bargaining with an agent, hence effectively cutting out middlemen and also saving up a lot of time
Term plan premium calculators are algorithm-driven and are purely based on the data furnished by the buyer. Given that there is no human intervention, the possibility of errors is eliminated. This, of course, relies on the buyer's honesty
Everyone, at some point in life, has had to run around gathering quotations from multiple insurance companies. However, with the advent of the term plan premium calculator, one can simply go online and get quotes from numerous companies in a single click without breaking a sweat
Making prudent use of the term insurance calculator not only saves a lot of time for the buyer, but it also sets a bracket on the parameters, hence enabling the buyer to bypass the "wild guess" part from the policy choosing segment.
Albeit customized for every type of insurance, there are term plans that fall into a broader category of life insurance policies. Here is a list of the types of calculators that pertain to term plans.
Term plans, as the name suggests, provide a life cover to the insured for a specific period decided by both parties, i.e., the buyer and the point of inception. And because It is the simplest and most straightforward of insurances, there is, the term plan calculators employed for term plans calculate risk factors by running through the applicant's credentials revolving around the applicant's age, lifestyle choices, and sum assured asked for.
Investment calculator, although based on different parameters, allows the investor to gauge the returns he/she is entitled to between two dates. The investment calculator also unveils a comparison analysis for the investor to compare his/her fiscal engagements against other funds to check how well his/her investment is doing.
As the name suggests, a pension plan calculator focuses more on the corpus accumulated at maturity. Pension plan calculators quote the corpus a buyer would require after his/her retirement to continue enjoying his/her current lifestyle, if not better.
Savings plan calculators and retirement plan calculators operate on the same lines of accumulating a corpus for the later stages of one's life.
A majority of term plans are online plans, which eliminates a lot of unnecessary procedures. The process of applying for a term plan online is pretty much the same for every company across the policymakers' world. Here is a step-by-step generic online application process.
The next option should the term plan insurance calculator. A majority of the insurance companies that offer term plans have the term plan premium calculators to provide the buyers with a one-stop solution to their insurance needs. These tools exist to eliminate a chunk of redundant and time-consuming processes. What term insurance does is check your eligibility for a specific plan. Once you enter the necessary details into the required fields, the term plan insurance calculator will generate a quote based on the details entered by you.
Without basic research at least on all term plans offered by every insurance company in the country, it would be a moot point attempting to "compare" an incomplete list. The introduction or term insurance calculators eradicated this drawback. Any buyer who wishes to enter into a binding contract deserves to know if there were better choices.
Here are some reasons why one should use these tools.
Making prudent use of the term insurance calculator not only saves a lot of time for the buyer, but it also sets a bracket on the parameters, hence enabling the buyer to bypass the "wild guess" part of policy choices.
Using a term insurance calculator is pretty straightforward and should take about 5-7 minutes, depending on the buyer's needs. Most online calculators are based around the same base structure. Here are three easy steps of using a term plan insurance calculator based on generic processes every calculator offers.
This, if followed to the T, should give the buyer the entire list of choices revolving around his/her demands.
Let's take a look at an example of a policy bought online with the gross premium and sum assured decided by a term plan insurance calculator. This is kept assuming the buyer was aware of his needs and budget.
Details entered on the term plan premium calculator:
1: Name of applicant: Mr X
2: Date of birth: 24 April 1992
3: Gender: Male
4: Occupation: Other (Film)
5: Marital status: Unmarried
6: Previous history of illness: None
7: Do you smoke: No
What the term insurance calculator derives from this is the following data is that the applicant is a male, aged 27 years, with no previous history of illness and does not smoke.
Term plan premium calculators are super-efficient because they have been programmed to consider a variety of factors, most of which they source from the details furnished by the buyer. Most of these calculations revolve around the factors below:
In some cases, the occupation is also important. High-risk occupations like shipping, mining are considered more dangerous than office-based jobs and might result in varying premiums. However, term plan premium calculators take in a lot of other factors to zero in on the most suitable policy.
Taking the example of Mr X forward, we now know that Mr X is a healthy 27-year-old. Because he has no history of illness and does not smoke, he makes for an ideal candidate.
After the term insurance calculator has concatenated this information provided by the applicant, this is what the following data reads as- Male, aged 27 years, with no previous history of illness and does not smoke.
Based on this, the calculator presents a comparison for all plans he is eligible for. The basic sum assured is set at 65,00,000, which is the applicant's salary X 10. The policy he has chosen gives him a 50% off in the first year, cutting down an initial annual premium set at 15000 INR to 7000 INR for the first year.
Mr X decides not to choose any additional benefits and is okay with the sum assured offered.
After processing, his policy kit generated based on the term insurance calculator looks like this:
The term plan premiums calculated online are determined by the term plan premium calculators. They, however, are designed and set by a set of financial wizards known as actuaries. The premiums offered by term plan calculators are based, as we now know, on data provided by an applicant. However, the premiums set by actuaries before they can be curated and calculated by the calculators are based on the following factors:
In simple words, the mortality rate for an insurance company is the company's anticipation of death in a pool of people of the same age exposed to the same conditions as the policyholder.
Because no company can report a 100% mortality rate, it is highly unlikely that all policies will convert to payouts. Hence, the funds accumulated in this pool of policyholders are invested by insurance companies. This is one of the reasons why the term plans are cheap.
A term plan's premium is composed of two parts, the net premium, and the administration charges. The net premium depends on the mortality rate and the earning scope through investments, while the administration charges are what a company charges as its operating charges.
As simple as the premiums calculated by term insurance calculators look, the factors that go into the making of the perfect quote are almost encyclopaedic.
Term insurance premium is directly linked to the age of an applicant; the term insurance calculator sources this from the date of birth provided by the applicant.
The tenure of a plan is directly proportional to the increase in risk. However, it also displays loyalty to the company. A term plan premium calculator uses this in combination with the age of the applicant and quotes the most appropriate policies. Every company has a different tenure, pros, and cons withstanding.
Usually available in the form of riders, these give the applicant a chance to cover himself/herself against every possible harm. Calculators use this information and, from a pool of similar or close to related policies, present the most viable of choices
The sum assured that is presented by a calculator is more or less based on the formula.
(Annual Salary X 10) + Expenses + debt + loans - (dispensable assets)
A buyer can, obviously, ask for a higher sum assured. The premiums calculated will take this into consideration as well.
Now, the important question after all this journey through the world of life insurance is what to look for in a comparison of plans. Some websites will give an overview of all term policies a buyer is eligible for, with the most probable premiums calculated based on the basic details provided by him/her, the buyer's age, an overview of his/her lifestyle habits, and the expected sum assured.
Let us consider an example before we move ahead with an in-detail discussion on how to compare plans.
Mr.X, a potential buyer, is looking for a basic sum assured of 2 crores without any additional riders Mr X does not smoke and is between 25 and 28 years of age. He uses a term plan calculator for generating an optimized quote, and after mulling over the list of offers unveiled by the term insurance calculator, Mr X picks the top three policies catering to his needs.
|Features||Policy A||Policy B||Policy C|
|Sum assured||2 crores||2 crores||2 crores|
|Critical illness disease||In-built||Rider||In-built|
|Accidental Death benefit||No||In-built||Rider|
|Disability premium Waiver||Free||Rider||Rider|
|Tax benefits||80C||80C and 10(10D)||80C and 10(10D)|
|Policy term (min-max)||5 – 35||5 – 40||5 – 45|
|Total calculated premium||1055||1051||1142|
This comparison gives us Mr.X is eligible for. All these plans have their pros and cons.
However, weighing the pros and cons, Mr X goes with Policy B because he is not obliged to buy both of the riders. He chooses to go with the disability premium waiver rider because he already has the accidental death benefit as an in-built feature, which means he is not to buy this rider as a separate purchase. The buyer then pays his first instalment of 1422 INR, getting the third rider free for the first six months on an offer proposed by the company. Mr.X has the choice of either availing the rider as at an additional cost after six months or can drop it.
This was an example to show how necessary comparisons work. What you should look for in a comparison chart is the features, added benefits, the sum assured to premium ratio, and the tenure
Every company has its tweaks beyond the uniting factors most of these calculators work on. Beyond the usual factors, other factors include
However, a list of the top ten companies dealing in term plans should give you an idea of which term plan calculators work for you. It should be noted that this list is curated based on a company's performance and its claim settlement ratio (in simple word, the Claim settlement ratio or the CSR is defined as the total number of claims settled against the number of claims received by that particular company in one year).
Birla sun life is renowned for its quality of service in India and wraps up the show with a 97.10% settlement ratio. Term Plan: Easy Protect Plan.
They also provide other life insurance term plans that suit the needs of different individuals, which is ABSLI Life Shield Plan.
These policies allow the benefit of additional riders, the payback of total premium paid on maturity, and options for payout of sum assured as level or increasing rates, depending on the policyholder's preferences. They also allow benefits on single premium payment, which would be reflected on the sum assured paid for death claims.
Some of these policies also allow maturity benefits and preferential premium rates for women and non-smokers. The additional riders available with this policy are:
Formerly known as Aegon Religare Life Insurance, the company is popular for its wide range of financial services such as a pension, asset management, life insurance, etc. They offer a range of term plans varying based on conditions and benefits. Their service is signified by their claim settle ratio of 96.45%
The term plans offered by Aegon Life Insurance are:
The plans offer provisions for including additional riders for critical illness, accidental death, and so on in order to make the plan more comprehensive. The sum assured can also be availed as a lump sum or as instalments. It can be chosen according to the choice of plan and preferences of the policyholder. Some of these plans are entirely digital. Hence, can be purchased and managed through a smartphone or at the comfort of your home.
The Aviva Life Insurance Company is a joint initiative of the Aviva group and Dabur Invest Corp. They have shown a significant presence in the insurance and financial services sector. They have been pioneers in introducing unit-linked and unitized with-profit insurance plans. With a claim settlement ratio of 96.06%, they offer a range of term plans such as:
These policies vary in terms of provisions like maturity benefits, rebates on premium for higher sum assured, preferential premium rates for females and non-smokers, additional covers and riders, etc. There are policies that also cover a list of critical illnesses with additional premium. Some of the policies are available online and can be purchased instantly by eligible individuals.
Bajaj's entry into the list of affordable term plans comes as one of the reasonable plans in terms of value for money with a solid 95% claim settlement ratio. Term plan: eTouch Online
The other term plans offered by the company are:
Among these policies, the Smart Protect goal has a claim settlement ratio of 98%. The other policies also offer salient features like providing cover for a spouse, discounts for online purchase of plans, rebates on premium for higher sum assured, payout of death benefits as instalments, and preferential premium rates for females. Discounts on premiums are available for non-smokers and also on joint life coverage policies that include your spouse.
A joint initiative of Bharti Enterprises and AXA Group, the company has had a leading reputation in areas of telecom, agriculture, and financial services. They provide term insurances of lower premiums that can be purchased easily online and other policies are available through agents, brokers, and Bancassurance channels. The claim settlement ratio of their term plans is 97.28%, and their two main term insurance policies are:
It provides provisions for multiple death benefits and increasing cover.
It is an online policy that is hassle-free and has affordably low premium rates. They provide family care benefits that can cover for a financial emergency caused due to the demise of a policyholder.
It is also an online policy that provides sum assured for death benefits in lump sum amount or increasing installments for a period of 10 years.
Additionally, their policies also offer preferential premium rates for non-smokers.
Found with the joint effort and experience of three banks- Canara, HSBC, and Oriental Bank of Commerce, they offer plans that understand the financial needs of the general public. The term plans offered by the initiative has a claim ratio of 98.12%, and their primary term plan is
It is an online, traditional term insurance plan which is affordable and hassle-free.
They also provide varying options for availing death benefit with the sum assured alone or including accidental death benefit as well.
They make claim settlement easy by allotting a claims manager to the family of the policyholder.
They provide a variety of term insurance plans that differ in features and benefits. The claim settlement ratio of the company as per IRDA is 95.82%. The different plans that are offered are:
Some of the special features covered by these plans are provisions for additional riders, hospitalization cover, partial withdrawal options for emergencies, and discounted premiums for non-tobacco users, and so on. They also allow payout of sum assured as installments or lump sum in different policies. However, the policies do not offer maturity benefits.
Previously known as ING Vysya Insurance, the company has a satisfied 10lakh customer base. Their policies are a source of long term financial protection and savings. Their main term insurance plans are:
They have a claim settlement ratio of 98.15%. The notable features of their policies are:
Tax benefits for the policy and rebates on premium for higher sum assured
The policy can be purchased through brokers and agents or be entirely managed online through the company website. The policies vary greatly in terms of the sum assured, giving the customers a good list of choices.
The company is a joint venture of the Indian retailer company- Future group and International Generali Insurance group. The company offers a variety of options and plans that are flexible and customizable to user requirements. The claim settlement ratio of the company is 95.16%. The two main term insurance plans offered by the company are:
This plan is an online, hassle-free plan that can be easily purchased. The sum assured can also be increased to increase income protection.
It gives the policyholder multiple additional cover options to choose from. Other provisions like rebates on premium for higher sum assured and preferential premium for females and non-smokers are available.
It is term insurance with affordable premiums. It has a life cover option that covers for diagnosis of terminal illness, accidental death and permanent disability. It also includes extra life cover which provides and added lump sum, Life plus health cover which provides critical illness cover and an all in one cover option.
One of the most diverse establishments in the country, HDFC, has an excellent track record with its loyal customers. Term Plan: Click 2 Protect 3D is their main term insurance policy. They have a claim settlement ratio of 99%. They also provide a range of term insurance policies such as:
These policies further provide a variety of benefits and covers. For instance, the Click2Protect 3D Plus Plan has nine options for cover to choose from, according to one's needs and affordability. Tax benefits can also be availed in accordance with the tax laws.
These policies also allow an increase in cover and sum assured with major life milestones. Further premium rates differ for non-smokers, and additional riders like accidental disability riders are available. The premium payment can also be in single lump sum payment, regular payment, or payment during a limited period.
Another big name in the insurance world, ICICI, boasts of a claim settlement ratio of 98.6% with only 0.80 in pending claims. Term Plan: iTerm further includes a variety of policies. The claim settlement ratio for these plans is 98.58%. The Bestselling iTerm insurance plans offered by the company are:
It is an affordable online policy that offers cover against death, terminal illness, and disability. The plans are mostly customizable, easy to purchase, and available online. The payout can be customized according to policyholder’s preference. It gives critical illness cover for 34 different illnesses and also gives benefits for terminal illnesses. The plans also have an accidental death benefit, tax benefit (subject to tax laws), and provisions for policy revival.
The company offers affordable, manageable plans for term insurances that protect your family just as effectively. The claim settlement ratio of IDBI Federal Life term insurance plans is 95.79%.
The plans offered are:
It is a customizable plan that offers options in terms of basic cover, level cover, and increasing cover, along with the return of premium. They also provide additional benefits like flexible premium payment terms.
It provides payout as increasing monthly income for the family after policyholder’s demise.
It provides extensive cover for affordably low premium and a variety of options for premium payment. There are also cover options to choose depending on individual preferences. Premium rates are lower for females and those with healthy lifestyles such as marathon runners and non-smokers.
Jointly undertaken by Bank of Baroda, Andhra Bank, and Legal & General Company, it is one of the youngest most successful insurance companies in India. They have a claim settlement ratio of 92.82%. They offer a range of policies, including:
It is an online term plan that is easy to purchase and manage. It has affordable premium rates that can be paid regularly or in lump sum.
It offers additional benefits of 105% of total premium paid along with the sum assured. There are also discounts on premiums for non-smokers choosing covers above Rs 50 lakhs.
They also provide a unique benefit of medical review by medical experts of Inter Consultation Services.
It is a trusted company that offers policies that are suitable to the needs of people and affordable. The claim settlement ratio for the term plans of the company is 97.40%. The main online plan offered by the company under term life insurance plans is:
The premium payment and death benefit payout is customizable. There is also an in-built waiver available for premium in case of permanent total disability of the policyholder. It comes with multiple options for payout of benefit such as Life, Life Secure and Life Plus. The premium for five years can be paid as lump sum, and the sum assured is a high sum assured or 1.25 times the single premium or ten times the annual premium paid till death.
It is a unique plan that offers both enhancement and decrement of sum assured. The payout of death benefits can also be customized as installments. They offer additional riders for critical illnesses, accidental death, and permanent disability. This plan is also convertible to any other term plan if needed.
The biggest name in the field of insurance in India and the only company in this list to have received close to a whopping 7+ lakh claims, LIC boasts of claims pending ratio of 0.5%. LIC has a term plan product. Term Plan: E-Term and its claim settlement ratio is 97.79%. The term insurance policies provided by the company in addition to eTerm are:
These policies are very flexible in terms of premium payment, policy term, and payout of sum assured. They also provide additional rider benefits like accident benefits. High sum assured also becomes eligible for premium rebates.
The premium rates differ for women and non-smokers. The premium rates for non-smokers are decided on the basis of their results on a urinary cotinine test.
A relatively new entry in the list, this does not dampen the company's performance culminating in a 98.70% settlement ratio. Term Plans: Online Term Plan Plus. The other term plans provided by the company are:
These policies offer premium waiver riders and options for a payout of death benefits such as level sum assured and increasing sum assured. The policies can also be purchased online without much hassle or procedures. They offer comprehensive accident benefit riders in certain policies.
There are discounts on premiums for women, non-smokers, and policies with higher sum assured. Certain policies also provide maturity benefits for policyholders who survive till the maturity of the policy.
Metlife has, for decades, been one of the best insurance companies in the world. In a conglomeration with PNB in India, the company presents a claim settlement ratio of 96.20 %. Term Plan: Mera Term Plan. The different term insurance policies provided by the company are:
It is an online plan with four options available for a payout of death benefits. It also allows an increase of sum assured with life stage benefit. The policy also provides joint over for one's spouse.
This plan offers whole life cover up to age 99 and also provisions for increasing life cover with life milestones.
These policies are unique in terms of their payout of sum assured. The premium rates also vary for non-smokers. These policies are available online and hence can be purchased with little hassle.
Pramerica Life insurance is a joint venture by Prudential International holdings and Dewan Housing Finance Corporation Limited. Their policies are varied and cater to a varied range of requirements of policyholders. Their claim settlement ratio is 96.80%. The different policies offered by the company are:
The policies offer the provisions to pay out death benefits as a lump sum or monthly installments. There are also additional riders that can be availed for added accidental death cover and critical illness. Additionally, the policies offer differential premium rates for females and non-smokers.
A venture by reliance and the insurance counterpart Nippon, the company has recorded a sweet 97.71% in closed settlements. Term Plan: Life Protect Plus. The three variants of term insurance policies offered by the company are:
It is an online plan that provides death benefits to the nominee on the unfortunate demise of the policyholder. The plan can be customized according to the needs of the user, and they provide additional cover through various riders.
It can be purchased online without any hassle or formality. They provide coverage up to Rs 1 Crore with low and affordable premiums. The policy rewards a healthy lifestyle by the reduced premium, for instance, in the case of non-smokers. In addition to this, the policy also provides tax benefits in accordance with tax laws.
The company is renowned across the county for its variety of financial services that has served people of all economic strata. They offer suitable policies to users of all ages and needs. The claim settlement ratio of the term plans by the company is 90.16%. The term insurance plan provided by the company is:
It is a non-participating endowment policy without profit, intended primarily at helping the people of a financially weaker background. The policy offers insurance coverage to unorganized, informal workers, and these belonging to weak or backward socio-economic classes.
The coverage in case of the death benefit is paid out.
The policy also includes a grace period of one month for premium payment and a free-look period of 15 days.
India's second Government sector entry in this list, SBI, has enjoyed its run, claiming the 3rd spot here with a claim settlement ratio of 96.80% Term plans: eShield and eShield Plus. The details and variants of the term insurances policies are:
It is online, easy to handle, and flexible. There are additional riders and extensive rates of premium available. Non-smokers can also save on premiums. Tax benefits are available subject to current tax laws.
It provides affordable cover and rebates for a high sum assured. It includes accidental death rider, Accidental total, and permanent disability rider, and accelerated critical illness cover options.
It offers a choice in terms of level term assurance and decreasing term assurance (for loan protection of family income protection). It also includes additional riders and choice for premium payment terms.
It is a term insurance plan with premium return and maturity benefit.
It is an individual non-linked, non-participating policy with a single or limited period premium payment facility.
It is a micro insurance aimed primarily at those from economically backward sections of the society. It is simple, affordable, and does not require a medical examination.
The company has years of goodwill and success to its credit among customers across the country. They started off as Chit funds and Transport finance to later become a full-fledged group of companies providing all types of financial services. They have a claim settlement ratio of 85.30% for their term plans. The various term plans offered by the company are:
It is a simple, easy to manage term insurance plan. On the unfortunate death of the insured, a lump sum amount is paid as financial assistance towards the nominee. The death benefit is ten times the annual premium in cases where the policyholder is younger than 45 years. If the policyholder is above 45 years, the death benefit is seven times the annual premium.
It is a unique group term assurance which is for one year and is renewable. The policy can be initiated and managed easily at affordable premiums. The death benefit is paid to the nominee as a lump sum or monthly installments.
It caters to the financial debts and obligations of the insured's family in case of their unfortunate demise during the policy period. The sum assured is paid to the nominee, and in case of survival, the insured receives maturity benefits. The maturity benefit is sum assured and 105% of the total premium paid.
It is an online plan that provides complete protection for a longer period till age 75. There are premium discounts for higher sum assured and for female policyholders. Additional critical illness cover and accidental death cover are also available.
The company is jointly run by Union Bank of India, Bank of India, and Dai-ichi Life, which is the 2nd largest Japanese insurance company. The company is a successful leader in the area of financial services, with more than 63 million customers across the country.
The insurance plans offered by the company also keep the customer's needs and best interests as the central focus. The claim settlement ratio of the term plans of the company is 96.74%. The various term insurance plans offered by the company are:
It is a traditional non-linked non-participating term plan, which has death benefit options including sum assured or sum assured along with return of premium. The premium can be paid as single pay or a limited period.
It is a non-linked, non-participating plan for individuals with an immediate annuity. It is available as a single premium payment to create a lifelong source of income. It further offers ten different annuity options to choose from, according to the need of the insurer.
Group term plans for group customers who may be an employee-employer group or those with common interests in saving.
One of the oldest establishments, TATA AIA and its motor insurance counterpart TATA AIG has, for long, provided quality products and holds to its claim settlement ratio of an unbeatable 99.10%. Term Plan: Sampoorna Raksha. Other options of term insurance plans include:
These policies provide preferential premiums for non-smokers and females. They are flexible in terms of premium payment and also offer benefits like survival benefits, the return of total premium paid, surrender benefit paid-up benefit, and in-built payout accelerator benefit. The payout of the sum assured can also be decided according to the needs of the policyholder. Some of the policies also offer cover for terminal illness diagnosis. There are also tax benefits in accordance with the prevailing tax rules.
Disclaimer: Paisawiki does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.
Please note that this is not to be compared to the best term plans in the India segment. This list is based purely on claim settlement ratio for term plans and how different companies employ the use of term plan premium calculators depending on different factors as well. However, it is always advisable for a buyer to keep a company's claim settlement ratio while choosing a plan.
As with every commodity in the world, term plan insurance calculators have their own set of do's and don'ts.