With the abundance of options available in the market, it is essential to undertake a comprehensive comparison before making a purchase. Comparing term plans is not merely about finding the lowest premium; it involves evaluating various aspects.
This approach ensures that you secure a policy that offers the best protection for your loved ones, aligns with your financial goals, and provides peace of mind.
This blog highlights the importance of term life insurance comparison before buying by acknowledging key factors that emphasise this necessity.
With the myriad of options available in the market, it becomes imperative to compare term life insurance plans before making a purchase. Here are the elements of comparison:
The premiums for term insurance can vary significantly across different insurers, even for the same coverage amount and term length. Factors such as age, health conditions, lifestyle habits, and the insurer's underwriting policies can influence the premium rates. By comparing, you can find a plan that offers the best value for your money.
Not all life insurance plans are created equal. They come with various features and benefits, such as critical illness coverage, accidental death benefits, premium return options, and more.
Term insurance comparison allows you to select a plan that not only fits your budget but also meets your specific needs and provides comprehensive coverage.
The claim settlement ratio, which indicates the percentage of claims settled by an insurer, is a critical factor to consider.
A higher ratio signifies a greater likelihood of your claim being settled without hassle. Comparing these ratios can help you choose an insurer with a strong track record of claim settlement.
Insurers have different terms and conditions for their term plans, including exclusions, waiting periods for specific covers, and policy tenure options.
By term plan comparison, you can ensure that you choose a policy that aligns with your expectations and avoids any unwelcome surprises during the claim process.
The quality of customer service and support is vital, especially when it comes to buying insurance. Insurers offer various levels of service, from the application process to claim settlement.
With term insurance plan comparison, selecting insurers based on their service reputation can lead to a smoother experience for you and your beneficiaries.
Riders are additional benefits that can be attached to your term plan for extra protection, such as accidental disability rider, critical illness rider, or waiver of premium rider.
Different insurers offer different riders at varying costs. Comparing these can help you customize your policy to suit your needs better.
Some insurers offer more flexibility in terms of policy customization, premium payment options, and tenure adjustments. Comparing insurance policies can help you find such things that offer the flexibility to adapt to your changing life circumstances.
Comparing term plans before making a purchase decision is necessary for securing a policy that matches your monetary needs and financial objectives. It not only ensures that you obtain a cost-effective solution but also guarantees that you benefit from a plan with optimal coverage, favorable terms, and reliable customer support.
PNB MetLife is a trusted name that facilitates diverse insurance policies that one can consider for purchase.
It is crucial to remember that the correct term insurance policy is a cornerstone of a solid financial foundation, providing peace of mind by safeguarding your family's future in your absence.
Premiums for term insurance typically increase with age because older individuals are considered higher risk by insurers.
While you cannot change a policy per se, you can opt for additional riders or increase your coverage amount, subject to the terms and conditions of your insurer.
Yes, premiums paid towards term insurance qualify for tax reductions deductions under Section 80C of the Income Tax Act, and the death benefit obtained is exempt from tax under Section 10(10D).
Opt for an insurer with a consistently high claim settlement ratio over the years, as it indicates reliability and a higher probability of your claim being settled
Disclaimer:
The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
PNB MetLife India Insurance Company Limited Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
IRDAI Registration number 117 | CIN U66010KA2001PLC028883
Terms & conditions apply, Benefits stipulated are subject to premiums paid and policies in-force. For more details on risk factors, please read the sales brochure and the terms and conditions of the policy, carefully before concluding the sale.
Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please consult your tax consultant for more details.
Goods and Services Tax (GST) shall be levied as per prevailing tax laws which are subject to change from time to time.
The marks "PNB" and "MetLife" are registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively. PNB MetLife India Insurance Company Limited is a licensed user of these marks.
Call us Toll-free at 1-800-425-6969, Website: www.pnbmetlife.com, Email: indiaservice@pnbmetlife.co.in or Write to us: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062, Maharashtra.
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As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.
PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance Plans, Term Plan, Protection Plans, Long Term Savings Plans , Retirement Plans & Child Education Plan.
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