Online Term Insurance Plans are becoming quite popular in India considering the efficiency and ease of purchase of the product. Quality and convenience is what everyone looks for in an insurance policy and Online Term Insurance policy provides exactly that. There is no dearth of options in the Indian market for Online Term Insurance plans and it can be hard to choose the right plan. There are several factors that need to be considered before selecting the right Online Term Insurance Plan. Given below are some of the important Parameters which one can use to compare between Online Term Insurance plan and choose the right plan.
- Requirement: The first step in choosing the right product is knowing what you want. Make a list of what you are expecting from the insurance plan such as the kind of cover, benefits that you expect from the plan and various other requirements. Making a list will help you eliminate products that don’t suit your needs when you compare it.
- Price: The price of the product is one of the important parameters based upon which one selects an insurance product. There is no point in opting for an insurance product that you can’t pay for.
- Claim settlement ratio: Claim settlement ratio is another important factor that determines if the product is right for you. Claim settlement ratio is the percentage of claims paid to the nominee out of all the number of claims made by them. Higher the claim settlement ratio, better the company.
- Time taken to settle a claim: The Company’s response in settling a claim is very important. The average time taken by a company in settling a claim can speak volumes about the trustworthiness of the company. Faster claim settlement ensures that the family of the insured doesn’t have to suffer.
- Convenience of purchase: Online term insurance plans are great since it can be purchased online but it is also important that the process of applying for the product and purchasing it is hassle free. Some banks make the process obstacle free by guiding you through every stage of application to ensure that you have no problems while purchasing the product or applying for it online.
- Financial strength: Companies, banks or financial institutions with a stronger funds will always be better at managing contingencies. Profit making companies instil more confidence in the customer and that is very important for a customer.
- History of the company: It is very important to research not only about the online term insurance product but also the company offering the product. The company plays a huge rule in selecting the right product as in the end it is the company that will settle all the claims. It is important to know about the claim settlement ratio of the company and review your previous interaction with the company.
One of the best ways to compare online term insurance products is to compare them on a third party financial website that provides all the details.
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