The term insurance plan is one of the easiest life insurance plans to understand. It is also regarded as pure life insurance plan. Presently there are 24 life insurance companies operating and selling term plans in India. It is both a virtue and a vice for the insurance buyer. It is a virtue because with so many insurance companies the competition in this sector is intense. Intense completion results in price wars and results in lowering of the premium. In order to gain competitive edge the insurance companies keep launching innovative term products and continuously introduce new features in the market to hold their position. Overall the customer becomes the beneficiary.
But the customer faces the problem of abundance as it is very difficult to compare plans when they are available in large numbers. This bane can be dealt with effectively by using services of a web insurance aggregator company wherein at a single web location you can compare plans of scores of companies very conveniently. Here the top online insurance plans can be compared against each other and their unique selling features are highlighted. For customers and seekers this service is absolutely free.
Selecting a plan with the most suitable features and premium rate from a reputed company is very important as these plans are of a long term period and your family’s security is at stake. Thus, a good amount of time should be spent in studying and evaluating the plans. Taking educated steps now would bring long term good to you.
Under a term insurance plan the company pays only at the occurrence of death to the policyholder within the policy period. In other words, there is no maturity benefit in this form of life insurance. That is why premium comparison is very important.
For a good purchase one must invite and evaluate term insurance plan quotes from a large range of companies. This activity helps in ascertaining the multiplicity of plan’s features and USPs available in the market. By analyzing the data one can get the plan they are looking for.
If you talk about the Indian market, LIC still holds its position at the top with its undisputed claim settlement ratio and faith of the people. But its premium is way too high if you compare with many of the top private players like HDFC Standard life Insurance co, ICICI Prudential life insurance company etc. But some of these private players are not that behind from LIC in claim settlement ratio. If premium is your primary concern, don’t hesitate to explore plans of private insurers. They are gaining space and acceptance in the Indian market. These private insurers are tie ups with established foreign players and thus bring international expertise in their work. FDI is going to increase further in the insurance sector and the scope of private sector player is on the rise.