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Comparing Term Plans – What Should You Look Out For

To select the most appropriate plan for you and your family, a rigorous term plan comparison is a necessity. Continue reading to learn how to compare various term insurance plans to get the best one for your family.

  • Dec 02, 2021

You’ve put in time and money to get a term insurance policy that you feel is the best fit for all of your needs. It gives you peace of mind knowing your family’s future will be secure when you are not around. However, what if you subsequently learn that there is a better term policy in the market that provides greater guaranteed returns in exchange for all the premiums you pay? This is where a detailed comparison of term insurance plans comes in! ​

Everything has been a click away since the dawn of the digital revolution, so why should online term insurance comparisons be made any difference? It’s easy to find the right term insurance for your needs with various tools available. These tools help compare term policies online to see the maximum number of alternatives available. However, before actually purchasing a term policy, there are a few factors to consider. You can do this either offline or opt for an online term insurance comparison.

How Should You Compare Term Insurance Policies

If investing is new to you, you might be unsure of how to get the finest term insurance in India to maximise your financial return. Making wise financial decisions is crucial for ensuring the future stability of your family. Consequently, this is how you can select the best plan for your family and yourself.

Calculate an Appropriate Sum Assured

First and foremost, your term plan comparison needs to have a proper coverage quantity. You need to determine your financial obligations and liabilities to calculate this amount. You should carefully calculate this amount since if you pass away, the money from the term plan will act as a replacement for your income and assist your family. Consider expenses like those for your child’s schooling, housing, loans, medical care, etc. You can determine how much coverage you require once you have calculated these variables. Find a good life cover by comparing term insurance policies afterwards.

Assess Current Lifestyle

It’s critical to comprehend how to choose term insurance based on the demands of your lifestyle. Your overall lifestyle, including your spending habits, is referred to as your way of life. It’s important, to be honest, when calculating your current standard of living to figure out how much life insurance you’ll need from term insurance.

Look at the Existing Liabilities

Liabilities and debts are important factors to keep in mind while choosing term insurance. Large debts taken out by people typically need to be repaid over time. If the policy’s length does not last through the payback time or if the payout is low, your dependents may face financial hardship.

Any of us who think about our loved ones having to shoulder the burden of debt repayment without adequate support feels pain. Therefore, it is essential to comprehend how to select the best term plan by carefully taking one’s obligations and liabilities into account.

Analyze Your Income

A common issue people face is selecting a term insurance amount that will be adequate for their family. It is wise to assess your revenue to get a more accurate picture of it. Each of our distinct financial obligations in life requires a different portion of our money.

It’s critical to ascertain the financial requirements of your loved ones to avoid overestimating your life insurance. If your salary is insufficient to pay the premium, you risk placing an excessive burden on your financial situation.

Riders Offered

Riders are an important element of your term insurance policy. Before purchasing term insurance, check whether your insurance company offers rider benefits, , as they help provide additional financial security to your family. Some of the commonly added riders include

1. Accidental Death Benefit

2. Accidental Death and Disability Benefit

3. Critical Illness Rider

4. Terminal Illness Rider

Comparison Of Term Life Insurance Premiums

Your term policy prices are calculated by your age, health, and occupation at the time of purchase. Furthermore, if you add specific riders to the policy, the premium rate may be modified. As a result, it’s critical to make a comparison of term life insurance premiums cost thoroughly to ensure that they don’t impact your budget or financial blueprint.

Online Or Offline Insurance Purchase

You may either take the traditional route and buy a term policy via an insurance broker or agency, or you can compare term policies online using the tools and buy them directly from the website. However, websites or direct platforms generally charge a smaller premium.

Insurance Provider

Your quest does not end only with a term insurance comparison because it is equally critical to select an insurance company that you can trust and that offers the finest policies per your demands. Research things like the insurance company’s history, client feedback, claim settlement ratio, and financial stability. Furthermore, in terms of revenue, servicing, and payment choices, the company’s client centricity should be given more weight.

Term Insurance Duration

Another essential decision to make is the policy tenure, and this can be decided easily by online term insurance comparison. When purchasing a policy at a young age, it is best to pick your insurance company’s longest policy duration possible. This assures a reduced premium for the life of the insurance.

Term insurance plans necessitate a significant financial and emotional investment on your part. As a result, it’s imperative to make a comprehensive term insurance comparison to get the money’s worth and make the best decision possible after considering the above-mentioned aspects.

Did you know

You should not conceal any details about yourself or your ailment while buying a term insurance plan? For instance, because of the higher premium, most people choose not to divulge their smoking history, but doing so will cost you a lot of money. Your age, medical history, and other relevant variables will be appropriately investigated by the insurance company when it comes to resolving a term insurance claim. Your plan will be rejected if the insurance provider discovers any supplied information by you to be erroneous or inaccurate.

Choose the Correct Type of Term Plan

There are several forms of term insurance with a return of premium available. These consist of the TROPs, level term plans, growing term plans, and decreasing term plans. Recognize the range of coverage each of these term plan options offers. After analysing the term plan’s features, compare them to your individual needs to determine which cover is most appropriate for you. Choose the best policy by comparing the many types.

Make a Budget

You must obviously create a budget before comparing term insurance options and making a decision. This is because you must look for a cover that fits within your budget and guarantee that the premium amount is reasonable.


Following the aforementioned advice will make it simple for you to locate the best online term insurance policy. Get the term plan comparison and ensure that your loved ones’ financial security is always secured. The secret to success is comparison; therefore, don’t forget to do it.

Kotak e-Term

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  • Life Cover till 85 years for Life & Life Secure Option
  • 3 Payout Options
  • Special Rates for Women
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  • Free Medical Check Up every 5th year**

Ref. No. KLI/22-23/E-BB/2435


- A Consumer Education Initiative series by Kotak Life

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