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Ref. No. KLI/22-23/E-BB/492
There are several term insurance in the market and provide a variety of solutions tailored to fit many requirements. Here are few important tips to choose a right term insurance plan.
We can never foresee the future or any untimely occurrence for that matter. Hence, it is crucial for us to plan and provide financial security to our loved ones so that they can embrace a secure future.
Having said that, there are several insurance products available in the market today. They provide a variety of deliverables tailored to fit numerous requirements. And, amongst this comprehensive range of insurance products, term insurance plans qualify as the most prominent ones. In case of an untimely passing of the policyholder within the set tenure, they offer pure life cover or financial security to the beneficiaries. However, no such maturity benefit is rendered if the policyholder outlives the pre-defined tenure of the plan.
Such plans can truly help a policyholder’s beneficiaries sustain a secure future. But, when it comes to identifying the most suitable term insurance, one must always carefully consider and evaluate the following factors:
When it comes to monetary reimbursement, it is only essential to look for a plan with an effective claim settlement process. A higher claim settlement ratio by the insurer would endow the beneficiaries with a greater chance to receive the entire sum assured.
Keeping all these factors in mind, it would be wise to better understand your insurance needs and carefully choose the right term plan for you.
The solvency ratio is a measure of the ability of a company to pay off their long-term debt and interests to survive in the longer run. The ideal solvency ratio recommended by the IRDA is 150%. The insurer you choose should have a ratio which is closer to 150%. Even a high solvency ratio is not ideal.
Besides the death benefit provided by the basic term plans, you can also look at thenumerous term insurance benefits offered by other plans. Certain policies allow you to add riders to enhance your cover and minimize your risk. These may include riders, such as loss of critical illness cover, waiver of premium, disability cover, and more. You may even find a term plan with return of premium option being available in case the policyholder outlives the policy’s specified tenure. Here are some rider benefits that you can opt for:
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Features
Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
