When we talk about the most straightforward life insurance policy with maximum possible coverage at an affordable price, there is nothing better than an online term insurance plan. The time you decide to buy your first online term plan, there are a few factors you should keep in mind to make sure that you choose the best policy that will help your family in the case of unforeseen circumstances.
Contrary to the common belief among the general public, the premium m amount that you need to pay is not of utmost importance for the decision making, though it is one of the factors to be considered. Hence,we are not going to include it in our top 7 elements that you should look for while you choose your first online term insurance.
1. Options to customise coverage
Though there are very few insurance companies that offer customization in online term plans, you should check them and see which option suits you the best. There are riders available with term insurance policies which can help you in critical illness and women-specific medical ailments.
2. Option to replace income
When we talk about the best term plans in India, riders hold a crucial position in the discussion and there is a reason for that. At the time you get diagnosed with critical illnesses covered under riders that are available with term insurance plans, your income replacement rider can provide your family the much-needed financial support which has suddenly vanished because of your deteriorating health.
3. Multiple payout options
You can also prefer multiple payout options to ensure that your family can secure monthly payments for an extended period. The rider will help you to choose an amount that you would like to provide to your family after your demise.
4. Protection for women
There are female-specific riders available with term insurance plans which are specific to the ailments and needs of women. These riders also cover complications during pregnancy.
5. Tax benefits
When you buy term insurance plan, you get tax benefits of up to 1.5 lakhs and with critical illness rider, your tax liability will be even lesser.
6. Milestone based planning
Some policies offer the policyholder to increase death benefit at the key stages of life like marriage and childbirth by allowing a significant increase in sum assured. Thus, based on one’s future financial requirements, this option always comes out to be an economical one as compared to buying a new plan or product.
7. Split coverage
The financial needs keep on changing throughout the life, with its peak at the time of marriage and having kids and reduce by the time of retirement. Thus, one can split the coverage into two such that one plan is linked till the retirement while the other will continue after that. By doing this, one can keep the premium outgo lower as compared to the lump-sum plan.
Term insurance helps in getting your family back on its feet after you and is the best options when it comes to securing the finances of your family. The best online term insurance plans that are available in the market have incredible benefits. All you need to do is to check and compare them to choose the best that suits your requirements. For more queries, you can contact us.
