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Which term plan is good in India?

This is because the dollars you pay into term life insurance premiums are only there to provide a death benefit to your beneficiaries if you die during a specified term, while money you invest in whole life insurance premiums builds cash value that you can use later in life or that will add to the death benefit payout. Click to see https://www.coverfox.com/term-insurance/

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Which term plan is good in India?

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  1. Which term plan is good in India?

  2. Buying a term insurance plan for an individual, especially for a breadwinner of a family, is an essential thing as it makes the lives of their dependents financially secure when he is not there. Hence, it becomes imperative to choose the best term insurance plan as it can make a difference for your dependents.

  3. Adequate Cover • Just buying a term insurance plan will not serve the purpose, having the right amount of coverage is the most crucial thing while purchasing a term insurance plan. This is because term insurance is meant to replace one’s income after he dies. To arrive at the right amount of coverage that one require one needs to add basic expenses that his family will incur, major expenses such as education and marriage of his children and liabilities such as home loan, car loan etc. If life cover is inadequate it defeats the whole purpose of insurance. Hence, look out for a term insurance plan that offers the amount of coverage that you require.

  4. Tenure • Along with coverage amount, it is also important term insurance plan should offer cover till you need it. Basically, a term insuranceshould cover a person until the age he intends to work. Hence, don’t take a short-term cover of 15-20 years that ends when you are in your 40s. Choose a term insurance plan that offers cover till you require it. • Enhance cover • The amount that you may think sufficient might not be enough after few years. Therefore, some companies offer plans where the cover increases by 5-10 % every year or indexed to inflation. As your sum insured increase automatically in coming years, it will take care of the increase in your income as well as inflation. Some insurance companies also offer a plan that allows policyholders to increase the sum insured in certain stages of their life.

  5. Claim settlement ratio • While buying a term insurance plan is very important to check claim settlement of insurance companies. This is important because your nominees will have to contact the insurance company to get the claim. Hence, choose an insurance company that have good claim settlement ratio and claim procedure is hassle free. • Exclusions • Before purchasing any insurance plan it is very important to go through what are the exclusions of the policy.

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