Finding the Best Term Insurance Policy for the Future in India

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Term life insurance has become very popular in the recent years in India, and it's easy to see why. Premium rates are lower, companies are promoting term plans actively, and it's very easy to buy term online. Sales of term plans have undoubtedly skyrocketed. planner's advice their clients to go for a term plan because it provides a high cover at an affordable price. Typically, the premiums you have to pay on a term plan are a small fraction of what you will pay for an endowment plan or whole life plan of the same coverage.

How Does It Work?

The premise of a basic term policy in India is to secure animmediate financial need of your beneficiaries in the event of your demise. As the policy holder, you don't get monetary benefits at the end of term (except for any tax benefits you may be entitled to throughout the life of the policy). In the event where you pass on, the sum assured will be paid to your beneficiaries. The main appeal of the term insurance policies in India is that they are relatively cheaper compared to any other products.

Finding the Best Deals on Term Insurance Policies in India

To be able to choose the best plan, you also need to know how much coverage you need. Your should provide your dependants with enough money that effectively replaces your income in the case of your death. Take into account the basic expenditures your family will incur, liabilities like and mortgages, expenses for the education of your children, etc. You likewise have to factor in inflation. A Rs. 50 lakh cover might not be sufficient, for example, because the value of Rs. 50 lakh will be down to Rs. 28 lakh after a decade (assuming a 6% inflation rate). Some insurance companies have term life plans where the cover is indexed to inflation.

The best way to find great deals on term plans is to go online. There are websites in India that allow you to instantly compare the insurance offerings of multiple companies, showing you premiums as well as features. This allows you to decide for yourself which plan best suits your requirements and your family's needs. In case you need further help, you can contact the professional insurance advisors who run the comparison sites for individual assistance. is the online identity for IRDA approved - S B Insurance Brokers Pvt. Ltd. On, we offer quotes from leading insurance companies and let the customer explore the insurance plans, get their details, view and study brochure and other documents, compare features and benefits of these plans side by side and then take a decision.


Joe Reynolds