Parameters to Compare Online Term Insurance Plans

The process of buying term insurance plans online has gained immense popularity in India in recent years, thanks to its great convenience and a wide range of plans to choose from. However, with the plenty of options available, sometimes it may also get confusing when looking for the best-suited term insurance plan as per your needs. In such a scenario, it becomes important to compare different term insurance plans based on several parameters. In this article, we will explore the various parameters for online term insurance plans which will help you while doing the comparison and making an informed decision.

Comparing Online Term Insurance Plans: Various Parameters

Mentioned below are some of the important parameters to calculate term insurance plans and decide the best-suited one as per your needs.

Needs

The basic and most important parameter for an online term insurance plan comparison is understanding what you need out of it. You should prepare a list of requirements like the kind of cover, amount of coverage, preferred tenor, benefits that you want from the plan, and other important details. This list will help you while comparing different plans and deciding the ideal one.

Price

After understanding what your requirements are, the price of insurance becomes the deciding factor in comparing the different online term insurance plans. It makes no sense in choosing a plan that you cannot afford to pay for.

Convenient Purchasing

One of the major advantages of online term insurance plans is the convenience of buying it. As purchasing an online term insurance plan is easy, it is important that the process of applying and buying is hassle-free as well. Some banks make the process easy by giving guidance online on each and every step. Make sure you select such an insurance provider after comparing.

Financial Capability

Banks or NBFCs that have stronger funds will be better at managing their contingencies. Such profit-making companies with better financial conditions also prove to be very beneficial for their customers.

Background of the Company

While comparing online term insurance, it is necessary to research not only about the online term insurance plan but also the company that offers it. The role of a company is pivotal as in the end, it is the firm that settles all the claims. Review the company and other associated factors like claim settlement ratio and time taken to settle the claim before buying the product.

Claim Settlement Ratio

Claim settlement ratio refers to the percentage of claims paid to the nominees against the number of claims made by them. Higher the percentage, the better the insurance provider. This factor will also prove to be important while doing the comparison.

Time to Settle a Claim

Just like the term claim settlement ratio, the time taken for settling the claim is also important. The average time taken to settle a claim will prove the trustworthiness of the insurance provider. This, in turn, will make sure the family and loved ones of the insured do not suffer.

Third-Party Websites

To make sure the comparison between online term insurance plans is neutral, you should always opt for third party websites and online tools. Such websites often give unbiased reviews and information of the product offered thus proving a better option among parameters to calculate online term insurance plans.

Conclusion

You should always consider the above-mentioned list of parameters while comparing different online term insurance plans. Keep these things in mind and then finalise the plan that you want to go for. You can visit the official website of Bajaj Markets to choose from a wide range of online life insurance products as per your requirements.