How to get the best affordable online term insurance plan?

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How to get the best affordable online term
insurance plan
BimaKaro.in
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online term insurance plan.

• The easiest and the most affordable way to
  protect your family from financial difficulties,
  after your demise, is by getting a term insurance
  policy. Insurance providers are now providing
  many options to choose if you opt for an online
  term insurance plan. Hence, it is advisable to
  buy a term policy that gives you peace of mind
  while you are alive and helps you create a safe
  future for your dependents, even after your
  lifetime.
• The days of buying insurance policies through
  insurance agents have long gone as people are
  getting used to the idea of online term insurance
  plans. The high acceptance among people to
  purchase insurance policies online is one of the
  main reasons why insurers are launching a large
  number of online-only plans. As per recent
  reports, the sales of such policies have also
  grown by over 40 per cent in the last three
  months. Since the premiums are also on the lower
  side for online term plans, the burden of paying
  a considerable amount for high sum assured does
  not exist.

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Finding the right term insurance policy 
Advantages of online term insurance plans There
are a whole lot of benefits available if you
choose to buy an insurance policy online, which
are explained below Pocket friendly The first
and foremost benefit of online term insurance
plans are their low premiums, which you cannot
compare with any other traditional plans. The
transaction happens directly on the insurance
provider's website, and hence no commissions are
payable to agents. Therefore, one can afford to
buy an online term plan even with a few thousand
rupees every year. Comfort It is possible to
browse and research hundreds of online term
insurance plans, based on your needs and
requirements just with a laptop or smartphone
sitting in your living room. There is absolutely
no need to visit the insurance office or wait to
meet officials, thereby speeding up the entire
process of buying a policy.  
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Best Term Plan
Customise your policy You can customise an
online term insurance plan as per your wish by
adding riders, the increasing sum assured,
benefit pay-outs etc., all done online if you pay
attention to the customisation facilities offered
by each policy and check it with other term life
insurance plans. Transparency Insurance
providers are starting to push online term plans
as they need not deal with agents, which converts
to cost savings for the company. Also, by
transacting online, one gets multiple benefits
compared to offline payments. An online
transaction helps keep track of the exact status
of the payment, policy issue status, transaction
details, which are made available for public
viewing anytime without any clutter. How
to choose the best online term plan? A term
insurance policy bought online or offline offers
the same features except for purchase mode.  
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Features as a part of the policy
Once you decide to buy online term insurance
plan, make sure it possesses the following
features as a part of the policy Coverage
customisation The best term plan must provide
you with a large number of options to customise
the sum assured a chance to increase or
decrease the coverage amount, during significant
events of your life, as per your necessity, after
the purchase of the policy. It helps you avoid
taking a new policy for every significant event
in your life and ensures proper planning for your
family's financial future. Benefits pay-out
options The online term insurance plan must
sufficiently address your needs for protection,
taking into account the family's financial
situation.
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choose from four different pay-outs
1. Full Lump Sum Pay-out The sum assured is
payable in lump-sum 2. Lump-Sum Regular Monthly
Income Here, half of the sum assured is paid as
a lump-sum initially, while the balance is paid
regularly every month for the next ten years 3.
Lump-Sum Increasing Monthly Income In this
option, 50 of the sum assured is payable as
lump-sum, while the remaining is paid as
increasing monthly instalments at the rate of 12
per annum. 4. Lump-Sum Regular Monthly Income
till child turns 21 This option guarantees half
of the sum assured is paid as lump-sum while the
other half is paid in equal monthly instalments
till the nominated child attains the age of
21. Riders The standard riders are an accidental
death benefit, accidental disability benefit,
serious illness cover, critical illness benefit
etc. Check if the online term insurance plan
offers a wide variety of riders to add to your
existing insurance plan as these add-ons give
extra coverage making it a wholesome insurance
policy at a nominal additional premium. Claim
settlement ratio The claim settlement ratio is
an important parameter that shows how reliable an
insurance company is in settling the claims. A
company with low CSR ratio should not be favoured
as it means the provider has not maintained a
good record of settling policyholder claims. A
high settlement ratio means the claims are
settled on time, and people can trust this
company.
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Choosing the right Term plan?

• High Claim Settlement Ratio (CSR) The Claim
  Settlement Ratio is the total percentage of
  claims settled by the insurer against the
  policyholder's claim requests during the
  financial year. While a low CSR states that your
  insurance provider has not maintained a good
  record of settling the claims, a high settlement
  ratio means the record is quite good.
• Solvency Ratio The solvency ratio is another
  important factor for term plan comparison. It
  clearly shows the ability whether the insurance
  provider can pay your sum assured as per
  promised. The Solvency ratio indicates the cash
  flow to meet long-term liabilities.

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Term Insurance comparisionBimakaro.in

• The term insurance comparison can be more
  effectively calculated with the term insurance
  calculator tool available online. This tool helps
  you calculate your premium that you will be
  paying for the desired sum assured in just a few
  seconds, at the click of a button. You need to
  enter a few details in the online calculation
  tool such as your name, age, gender, occupational
  history, the desired sum assured, no nominees,
  etc. The online calculating tool also allows you
  to compare and analyse the wide range of plans
  offered by various insurance providers.
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• Having read through all the above pointers, we
  believe you might have got a clear answer for the
  question - Is term insurance comparison necessary?
  Comparing term insurance plans is crucial to
  gain valuable insights on the term plan benefits
  and features. BimaKaro.in has the most
  comprehensive insurance comparison tool to help
  you ascertain the best policy for your needs. Not
  only this, but it is also helpful to educate your
  dependents or nominees or family members to
  understand the value of an insurance plan better
  and make them aware. So, they can follow up on it
  during your absence, avail the sum assured on
  time and utilise the same for better reasons.
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Bimakaro
Bimakaro.in is the easiest way to buy insurance
online. There are multiple options to choose
from, and our advisors are always there to assist
you.