Term Plans

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Term Plans
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Compare Term Plans, Buy the Best
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• You are working so hard to meet the needs and
  desires of your family. You have high hopes for
  their future. All your efforts are sincerely
  driven so that they lead a good life and occupy
  respectable positions in the family. But as we
  all know about the uncertainty of life in this
  mortal world, things don't seem that bright once
  we are not there with them. They would miss our
  care, our guidance and of course the money that
  we bring in to sustain them. There comes the role
  of life insurance, specifically term insurance.
  Term Plans are designed with the intension to
  replace your income and make your loss to your
  family easier to some extent. A fixed sum is
  agreed to be paid by the insurer at the
  commencement of the plan, which is in fact a
  considerable amount of money and proportionately
  very huge compared to the premium paid.

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• Why compare term plans? This question is very
  important. The answer is not just difference in
  premium or different claim settlement ratios of
  companies. But different companies provide
  various other features that add to the basic term
  plan. Be it monthly income or extra coverage for
  some critical diseases, some companies hire a
  specialist team to provide claim assistance to
  the nominee etc. Thus, when purchasing a term
  plan one must be aware of the different features
  or riders (added benefits) provided by the
  insurer. Each person has a different type of
  requirement. Thus, one must be clear which
  company provides those features in their term
  plans that suit their requirements best. Thus,
  comparing term plans before just buying is a wise
  thing to do and all experts recommend it.

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• Now another question comes, how to compare? This
  is a very relevant question because nowadays you
  find insurance companies in every nook and
  corner. LIC is no more the sole player selling
  life insurance. With so many companies offering
  Term Plans with different features, it is havoc
  to even dare to think of comparing. These agents
  would do anything in their capacity to make you
  believe that only their company's plan is the
  best. So, you don't get the right information. We
  cannot expect you to study websites of all the
  insurance companies and chart out the best plan
  for yourself.

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• That problem is now addressed to a great extent
  by the rising capacity these insurance web
  aggregators are assuming in the insurance space.
  They intend to provide unbiased comparison in a
  very consumer friendly way. Thus, it is a good
  initiative taken by IRDA to promote Insurance Web
  Aggregators that provide healthy comparison in
  the best interest of the consumer.
• Source-http//bit.ly/2njjeQZ

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