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Five Steps Methodology to Customize a Comprehensive Term Policy

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Life events are unpredictable, and we do not really have control over it. However, you can always prepare and safeguard yourself and your family financially against it. A term insurance plan helps you achieve the same.

Ideally, the term insurance policy only offers death benefits to the beneficiaries if you die prematurely during the policy tenure. However, to enhance the coverage of term insurance plans, insurers in India provide rider benefits.

Since term insurance can offer extensive cover, it is essential to customize the plan according to your needs. In this section, we will help you customize the right term insurance plan.

Five-Step Methodology to Customize Term Insurance in India

Here are five steps that will help you build a term insurance plan that fulfils your future financial needs.

  1. Search and compare term insurance plans online

Several insurers offer term insurance plans in India. Choosing the right policy from the plethora options can be overwhelming for most people. In such a situation, it is wise to do thorough research on multiple term plans from different providers.

Compare these plans online based on the premiums charged, coverage provided, exclusions, additional benefits, claim settlement process, etc. You can use the term insurance premium calculator to determine the premiums of the different policies. Based on this complete evaluation, you can narrow down your options that best suit your needs.

2.       Choose the right policy tenure

When buying term insurance plans, it is necessary to get the right policy tenure. You have to take into consideration the life stage at which you are buying the policy. Further, you have to consider your future life stages and plan the term insurance investment accordingly. 

Buying term insurance at an early stage in life will help you save on premiums. As you grow older, the premiums of the policy increase as well. In addition, it is wise to buy a policy with longer tenure as no benefits are provided if you survive the term. 

3.       Look for suitable rider benefits

One of the appealing term insurance benefits is the additional covers it offers to enhance the scope of the policy. Rider benefits such as critical illness cover, the return of premium cover, accidental death cover, etc. are some of the worthy add-ons that you can opt for when buying the policy.

However, note that each rider benefit you opt will increase the premium amount. You can use the term insurance premium calculator to determine how much you need to pay for your chosen term insurance coverage with rider benefits.

4.       Get life stage protection

One of the other term insurance benefits that you should consider is life stage protection. It allows you to buy rider benefits at different life stages without having to undergo a medical examination. With this facility, you can enhance the coverage of your plan as per your rising needs.

5.       Buy term insurance online

Today, everything we need is available online - whether it is groceries, clothing items, insurance, or investment plans. Insurance providers in India now offer term insurance plans online on their platform.

The process of buying term insurance online is easy and effortless. All you have to do is visit the insurer’s website, fill out the application, choose your term insurance coverage, pay the premiums online, and it is done. The online premium payment facility is safe and secure.

In addition, buying term insurance online eliminates the need for an intermediary, which makes online term insurance plans cheaper and more affordable.

To Sum It Up!

Term insurance meaning is to secure the future of your family members, especially when you are not around to take care of them. 

So, before buying the policy, also consider evaluating your current financial situation, expenses, and future financial objectives. This will ensure that you land the right term policy to invest in. Then you can proceed with the five steps explained above to choose the best term plan for your needs.

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