How To Choose A Protection Plan
To choose the right term insurance plan, you should be able to draw an approximate picture of your family’s needs. See to it that your family is able to avoid financial strains, if an unwanted, unpredictable situation strikes. Get all-round protection against death and disability and be a responsible provider by taking care of your family’s future needs too. For example, if your monthly expenditure right now is Rs. 35,000, you need to look for a plan that will take into consideration your future needs after accounting for the inflationary factor.
Certain important factors that one must keep in mind while selecting a protection plan are:
(a) Premium amount:
Protection plans are popular because of the low premium amount you are required to pay. For a cover of Rs. 1 Crore, you need to pay an amount as less as Rs. 1300 per month depending on your health condition and age. Since the premium amount does not increase over the policy term it is advisable that one buys these plans as early in life as possible.
Please note that there are special rates for a non-smoking individual or a female, where the premium you need to pay is lower than others.
(b) Cost of Sum Assured:
Certain plans provide you with discounts on higher Sum Assured. So, the cost of the plan is reduced while giving greater protection for your and your family’s future.
(c) Claims settlement history of the company:
Friendly, fair and fast processing of your claims is the sign of a prudent insurance company. One may also want to compare 3-5 years of the companies claim settlement record which is publically available on the regulator’s website.
(d) Riders offered:
Riders offer you added cover on your plan. You can receive extra cover for accidents and dreaded diseases and enhance your protection cover.
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