Term Plans have become the most popular form of insurance thanks to their low cost. As these plans provide the same kind of benefits as a full-fledged life insurance policy, they bring you a sense of relief and peace of mind since you can be assured by the fact that your family members will be taken care of, even when you depart from this world. Term Plans are of two types as well, Offline and Online Term Insurance Plans. These vary in their price by a certain margin, and most people aren’t sure whether to go for an online or an offline Term Plan. Here, we’ll try to resolve some of these confusions and help you make a better decision based on your choice.
Is a low premium all that you’re looking for?
When buying something as important as term insurance, the high cost of the product premium should be the last thing on your mind. It might be tempting to buy the same product at nearly half the price, but when you look in to the finer details, this may be far from the truth.
Claim Settlement Ratio
The biggest concern in the mind of the customer when buying insurance, is regarding claim settlement. The last thing they want is their family not getting the returns that were promised to them and their hard earned money going down the drain. Maxlife Insurance has claim settlement ratio of 96.03% in the industry.
The contact point in case of demise of the insured person in an offline policy is the insurance agent. While in case of an online policy, the beneficiaries need to coordinate with the designated call center of the insurance company.
While choosing a plan, you must look at other factors and not just the cost incurred towards the premium. This will go a long way in fulfilling your goals of buying a policy and avoid disappointment at a later stage.
Max Whole Life Super Plan (UIN: 104N080V03) is a Traditional Participating Whole Life Insurance Plan.
Max Life Super Term Plan (UIN: 104N086V02) is a Traditional, Non - Participating, Regular Pay Term Insurance Plan.
Life Insurance coverage is available in these products.