Term Insurance Comparison - Your Key to Finding the Best Coverage

Term insurance is perhaps the most affordable variant of life insurance that you can take to ensure your family’s protection. In case of an unfortunate event, term insurance provides financial security for you and your family. It is advisable to buy life insurance as soon as you start earning after careful term insurance comparison to cover your liabilities and have a financial backup at the time of a health crisis.

When you compare term life insurance, you can create a comprehensive financial support system for your loved ones. If you have dependents in your family, it becomes even more crucial for you to compare term insurance plans mindfully before purchasing one. 

Term Plan Comparison 

The insurance industry has broadened extensively, and you have numerous term plan options to choose from according to your suitability. You can make a term plan comparison online and get the best option for you and your family.

Here are a few factors to be considered when you compare term life insurance plans:

Maximum Policy Duration Offered

You may be confident with your health or financial stability today, but you cannot possibly foresee the future. The term insurance compare process enables you to choose the best-suited policy for your family. Moreover, when you compare term insurance benefits carefully, you can choose a policy tenure that covers your working and post-retirement years – facilitating long-term financial security even if you are not earning a regular source of income after retirement.

The best thing to do here is to compare term insurance plans and take a maximal insurance coverage period and opt for the plan which offers coverage till the age you want to be covered.

Claim Settlement/Paid Ratio of the Insurer 

With all life insurance companies offering term plans, it becomes crucial that you spend time in making a comprehensive term insurance comparison and factor-in the claim settlement/paid ratio of the insurance companies. The claim settlement ratio of an insurer is a statement of their credibility and track record of settling term insurance claims. Thus, the higher the Claim Settlement Ratio, the better it is.

When you compare term insurance plans keeping these factors in mind, you can choose an effective and reliable policy to protect your loved ones. With Max Life Insurance online term insurance plans, you have several options available to ensure a secure future for your family. Here is what you need to know about them to compare term insurance plans appropriately. 

Compare Term Insurance Plans: Understanding the Different Types

Let us look at some of the types of term insurance plans:

1. Basic Term Plans 

It is the simplest form of term insurance, which provides only level life cover without any maturity benefit. Under this term plan, the sum assured remains fixed throughout the policy tenure, and the policyholder’s nominee(s) receive the death benefit in case of death of the life assured.

2. TROP (Return of Premium) Plans 

A term plan with return of the premium option comes with a maturity benefit where the total premium will be returned if the policyholder survives the term period. When you compare term insurance plans, you can assess the differences between the benefits of standard term insurance and TROP. 

Term Plan Compare: How Much Term Insurance Costs for Different Ages?

As we cannot predict the future, it is better to have a financial backup in the form of a term plan. To be able to do that, you must compare term life insurance plans in terms of their cost, so you can remain financially secure without burning a hole in your pocket.

Below is a table that will help you get an idea about the premium rates according to various ages and additional riders under the Max Life Smart Term Plan (UIN - 104N113V02) (Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan).

Note: Term insurance premiums mentioned above are based on the following assumptions:

For a non-smoker healthy male across different age groups i.e. Age 25, 35, 45 and 55 Years (Age last birthday) with annual income of Rs.5 lakh – Rs.7 lakh

With Life Cover of Rs. 50 Lakhs, Accidental cover of Rs 50 lakhs and Critical Illness Cover of Rs.10 lakhs

Policy term = 65 years – Age at Entry

Premium Payment Term is the same as the Policy Term

The Premiums stated above are inclusive of GST and paid annually.

As you can see, buying a term plan at a young age is beneficial as the rates are lower during that time. It is therefore advised to make term plan premium comparison as soon as you start earning and invest in a comprehensive cover.

How to Buy Max Life Term Insurance? 

We, at Max Life Insurance, offer easy-to-buy term insurance plans so that you can take one at your convenience anytime and from anywhere.

Below are the steps explained (please note that the values depicted in the illustrations provided under this section are for illustrative purposes only, and the actual premium payable may vary from one person to another):

Step 1: Fill in your details in the term insurance calculator with name, gender, date of birth, smoking habits and annual income bracket. Click on Calculate now to proceed.

Frequently Asked Questions

1. Is it feasible to have 2 terms insurance policies? 

To meet your insurance needs, you might purchase two or more term insurance plans. It is also possible to have multiple beneficiaries on an insurance policy.

2. Can I extend existing term plan duration? 

When you compare term insurance plans, you will find regular term plans do not allow the policy period to be extended but there are renewable and convertible policies that you may find during the term insurance compare process which allow it.

*^Savings mentioned are indicative of the maximum premium  difference when the same plan/variant is bought offline