Factors to Consider While Choosing the Perfect Term Plan for Yourself
- Liabilities- If you are someone who has a lot of liabilities on you, then it's imperative to invest in a term plan with a high coverage. Liabilities include home loan, personal loan, children's marriage etc.
- Sole earner- If you are the sole earner of the family, it's necessary to take a plan with a high coverage.
- Lifestyle- If you want to help your loved ones continue with the same lifestyle they had before, it's important to factor in inflation and other costs and then take a term plan accordingly. This will ensure that they continue living comfortably.
- Payout method- In most of the cases, term insurance pays out the sum assured to the nominee as lump sum amount. It is quite possible that nominee might not be able to handle the amount or manage such a huge amount at a single shot. When you compare term insurance policy only, make sure to look at alternatives when it comes to payouts. Some insurance policies allow you to convert the amount into annuity, so that there is lower risk.
- Claim settlement ratio- One buys insurance so that they can claim it in time of need. A higher settlement ratio means the Company has settled most of its claims. An effective settlement process that is hassle free would make life much easier for the nominee.
- Strong financials- An insurance company that has strong financial background always provides a sense of security and confidence. Choose a company that has a strong financial background.
Service quality- Along with the plan, you should also check the service quality of the company. The last thing you want is to chase them for your claim in time of need. Easy processing of policy at the first place, to renewals and claims, all the factors should be considered.
HDFC Life offers its patrons the best plans in the Industry. Choose a term insurance best suited for you and help secure your family's financial future.
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"The thumb rule for retirement planning is - the earlier you start, the more you save. However, with age, your priorities change too. So, you need to factor in the cost of living in the present vis- a -vis future."
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