FAQs 171 views November 16, 2018

There are numerous insurance companies that sell term life insurance plans. With so many plans offering almost similar benefits at differing rates, it may be tedious to choose the right life insurance company to buy term insurance. However, following the below-mentioned steps may help make the right decision.

  • First of all, choose the amount of life cover you wish to seek while buying term insurance;
  • Next log on to an online insurance portal to find out the premium rates charged by each company corresponding to the amount of financial cover that you are looking for;
  • Log on to the Insurance Regulatory Development Authority of India (IRDAI) website to find out the claim settlement ratio of each life insurance company. Higher the claim settlement ratio, greater is the chance that the insurer would honor the term insurance proposal;
  • Make a list of the five top insurance companies that you would like to choose from;
  • Find out details regarding policy period, premium paying term, premium amounts charged, rider benefits, etc. of each insurance company;
  • Tally if the benefits you are looking for match what the insurance companies are offering;
  • Select the best offer of term insurance plan and your insurer.