By now, you would already have at least one experience of online shopping. After all, we are living in a digital era and this latest technology has bestowed its presence across the insurance sector, too.

More and more insurance providers are introducing a new range of life insurance plans for their customers. With the online portals making life insurance popular, insurance companies are adding-in many attractive features to make it more popular among the insurance seekers.

In case you are also looking ahead to buy life insurance plans, nothing could be better other than term insurance plans. Term insurance plans are the cheapest and the best way to financially secure your family in your absence.

Innovations in online technology allow you to customise your plans enabling you to buy one of the best term insurance plans. For example, if you are not sure whether they will be able to wisely use the lump sum death benefit or not, you have the option to break the death benefit amount into smaller amounts to ensure that they receive regular periodic income. In addition to, you also have a third option where you can choose to get a part of the sum assured as a lump sum and pay periodic income with the rest.

Hence, given the customisation options, you should also pay attention to the features of a term insurance plan and not only on the premium amount.

1. Term insurance plans will always have certain features attached to it such as affordable premium amount, decent sum assured, an option to attach riders (add-ons), etc.  SBI term insurance plan is a good example of such plans as it let you calculate your premium depending on the desired sum assured chosen by you along with other factors like your age, term, etc.
   
2. Next, make sure that you get the flexibility to pay your premium amount. The term insurance plan chosen by you should allow you to pay your premiums monthly, semi-annually and annually.

3. Contrary to what you may know about health insurance plans, they only compensate you against the hospitalization expenses incurred by you. These plans don’t secure you against any major critical illnesses which cost a lot as soon as they are diagnosed.  Hence, in case you have a family medical history of critical diseases like cancer, stroke, etc., make sure you get a financial shield in the form of critical illness rider on your term plan.

4. One of the most important factors is how to choose a good insurance company. Basically, every insurance purchased by you is a promise made by the insurer to keep your family financially secure and protected no matter what happens.

   Hence, it’s important that the insurance provider you have chosen must have the integrity and credibility to fulfil this promise.

   The first way to identify a credible insurer is to have a look at its CSR (Claim Settlement Ratio) as established by IRDAI. Besides this, also pay close attention to other details corporate governance record, Assets Under Management (AUM), solvency ratio and instances of violations of IRDAI norms by the company.

5. Term insurance plans also allow you to enhance your cover amount on certain events like marriage/childbirth/taking a home loan.

How Insurance Portals or Aggregators Can Help You Choose The Best Term Insurance Plan?

Insurance portals or aggregators work by listing the term insurance plans on their website and allow insurance seekers to compare plans provided by different insurance providers.

The basic idea behind this structure is to provide term insurance providers with some extra exposure while making the buying decision simpler for customers, as they no longer need to go to different websites to check their products. Using an online aggregator you can have all the necessary information you need in one place.

Final Thoughts:

Your life is important. So, be judicious while finalizing a term insurance plan as it’s not only about your hard-earned money but also works as financial support for your family in your absence. Convenience is the key and the online aggregators offer you the convenience to access a series of term plans from wherever you are and on whichever device you prefer.

Take your time to do thorough research and make informed decisions. Insurers like SBI , LIC, HDFC and Aviva etc term insurance provide you with the opportunity to customize your term policy as per your requirements.