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Know the benefits to compare term life insurance

In a world filled with uncertainties, it is natural to feel concerned about your family and dependents' financial future in case of any unfortunate event such as death, disability, terminal illness, etc.

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Know the benefits to compare term life insurance

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  1. Know the benefits to compare term life insurance BimaKaro.in

  2. Online term insurance: In a world filled with uncertainties, it is natural to feel concerned about your family and dependents' financial future in case of any unfortunate event such as death, disability, terminal illness, etc. Term insurance is your best answer that can help you to plan for the rough times, while you are still alive. Term life insurance is a form of life insurance that provides financial security to the policyholder's family in case the insured person encounters any toward incident during the policy term.  Benefits of term life insurance: You need to compare term life insurance before buying the right policy as there are dozens of insurance companies offering term insurance policies and choosing one among it is a challenging task. But first, do you know why you need a term insurance policy for your life? We explain the benefits here, that will give you a clear understanding. 

  3. Advantages of buying term life insurance online  High coverage at affordable premiums: A term insurance policy provides you with a high sum assured at the minimum cost, compared to any other insurance plans. This coverage amount payable to your family in the event of any unfortunate event.   Customise your policy: Nowadays you can customise the term policy as per your needs. You can add riders, decide sum assured, use top-ups etc., along with your term insurance. Pay attention to each policy's customisation facilities can be checked when you compare term life insurance. This is a significant benefit for individuals who want high coverage and maximum benefit.  Additional security: A term policy is designed in such a way that it offers financial support to your family when they have to encounter income loss, during your absence. By adding your spouse also to the same policy, the payout received shall ensure your family's lifestyle is not hampered in any way. Also, the rider benefits provide a comprehensive coverage overall. 

  4. Continue… Tax benefits: The term insurance policy's tax benefits are very beneficial for individual taxpayers since they can enjoy tax benefits for the premiums paid and can also claim Rs 1.5 lakhs a financial year under the section 80C and 80D of the Income Tax 1961. The family's maturity amount in case of an unfortunate demise of the policyholder is also tax-exempt under Section 10(10D) of the Income Tax Act 1961.  Protection for assets: You might have accumulated assets by taking car loans, home loans or personal loans. In case anything happens to you; your loved ones might have to bear these loans putting them into unnecessary stress and strain. In such situations, the term benefit payout will help your family clear all the outstanding liabilities helping them retain the assets and making use of the remaining amount to take care of their day-to-day expenses. 

  5. What features to compare in term policies?  Although a term insurance policy offers multiple benefits, all of these can be fully utilised only when you choose the right plan. With the internet's penetration and the ability to compare term life insurance, you need to look at some essential features in a term policy before taking the final decision.  Coverage customisation: The best term life insurance plan should offer you with a large number of options to customise the sum assured. It must offer a chance to increase or decrease the coverage amount, during significant events of your life, as per your necessity, after purchasing the policy. This helps you avoid taking a new policy for every significant event in your life and also ensures proper planning for your family's financial future. Riders: When you compare term life insurance, remember to check if the insurance provider offers a wide variety of riders to add to your existing insurance plan. Riders are add-ons that give extra coverage making it a wholesome insurance policy, by just paying a nominal additional premium. In today's fast world, untoward events may happen, leading to death or critical illness or disability. Riders such as accidental death benefit, accidental disability benefit, serious illness cover, critical illness benefit etc., are some of the commonly preferred riders. 

  6. Continue… Multiple payout options: The term policy must address all your protection needs taking into account the essential needs of life. In the event of the death of the policyholder, a term policy should offer you the flexibility to choose from four different payouts:  Full Lump Sum Payout: The sum assured is payable in lump-sum.  Lump-Sum + Regular Monthly Income: Here, half of the sum assured is paid as a lump-sum initially, while the balance is paid regularly every month for the next ten years.  Lump-Sum + Increasing Monthly Income: In this option, 50% of the sum assured is payable as lump-sum, while the remaining is paid as increasing monthly instalments at the rate of 12% per annum.  Lump-Sum + Regular Monthly Income till child turns 21: This option guarantees half of the sum assured is paid as lump-sum while the other half is paid in equal monthly instalments till the nominated child attains the age of 21. 

  7. Bimakaro.in Claim settlement ratio (CSR): The claim settlement ratio is an important parameter that shows how reliable an insurance company is in settling the claims. It is the total percentage of claims paid by the insurance company against the policyholder's claim requests during that particular financial year. While a low CSR means the provider has not maintained a good record of settling policyholder claims, a high settlement ratio implies the record is good. People can trust this company with its settlement process.  Bimakaro.in a website that helps you compare term life insurance, shortlist them as per your life requirements, check out all their features in a single window and purchase the right plan for you. Its simple interface dramatically aids in the comparison of insurance policies and understanding the benefit of each. With multiple benefits available, plan your family's financial future by buying the best term plan on Bimakaro.in. 

  8. Conclusion To get all these benefits at one stop, head to www.bimakaro.in to get the Term Insurance you have been looking for. Bimakaro offers the lowest premiums and the best customer care teams to help you get the most out of your money. So, click the link and head over now! Online term insurance plans come with a host of benefits. As explained above, it is time to give equal importance to term insurance, as we give to health, motor, travel, or any other insurance form. Concerns related to trust and transparency are now addressed with the help of online insurance aggregators like BimaKaro.in If you are considering buying online term insurance plan, do not procrastinate. Just log on to www.BimaKaro.in now.

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