Giving financial security to your family regularly frames the premise of your plan for back-up. It is in this connection that a straightforward type of protection called a Term Plan turns out to be critical. A term insurance is a product which offers financial insurance as a total guaranteed to your beneficiaries in case of any uncertain event. Plans like these are outlined with a single motive of giving afinancial securityto the family by giving a benefit of lump sum payment in of the demise of the policy holder. The policy guarantees the benefits to be payable just in the event of death but in case, the policy matures, the policyholder gets nothing. These are the best plans if you intend to pay a lesser premium and get a higher cover.
ICICI prudential life insurance has few online terms insurance plans to offer:
ICICI PruIProtect online term insurance plan is outlined as an online policy where it is easily accessible through the organization’s site. A candidate has a choice to tweak this term plan as per his needs. This ICICI PruIProtect plan pays the sum assured as chosen by the policyholder in case of the death of the insured.
Eligibility Criteria for ICICI PruIProtect& ICICI PruIProtect Smart:
ICICI PruIProtect Smart
The ICICI PruIProtect Smart online term insurance plan offers numerous assurances against a large group of danger componentslike accidents, death, critical illness or the physical disability everything falls under this single term plan.
It is moderate and customizable ICICI term protection plan offering improved assurance for the policyholder and his or her family. ICICI PruIProtect Smart gives enhanced security by offering coverageon death, critical illness and disability. Additionally, it also provides rider benefits (optional) like Critical Illness Benefit and Additional Death Benefits.
How to choose the best online term insurance plan?
• Right protection plan: It is the most critical thought in purchasing an online term protection plan. Term life insurance policy buyers in India intuitively opt to purchase policies which are less expensive.
o Claims Settlement Ratio: A claim settlement ratio metric lets us know the number of insurance claims made to the insurer in a financial year and the how many were paid providing a broader picture of the probability of your insurance claim being paid.
o Solvency Ratio: A solvency ratio of the company states their capacity to pay the passing claims. Hence, it is very important for you to know before making the buying decision of an insurance of whether the company is capable of making the payments.
• Comparison of plans: Selecting the best term insurance plan online is now easier and since buying plans online has become the most convenient way go it is advisable to make comparisons and choose the best for your family.
• Deciding the policy term duration: Another critical factor to be considered while buying an online term insurance plan of deciding its term tenures which ranges from 15,20,25,30 years. It is a basic criterion that you should be having is a life insurance as long as you are earning bread for your family.
• Choosing a sufficient coverage amount: Financial experts suggest to get a coverage of 10-15 time of your yearly income as it is a plan to make sure your dependents are financially secure after your demise or in the case of any physical disability or critical illness.
• Premium payment option: Now the insurance companies have various online payment options like Credit/Debit/Net banking based on your monthly/quarterly/ yearly choice of payment.