• Right Sum Assured: Choose a coverage amount (sum assured) that’s 10 to 15 times your annual income to ensure your family’s financial security.
• Policy Term: Select a term that covers you till at least retirement age (generally up to 60 or 65 years).
• Medical Test is Essential: Always opt for medical tests while buying term insurance for claim transparency and ease in future.
• Premium Payment Option: Choose from:Regular Pay,Limited Pay,Single Pay as per your financial comfort.
• Claim Settlement Ratio: Check the insurer’s claim settlement ratio (CSR). Go for companies with CSR above 95%.
• Add Riders for Extra Benefits: Enhance your cover with riders like:Accidental Death Benefit,Critical Illness,Waiver of Premium
• Disclose Everything Honestly: Mention all health conditions, habits (like smoking), and existing policies. Non-disclosure may lead to claim rejection.
• Nominee Details: Update nominee details correctly to ensure smooth claim payout.
• Online vs Offline Plans: Online plans are generally cheaper. Compare both for features and convenience.
• Review Annually: Life changes—so should your cover. Review your policy every 2–3 years or after major life events (marriage, child, new loan).