How To Choose A Protection Plan

To choose the right term insurance plan, you should be able to draw an approximate picture of your family’s needs. See to it that your family is able to avoid financial strains, if an unwanted, unpredictable situation strikes. Get all-round protection against death and disability and be a responsible provider by taking care of your family’s future needs too. For example, if your monthly expenditure right now is Rs. 35,000, you need to look for a plan that will take into consideration your future needs after accounting for the inflationary factor.

Certain important factors that one must keep in mind while selecting a protection plan are:

(a) PremiumA regular payment made to the insurance company to keep the policy in force. amount:

Protection plans are popular because of the low premiumA regular payment made to the insurance company to keep the policy in force. amount you are required to pay. For a cover of  Rs. 1 Crore, you need to pay an amount as less as Rs. 1300 per month depending on your health condition and age. Since the premiumA regular payment made to the insurance company to keep the policy in force. amount does not increase over the policy termIt is the number of years the policy will be active. it is advisable that one buys these plans as early in life as possible.

Please note that there are special rates for a non-smoking individual or a female, where the premiumA regular payment made to the insurance company to keep the policy in force. you need to pay is lower than others.

(b) Cost of Sum AssuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured.:

Certain plans provide you with discounts on higher Sum AssuredThe sum assured is the minimum amount payable to the assured or his/her dependants on the death of the life assured.. So, the cost of the plan is reduced while giving greater protection for your and your family’s future.

(c) Claims settlement history of the company:

Friendly, fair and fast processing of your claimNotification to an insurance company that payment of an amount is due under the terms of the policy.s is the sign of a prudent insurance company. One may also want to compare 3-5 years of the companies claimNotification to an insurance company that payment of an amount is due under the terms of the policy. settlement record which is publically available on the regulator’s website.

(d) Riders offered:

Riders offer you added cover on your plan. You can receive extra cover for accidents and dreaded diseases and enhance your protection cover.

Our range of protection plans