Finding the Best Term Insurance Policy with Suggestinsurance.com

Posted by Sonia Nagpal on March 3rd, 2016

There are different types of term insurance policies available from various companies to suit varying needs, budgets, and lifestyles.  Suggestinsurance.com can help you find the right term insurance policy. This website compares insurances from top companies such as Bajaj Allianz, Max Life, HDFC Life, Exide Life, Aegon Life and more.

There are generally two types of term insurances available: decreasing-term and level-term. The difference between the two is the amount of benefits the beneficiary will receive upon the death of the policyholder. The benefits of a ‘level’ term insurance stay the same, while the benefits of a ‘decreasing’ policy go down over the years. A decreasing-term policy may be useful or covering debts that tend to be reduced over time, such as mortgages. Level-term policies are suitable for family protection, if your goal is to leave your family a lump sum that they can invest or use after your death. Term insurances can also be classified as:

•        Pure Term Insurance Plan: This kind of a term plan provides fixed life cover only. In the case of an unfortunate demise of the policyholder, the nominee will be paid out the fixed Sum Assured as a lump sum death benefit and policy terminates thereafter.If the policyholder survives the policy term nothing will be paid to him/her at the time of maturity.

•        TROP-  Term Plan with Return of Premium: As the name suggests “Term Plan with Return of Premiums”, under this plan the insurance provider will return all the paid premiums as maturity proceeds to the policyholder, once the policy term ends. The nominee is eligible to get the death benefit which is Sum assured, in case of an unfortunate demise of the policy holder. The premium associated with “return of premium”  term  plans is comparatively higher than the pure term plan.

Getting a term insurance policy (or any type of insurance policy for that matter) can be overwhelming. Whether it is your first time to buy a policy or not, you may still need help in understanding the finer details of the contract. Suggestinsurance.com is a good website to use if you want to shop around for term insurance policies that will suit your needs. Another important thing to think about is if you can afford the premium of the policy.

Let Suggestinsurance.com help you. They have a team of experienced professionals that can explain policies more clearly. They also have an excellent roster of insurance companies that you can compare and choose term policies from. When you have an access to a larger pool of insurance companies, you have a better chance of finding a term insurance policy that will best suit you. Suggestinsurance.com has a user-friendly website that can offer personalized insurance solutions.

About the Author

Suggestinsurance.com is the online identity for IRDAI approved insurance broker – S B Insurance Brokers Pvt. Ltd. On SuggestInsurance.com, we offer quotes from leading insurance companies and let the customer explore the insurance plans, get their details, view and study brochure and other documents, compare features and benefits of these plans side by side and then take a decision.