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I agree to the Terms of Usage and Privacy Policy. By submitting my contact details here, I override my NDNC registration and authorize ABSLI to contact me by phone/e-mail/SMS/WhatsApp. Trade Logo "Aditya Birla Capital" displayed above is owned by ADITYA BIRLA MANAGEMENT CORPORATION PRIVATE LIMITED (Trademark Owner) and used by ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED (ABSLI) under the license. BEWARE OF SPURIOUS / FRAUD PHONE CALLS! IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint. ABSLI Nishchit Aayush is a non-linked non-participating individual savings life insurance plan (UIN No 109N137V05)

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6 Things to Consider While Buying Term Insurance Plan

Date 03 Sep 2021
Time 3 min

If you’re new to the world of life insurance, and are looking for a policy that will cover you for a specific period, a term life insurance policy, or a simply a term plan, can be your best bet. A term plan provides high sum assured to the policyholder at low costs. This sum assured is given to the policyholder’s nominee in case the policyholder dies during the policy term.

You can buy term insurance either offline or online. However, when you go to buy term insurance, you’ll get a lot of options to choose from which might leave you confused. Therefore, to help you out, we've listed certain things to consider while buying term insurance in this article.

Choose a plan that best answers the below questions for you:

Plan Features

What are the features offered by the plan? – Some important features to look out for will be flexibility in enhancing the cover as per your need, cover critical illnesses or cover all your protection needs

Maximum Coverage at Affordable Cost

How much premium are you required to pay? – Do evaluate a term plan from a Company who has a legacy of trust and then identify the maximum coverage that you can get at an affordable cost.

Flexible Payment Term

What is your payment term? – Look out for a plan that provides you flexibility in choosing the payment term. For example, you may decide to pay premium in lumpsum amount or in monthly/yearly instalments.

Riders

What are riders? – These are helpful additional features that you can check out like include waiver of premium, accidental benefits, etc.

Claim Settlement Ratio

How good is the insurer's claim settlement ratio? – The higher and more consistent the claim settlement ratio, the quicker and more robust is the company in its claim settlement process.

Solvency Ratio

What is the insurer's solvency ratio? – As per IRDAI, every life insurance provider should have a solvency ratio of 1.5, which tells if the company will be financially capable of settling your claim, should such a requirement arise.

If you always remember these things to keep in mind while buying term insurance, it will not be a painful or confusing task for you. You should be aware of what you are looking for in terms of coverage, how much you can spend, and how long you need insurance for.

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Buy ₹ 1 Cr Term Cover @Rs.492/month
for Salaried Individuals¹
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Buy ₹1 Crore Term Cover @ @Rs.492/month for Salaried Individuals¹
ABSLI Salaried Term Plan
Exclusively For Salaried Individuals
4 Plan Options
Life Cover upto 70 years
Optional Accelerated Critical Illness benefit
Inbuilt Terminal Illness Benefit
Life Cover
₹1 crore
Premium:
₹492/month¹
  • Disclaimer

    ABSLI Salaried Term Plan (UIN:109N141V01) is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 2 (Life Cover with ROP) this product shall be a non-linked non-participating individual savings life insurance plan.
    1LI Age 21, Male, Non Smoker, Option 1: Life Cover, PPT: Regular Pay, SA: ₹ 1 Cr., PT: 10 years, Premium paying term: 10 years, Annual Premium: ₹ 5900/- ( which is ₹ 491.66/month) Premium exclusive of GST. On death, 1 Cr SA is paid and the policy terminates.

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