Term insurance plan provides full financial protection up to a particular period of time to your family in time of any unfortunate events. Choosing the best term insurance plans depends on your needs, premium payment, income, etc. You can choose the best if the term plan fares well in the following parameters.

Claim Settlement Ratio

This is the number of claims paid by the insurer following the death or unfortunate events happened to the insured. The insurer that has a high settlement ratio is usually preferred.

Policy Term: Make sure the policy provides longer period of coverage. Some of the insurers now provide term plan for up to 100 years. It is important to choose the longer period as term plans have no cash value. The policy expires after the tenure ends.

Add-on riders: Along with the term plan, there are additional covers such as accidental death, critical illness cover, etc., which can help you get comprehensive benefits.

Sum Insured: While taking an insurance policy, ensure that your family is covered adequately. Opt for higher insurance amount as it can provide full protection to your family members.

Other than the above parameters, check if the plan provides you tax benefit, top up option, maturity benefit, etc.