Compare Online Term Insurance Plans India on 8 parameters

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Compare Online Term Insurance Plans India on 8
parameters
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• This article is for those who are looking to
  compare online term insurance plans in India, and
  have already decided their needs. If you arent
  clear what your protection needs are, we suggest
  you go through this note first. If you are sure
  about the type of insurance you need, you are all
  set to go to the next step pick up the product
  and choose the company. Herere some quick tips
  on how to do that.

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• There are various parameters you can compare and
  buy online term insurance in India. Weve
  carefully picked up the ones that matter most.
  These are based on information published by the
  Insurance Regulator IRDA till 2014-2015, which is
  the latest available at this time. (Note we
  keep refreshing the article with the latest data
  when available each year)

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Parameters to Compare Online Term Insurance Plans
in India

1. Price Cheaper it is, better, obviously. But
   this is not the only factor.
2. Claims Settlement Ratio This is also called
   Claims Acceptance Ratio. This is nothing but the
   of claims paid to the nominee out of the total
   claims received by them. Read more about it here.
   Higher is the claims settlement ratio, better is
   our confidence level that the claim will indeed
   be paid out by that company. When you compare
   online term insurance India, this is indeed a
   very important parameter. But beware claims
   ratio is not always fully reliable.

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• 3. Average Time to Settle a Claim The companys
  approach to claims is demonstrated amply in this
  parameter. Faster the speed of claims servicing,
  greater is our confidence that our family members
  will not have to go through pain (in addition to
  the emotional loss) for getting the insurance
  amount that is due to them. (In the single view
  table below, it has been derived using mean
  values of published intervals. For gt 1 yr, mean
  value is taken as 366.)

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• 4. Solvency Ratio This is a little complicated.
  But to explain in simple words, it is the
  (financial) ability of the insurance company to
  settle all its liabilities (which include Claims
  from all term insurance plans) in case there is a
  situation of insolvency (bankruptcy) because of a
  sudden unforeseen event. IRDA stipulates that the
  Actual Solvency Margin should be 150 of the
  Required (calculated) Solvency Margin, i.e. 50
  higher as a buffer. Solvency Ratio (Actual
  divided by Required) should be gt 1.5, and is
  published.

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Sourcehttps//www.mintwise.com/blog/compare-onlin
e-term-insurance-plans-india-2014/