comparison

Buying Term Plans – A comparison of plans and key questions

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term plan life insurance

You buy life insurance when you need to ensure that your family continues to live a financial worry-free life, in case you were to leave your bodily abode earlier than expected.

Term plans allow you to buy a life cover through a Sum Assured for a very low premium. A pure insurance plan without any savings component as otherwise offered in an endowment, money back of ULIP.

I have ensured that my insurance (including, life, health, etc.) remains in good shape. I bought my first life insurance cover in 2007 through an agent. Subsequently I switched to online term plans.

What is an online term plan?

Online term plan is a term plan that is offered directly to the users by the insurer through its website. It does not involve any third party sales channel or distributor and thus helps the company save on expenses too. Due to this, these term plans are offered at comparatively cheaper premium rates compared to those sold by insurance agents.

Recently, I decided to buy an additional term plan to increase my sum assured. So, I set out searching one for me.

Read more: How much life insurance cover do you need?

I use this opportunity to present to you a comparison of different term plans.

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Buying Health Insurance – A comparison of 3 plans

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Buying Health Insurance - a comparison

Updated version of this post is here. Buying health insurance – Comparison of 5 plans

I thought investing in mutual funds was a huge problem for you and me. Turns out I was so wrong.

Buying Health Insurance is a much bigger pain. I guess climbing the Everest would be easier. I don’t know from which planet did the creators of health insurance products come, but they have succeeded in scaring the hell out of us.

When the plans are presented to common janta like you and me, all I can feel is heads spinning.

Room rent capping, disease wise sub limits, waiting period for specific diseases and pre-existing diseases, co-payments, domiciliary hospitalisation, organ donor, emergency ambulance, renewals, no-claim bonus, refills, super top ups, top ups, vaccination, ….(stop for breathing…), how many things one needs to look at before deciding what makes sense?

I have spent over 24 hours (real hours) reading, talking and absorbing details on various health insurance websites and the plans they have to offer. Frankly, I am yet to recover.

Now I agree that there is a ton of useful material out there that already details what you should look for in buying health insurance. Even after going through those super helpful guides the evaluation of health insurance plans is simply no fun.

Anyways, after much dilly dallying, I decided to take the bull by the horns.

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