INTERVIEW QUESTIONS INSURANCE TERM LIFE INSURANCE DETAILS

Question: I want to buy a term plan for 25 years with sum assured 30 lakhs. I compared between two policies online. One is a popular insurance company, but they have slightly higher premium. The other one is new entrant, but their premium is low. Which one should I go for?

Answer: All insurance companies come under the aegis of the Insurance Regulatory and Development Authority (IRDA). As there is a close watch over the insurance companies by the regulator, safety will not be an issue even if you are going for the new entrant. But on the other hand, you should focus on few other aspects.

Premiums are a big differentiator in pure term plans and depend upon the age group you belong. If you search more you may find more competitive options. But the services the insurer offers you matters more. The level of confidence you have with a company, in terms of maintaining a long term relationship also make a difference.

Do compare the features of the 2 plans closely. For example, while one plan offers coverage for 75 years, of age, the other may cover you till 65 years only. Choose a plan that gives you the longest term and maximum coverage.
Managing risk is all about protecting your family against uncertainties arising in the future. Getting yourself covered for a limited period is a risky proposition.

All insurance companies come under the aegis of the Insurance Regulatory and Development Authority (IRDA). As there is a close watch over the insurance companies by the regulator, safety will not be an issue even if you are going for the new entrant. But on the other hand, you should focus on few other aspects.

Premiums are a big differentiator in pure term plans and depend upon the age group you belong. If you search more you may find more competitive options. But the services the insurer offers you matters more. The level of confidence you have with a company, in terms of maintaining a long term relationship also make a difference.

Do compare the features of the 2 plans closely. For example, while one plan offers coverage for 75 years, of age, the other may cover you till 65 years only. Choose a plan that gives you the longest term and maximum coverage.
Managing risk is all about protecting your family against uncertainties arising in the future. Getting yourself covered for a limited period is a risky proposition. Source: CoolInterview.com

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