What are the Salient Features of a Term Insurance Policy?

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What are the Salient Features of a Term Insurance
Policy?
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• You must have heard the famous quote " Life Is
  Too Short to Wake up with Regrets ".You must be
  wondering why I am talking about such a saying.
  In life you have to choose wisely and smartly the
  first time as life doesnt give you many second
  chances .Similarly in insurance while choosing a
  term plan a degree of caution is advised. You
  must have visited famous mobile stores in India
  where you would have seen mobile handsets of
  different Companies. The sheer number of mobile
  phone models of different Companies,
  Smartphones, CDMA Handsets must have blown your
  mind away. Every month newer models are
  introduced which fill up the shelves of these
  mobile stores .

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• You must be wondering why I am talking about
  mobile phones in an insurance article? In term
  insurance you have a wide variety of plans with
  different riders attached similar to accessories
  of mobile phones such as a Bluetooth headset. You
  have to choose your term insurance policy wisely
  from among several different plans offered by
  different life insurance agencies keeping in mind
  the additional benefits called riders. Mind
  Boggling Isnt It. Do not fear. The team of
  Financial Planners at IndianMoney.com are always
  there for you to plan your insurance needs in a
  most effective and efficient manner.

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Thing Big Take A Large Cover

• If you had been to the markets of Bangalore last
  month you would have found your food bill
  skyrocketing? Why is this so? The reason is
  simple. Those Pricy Veggies .You must have
  noticed the Consumer Price Index Inflation in the
  month of May at 9.31. This basically measures
  the monthly change in food, fuel, clothing,
  housing, medical, transport, household items and
  so on and this has steadily risen over the past
  few years .Can you imagine what the prices of all
  these goods might be about 10 years down the
  line. How Do you Beat This Rise In Inflation? The
  answer is incorporating the inflation factor in
  your term plan.

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Tenure Of Your Term Insurance Policy

• Let us consider that you plan to retire at 60
  Years of age. You are currently 30 Years of age.
  According to the rule of thumb you deduct your
  current age from your planned retirement age. In
  this case it is 60 Years minus 30 Years which is
  30 Years. This translates to tenure of 30 Years
  for your term policy. If you are 30 Years of age
  and have taken a single term insurance policy
  with tenure of 25 Years your policy comes up for
  renewal when you are 55 Years of age .If your
  health condition is bad would you get a renewal.
  Definitely not .

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Take A Look At That Claim Settlement Ratio

• What is your worst nightmare? Isnt it that the
  insurance agency will not pay your family the
  claimed amount when you are not around and can do
  nothing about it? .Dont you think it is wise to
  check the Insurance Agencies Claim Settlement
  Ratio? You must have noticed that the old
  insurance war horse has the highest claim
  settlement ratio.

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lient-features-of-a-term-insurance-policy