Claim settlement ratio

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Claim Settlement Ratio
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Insight on Claim Settlement Ratio
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• Benefits/Advantages of buying a term plan
• Death Cover Term plans provide pure life cover
  and it becomes a must buy, if you are the only
  wage earning member in the family. In case of
  your untimely death, it pays an amount equivalent
  to the sum insured to the family, so their
  finances are not affected.
• Fulfill Financial Objectives In case of untimely
  death of the life insured, a one time lump sum
  payout equal to the sum assured helps accomplish
  major financial goals like child education and
  marriage. The payout from a Claim Settlement
  Ratio also helps pay off debts such as home loan
  or car loan.
• Ensures Regular Income Some term plans are
  available with lump sum payout plus monthly
  income to the family, when you are not around.
  These types of term plans help your family meet
  the regular expenses with ease.

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• Attains Maturity Amount Typically, term plans do
  not offer any maturity benefit, but TROP plans
  offer the maturity benefit, and thus, returns the
  paid premiums at the maturity of the policy,
  provided the insured survives through the policy
  term.
• Opt for Additional Coverage You also have the
  option to choose riders with a term plan. Riders
  such as Accidental Death Benefit, Disability
  rider, Critical Illness, and Income benefit Rider
  help enhance protection to your base policy.
• Major factors to consider before buying a term
  plan Want to buy a right term plan that can
  ensure the financial well-being of the family?
  Following are the key aspects you should consider
  prior buying the plan.
• Adequate Cover Choosing a right cover amount
  ensures that your family gets the payout that can
  cover day-to-day and other major expenses like
  children's education/marriage, paying off debts,
  etc. Buying a plan with an inadequate cover is of
  no importance.

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• Policy Tenure It is advisable to choose a policy
  tenure, so you can pay off all major financial
  liabilities. Avoid choosing a shorter policy that
  may end up when cover is required the most. It's
  best to opt for a policy that offers flexible
  tenure options, so you can choose tenure
  depending on your protection needs.
• Consider Inflation When looking to buy a term
  plan, it is advisable to make an estimate about
  the inflation and then get a life cover that can
  easily cover your family's financial expenses at
  a time say 20 years from now. You may consider
  the inflation rate while picking the sum assured
  for the policy.
• Claim Settlement Ratio Claim Settlement Ratio
  gives you an idea for the number of claims
  settled by an insurer. Higher ratio signifies
  that the insurer is reliable, when it comes to
  settlement of claims. It is thus advisable to
  choose an insurer that has the highest claim
  settlement ratio.

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• Choose Riders When it comes ensuring financial
  protection for the family, you never want to
  compromise it in any manner. Choosing right
  riders with the term plan always boost
  protection. Riders help enhance protection,
  provided you have opted for the most appropriate
  rider/s. Riders are available on payment of
  additional premium, so choose it wisely.
• Source- http//bit.ly/2v30QQF

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