Sir, I would like to know about term life insurance. Is it better to go for one which expires after maturity period with no returns, or one in which premiums are returned after maturity period. Also want to know the best companies offering such policies in terms of lesser premiums and better claims settlement. What would be the ideal sum insured for me. I am 37 years old, married. Wife not working and having daughter aged 6. Having a ctc of 27 lpa.

Ans: You can take a pure term insurance plan from any good life insurance company

Ans: a plain vanilla term insurance plan is straightforward and cost-effective. Here's what to consider for a 2 crore term plan:

Premiums: Compare premiums from leading insurers to find the most affordable rates.
Claim Settlement Ratio: Opt for insurers with a high claim settlement ratio for reliability.
Policy Term: Choose a policy term that covers you till at least 60 years of age to align with your retirement plans.

Ans: Any term insurance plan is good. Just make sure that you provide accurate information to the insurance companies when you buy the policy.

Ans: opting for a pure term life insurance policy is generally advisable over a return of premium (ROP) policy. ROP policies tend to have higher premiums, as they offer to return premiums at the end of the term if the policyholder survives. However, this feature often comes at the cost of higher premiums, making it less cost-effective in the long run.

With pure term insurance, you pay lower premiums for the same coverage amount, ensuring that your family receives a substantial sum assured in case of your unfortunate demise. It's a straightforward and transparent form of protection without any investment component or frills attached.

When selecting an insurance provider, prioritize companies with a strong track record of claim settlement and customer service. Look for insurers with high claim settlement ratios and positive reviews from policyholders.

Remember, the primary purpose of life insurance is to provide financial protection to your loved ones in your absence. By opting for a pure term policy, you ensure that your family receives the necessary financial support without any unnecessary frills or complexities.