How To Choose Best Life Insurance Plan?: Life Insurance can prove to be the best investment if you choose it wisely. You just need to choose your product with certain due-diligence to get the right product in your portfolio.

Selection of policy can be easily made through an online comparison website like PolicyX. Some of the insurance players that you can select from are Max Life, PNB Met Life, Aviva Life etc. 

Choose the Right Type of Life Insurance

Life Insurance plans offer lots of product to choose from, some of them are tabulated below.

If you just want to cover the risk of your life then you should choose a term plan. If you have a more risk appetite and want to earn a higher percentage on your returns than you must invest in ULIPS. Endowment plans are good to give you some assured returns. In the case of money back plans you can expect to get your money back at regular intervals. Last but not the least if you wish to cover your life till 100^th  year than you must go for a life coverage plan.

Analyze Your Financial Needs

You can always buy the best insurance plan if you are aware of your financial needs. Before buying a life insurance plan you can set your financial goals. You may have plenty of goals to be achieved. Some of the common goals you can set for yourself and your family can be as follows.

• Taking Early Retirement
• Securing your Family financial Needs
• Buying a Luxurious Car
• Children’s Education & Marriage
• Going to a World Trip
• Buying a Sumptuous Property

Your choice of the Insurance plan will be directly proportionate to the financial milestone set by you for yourself and your family. All the plans got different relevance. For example, if you wish to secure your family then you can go for a term plan. However, if your goal is to take an early retirement than you can invest in the endowment plan. You can invest as much as you may need after the end of the policy. Likewise, you can start investing in different plans as per your financial needs.

Use the Online Premium Calculator

After deciding about the type of life insurance product you need you must choose from which insurance player you should buy it. To make things simpler for you there is an online premium calculator freely available on online comparison sites like PolicyX. After entering the required details you can get quotes from various insurance players. You can choose the plan as per your financial requirement. Premium plays important criteria in the selection of the right insurance product for yourself but this is not the only factor you should consider. You can always check other factors and take your decision accordingly. 

Compare their Features

Different Insurance players got different features to offer to its users. You can check their features on the insurance web aggregator and pick the plan as per your requirement.

Check their Claim Settlement Ratio

Claim settlement ratio plays an important role in choosing the right insurance player for yourself. Higher the claim settlement ratio more should be the reason for you to choose the insurance plan from that player.  Claim settlement ratio can be easily calculated using a simple formula as follows.

Claim Settlement Ratio= (Number of claims settled/Number of claims received) * 100

Higher is the claim settlement ratio better should be the reason to select your insurance plan. Life Insurance company with higher claims settlement may minimize your claim rejections. 

Read the Terms & Conditions of Policies

The terms and conditions of policies makes you familiar with the rules and regulation of the Life Insurance Plan in India. It also tells a lot about the process followed by the insurance firm for many things. You must go through it thoroughly before deciding to continue it. All insurance firms facilitate you with a free lookup period of 15 days within that time you can surrender your policy without any additional cost.  

Make an Online Purchase 

People prefer to buy their insurance plan online as it’s not only convenient but lesser in cost as well.  You can get the desired policy in your inbox within no time. 

By considering the factors above you can surely buy a desired life insurance plan at a minimum cost.