Which term insurance plan should I buy?

I want to buy a term insurance for me and I have done calculations for sum assured (₹70 lakh) based on a VR article. I have recently searched for term insurance plans and shortlisted two companies: Max life and Birla sun life; both of them have a claim settlement record of above 93 per cent. Please give your expert advice on this.
- Pranav

You are right. You should select a term plan after taking into account the claim settlement ratio of insurance companies and comparing the premium offered by them. Based on these factors, you can consider Max Life Online Term Plan, Aegon Regligare iTerm Plan and Bharti AXA Life eProtect. All these plans are online term plans. The claim settlement ratio of these companies are above 95%. Birla Sun Life term plans are a little expensive than these policies.

Find out the premiums applicable for your age under all these policies and select the one that suits your budget.

Disclose all the details while filling proposal form to avoid any inconvenience while making a claim.

This article was originally published on April 29, 2016.