Why compare term plans? This question is important. The answer is besides difference in premium or different claim settlement ratios of companies. But different companies provide other sorts of features that add to the basic term plan. Whether it is monthly income or extra coverage for a lot of critical diseases, some companies work with a specialist team to deliver claim be an aid to the nominee etc. Thus, when purchasing a phrase plan you have to know about the several features or riders (many benefits) supplied by the insurer. Every person features a different form of requirement. Thus, one must be clear which company provides those features in their term plans for the requirements best. Thus, comparing term plans before just buying is a wise move to make and all sorts of experts recommend it.
Now another question comes, how to compare? This is a very relevant question because nowadays you get insurance agencies in every single nook and corner. LIC isn’t more the sole player selling a life insurance policy. With so many companies offering term plans with various features, it is havoc to even dare to think about comparing. These agents consider using any means in their capability cause you to be feel that only their company’s plan is the very best. So, you do not get the proper information. We simply cannot require that you study websites of all of the insurance firms and chart your best cover yourself.
That dilemna is actually addressed to some great extent because of the rising capacity these insurance web aggregators are assuming within the insurance space. They want to provide unbiased comparison really consumer friendly way. Thus, it’s really a good initiative taken by IRDA to promote Insurance Web Aggregators which provide healthy comparison inside the interest in the consumer.