It really depends on your personal requirements and situation. Choosing the right LIC term plan is a very personal decision and there's no single plan that is suitable for everyone. There are many LIC term plans that offer value-for-money benefits and flexible choices.
It is important to consider your individual needs while evaluating different LIC term plans. Here are a few points to help you choose the right plan:
-Calculate the sum assured: To select the right LIC term plan, you should assess the coverage amount you need. The sum assured is the amount the insurer pays out in the event of your death. Calculate the sum assured as per your requirements.
-Evaluate the features: Check out the features of the term plan such as premium payment options, riders, and other add-ons. Most LIC term plans allow you to customize features such as premium payment frequency and add riders to enhance the protection offered by the plan.
-Check the Premiums: Compare the premiums offered by the different LIC term plans. Calculate the premium payable for the sum assured and select a plan that suits your budget.
-Claim settlement record: Check the insurer’s claim settlement record and go for a plan with a higher claims settlement ratio. Most insurers list the claim settlement ratio on their website.
Once you have evaluated all the options, you can select the LIC term plan that best suits your needs. It is important to keep in mind that LIC term plans are long-term commitments, so do check all the details before signing on the dotted lines.
For more information about choosing the right LIC term plan, you may visit this link: https://apnapaisa.com/blog/knowledge/ways-to-select-the-best-lic-term-plan
