Term plan premiums: A ready reckoner
- A look at premium rates for some insurance policies of a sum assured of 1 crore across three age categories for policy terms of 30, 25 and 20 years
- The claims settlement rate is measured by the value of the policies as a lower settlement rate is indicative of high ticket-size policies being rejected
Life insurance is not about investing your money to earn a return on it, it’s about financial protection for your loved ones. The most efficient way to do that is through a term insurance policy. You pay only for insurance and after the policy term ends, you don’t get any money back. But on death during the policy term, it pays a huge corpus to the nominees.
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