The wide range of term insurance policies offered by insurance companies in India make it a challenge for an individual to make a decision on the policy that will be the best suited for him/her. Not just selecting a reliable insurance company, individuals also have to make up their mind on a term insurance from the wide array of term policies being offered by the same insurer. This makes it important for an individual looking for a term insurance policy to be aware of the parameters that he/she should consider, so that he/she can make a well-informed decision.

The core purpose of opting for a term insurance is to ensure the financial stability and security of your family in case of your unforeseen demise. Therefore, you have to make a conscious decision now, so as to provide for your family in your absence when they will need it the most. If you survive through the policy tenure, it serves as an effective investment tool for fulfilling your future plans like child’s marriage or higher education, higher education for self to improve your qualification, retirement goals, etc.

The best term insurance is one that offers the highest sum assured at the lowest possible monthly premium. This means that it is the best to start early because the younger you are, the lower will be the premium that you can avail for a high sum assured. You should keep a few essential parameters in mind to decide on your sum assured, which will be analysed by the term insurance calculator to determine your monthly premium amount.