There is no “best” or “perfect” insurance product for any customer. Do note that not just insurance, but no financial plan can be a blanket best plan/product for anyone.

One size doesn’t fit all as the needs and financials of a customer can vary drastically from that of any other customer. Thus, instead of searching for the “best life insurance product,” you must consider the following parameters while choosing a plan:

1. Claims settlement ratio

Claims settlement ratiorefers to the total number of death claims settled by an insurance company. The calculation is done by dividing the total number of death claims received by the total number of death claims settled.For instance, if a life insurance company receives 1,000 death claims and settles 980, then the claim settlement ratio of that company would be 98%. You should opt for an insurer which has a good history of processing claims

2. Brand

You are buying a term plan to feel more secure about your future. So, it is only logical that you purchase life insurance from a company which has good brand and trusted legacy associated with it.

3. Flexibility

There are many add-ons that you can supplement your plan with. Choose a company which provides the widest variety of add-ons so that you get a life insurance that works the best for you.