How Much Term Insurance Do You Really Need? A Practical Method
The policy term should cover the years your family depends on your income - typically until children are independent and loans are retired. A 30-year-old should usually buy 30-40 years; a 50-year-old should match liabilities only.
Claim settlement ratio
Check the insurer's claim settlement ratio - the share of death claims actually paid, published annually by IRDAI. A 99% ratio means nearly every valid claim is paid; that matters more than brand recall.
Riders worth adding
Critical illness riders pay a lump sum on diagnosis, accidental death benefits add coverage, and premium waiver protects the policy if you are disabled. Riders are cheap layers of real protection.
A proper needs analysis - not a sales pitch - should drive your cover amount; a free policy audit settles it. See the IRDAI-certified term insurance advisor for free guidance.