Buying a term plan? Go by hard numbers while selecting a life insurer

Avoid insurers with large difference in claims settled by number of policies and by benefit amount

Zeroing in on the right insurer when buying a term policy is not easy. A lot of hard-selling occurs. Agents highlight a variety of policy features that leave the buyer confused. However, the key quality that one looks for in a term policy is that it will pay out the claim when it arises, and do so without delay. By using a few performance-related metrics, which you can obtain from the Insurance and Regulatory Development Authority of India’s (Irdai’s) recently published annual report for 2020-21, you can quickly narrow down on the best insurers.      

Size

The annual report