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Age Group :30-34 Sum Assured :₹ 1CrBest Term Insurance Plans
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Our parameters with weightage
We assess the insurer's claim payout history. It considers Claims Settlement Ratio (CSR), average claim settlement time, and number of complaints per 10,000 claims registered.
We consider the value and benefits you can derive from the policy — and how these can align with your requirements. The policy with the most features is scored 100, based on an average of sub-parameters like length of the policy term, the amount of coverage, additional riders and flexible payment option.
It evaluates the insurance company's financial stability. Key metrics include solvency ratio, persistency ratio by number, commission ratio.
We take into account your predisposition to be price-sensitive and the need for the policy premium to be affordable and offer value for money. The most expensive product is scored 0 and the lowest priced is scored 100. A relative pricing method is considered.
We consider an insurance company's longevity or existence in the market as a measure of its brand strength, stability, and reputation.
What is the objective of 1 Finance’s term insurance scoring and ranking?How does 1 Finance's term insurance scoring and ranking differ from others?How can the term insurance scoring and ranking information benefit me?How frequently is the term insurance scoring and ranking model reviewed?Can I customise the criteria used in the term insurance scoring and ranking model?Yes, you can easily customise the search criteria used in the term insurance scoring and ranking model
Utilise the search bar to directly look for the particular term insurance plan you have in mind. Additionally, you can fine-tune details such as gender, age group, and sum assured search criteria to tailor the results to your preferences.
his enables you to assess how well the plan fits your needs. Furthermore, you can explore our thoughtfully curated Featured List, which includes plans with scores exceeding 75.
How can I use the term insurance scoring and ranking model to make an informed decision about my insurance coverage?Our term insurance scoring and ranking model is designed to empower individuals like you in making informed decisions about your insurance coverage. Here's how you can utilise the model to your advantage:
- On the 1 Finance website, click on the 'Scoring & Ranking' page.
- Use the search bar to find your policy.
- Dive into plan details, considering financial ratios and product features.
Remember, the term insurance scoring and ranking model serves as a valuable search engine for evaluating your policy.
What if my term insurance policy is not listed in the scoring and ranking?While we strive to include a wide range of policies in our evaluation, it is possible that some policies may not be included due to their non-availability of sufficient information or popularity in the online marketplace.
Nonetheless, we consistently update and expand our list to ensure it remains comprehensive and reflective of the available options.
1 Finance Private Limited is not regulated by the Insurance Regulatory and Development Authority of India (IRDAI) and has no alliance or association with any Insurance companies. The Information contained above in the scoring and ranking model is provided solely for general interest, educational and informational purposes only and may not constitute any kind of advice.
The information for this report was compiled using information from insurance company websites, product brochures, policy wordings, IRDA Annual Reports, and publicly available data. Insurance is the subject matter of solicitation. It’s important to conduct your own research and analysis before making any financial decisions. If you're unclear about what to do, we advise consulting with an impartial advisor.
Our Methodology
Assumptions we considered
In our evaluation process, we have considered the following sum assured ranges:
| Sum Assured |
| ₹ 50L |
| ₹ 1Cr |
| ₹ 2Cr |
| ₹ 3Cr |
| ₹ 4Cr |
| ₹ 5Cr |
The price varies depending on the gender, age, sum assured, and smoking preferences.
The boundary age range are:
| Age Range | Lowest Age Considered for Premium (Years) |
| 25 - 29 | 25 |
| 30 - 34 | 30 |
| 35 - 39 | 35 |
| 40 - 44 | 40 |
| 45 - 49 | 45 |
| 50 - 54 | 50 |
| 55 - 60 | 55 |
The age slab is provided for the user's convenience only.
Non-smoker premium rates are considered.
The prices within each category or persona are then normalised using a relative pricing method.
The prices are graded and assigned a score between 0 and 100. The items priced low (highest scoring) to those priced high (lowest scoring) within the given category are the basis for scoring.
Financial Ratios
Assesses long-term financial capability.
Measures policyholder retention rate.
Considers the percentage paid as commissions, which is a part of management expenses and is typically included in premium pricing.
Product Features
If you are aged between 25 - 45: Policy Tenure is calculated as 65 years minus the current age.
If you are aged between 50 - 55: Policy Tenure is calculated as 85 years minus the current age.
| Cover Up To Age (A) | Current Age (B) | Policy Tenure (A-B) |
|---|---|---|
| 65 | 25 | 40 |
| 65 | 30 | 35 |
| 65 | 35 | 30 |
| 65 | 40 | 25 |
| 65 | 45 | 20 |
| 85 | 50 | 35 |
| 85 | 55 | 30 |
| 85 | 60 | 25 |
We take into account the death payout options available. The policy with the most alternatives is given the highest score. The flexible options available could be Lumpsum, Monthly or Both.
We've considered the options available for payment modes i.e, Regular, Limited and Single Pay. The greater the number of payment options offered, the greater the flexibility afforded.
We've considered premium payment flexibility when scoring your term insurance policy. The more the number of payment frequency, the better it is in terms of flexibility provided. Frequency considered for premium payment - Annual, Half-yearly, Quarterly, Monthly.
We've looked at the policy's maximum maturity age, considering the longest term available, as we understand the varied needs and preferences of users. Some adopt an approach of leaving a financial legacy through life insurance and some may restrict it to their retirement age (60-65 years). We have assumed a higher maximum maturity age means you'll receive a higher score.
The waiver of premium on critical illness and the accidental disability benefit rider is only considered. The whole idea of evaluating the rider revolves around the merit of the premium holiday it provides should the unforeseen event so arises.
Claims Experience
The CSR measures the number of claims and the amount settled by the insurance company against the total claims made.
The CSR shows the goodwill of the company with regard to paying its claims. A high CSR is desirable.
This information is taken from the IRDAI Annual report 2021-22.
We analyse the average age of claims and the corresponding payout amounts, broken down by time periods: less than three months, six months, twelve months, and over twelve months.
This information is taken from the IRDAI Annual report 2021-22.
Get to know your policy better
Product scoring may vary based on gender, age, policy tenure and sum assured.
Gender
Age Group
The lowest age in the selected range is considered for price evaluation (e.g., 25 - 29)
The lowest age in the selected range is considered for price evaluation (e.g., 25 - 29)
Sum Assured
Edit Details
Product scoring may vary based on gender, age, policy tenure and sum assured.
Gender
Age GroupThe lowest age in the selected range is considered for price evaluation (e.g., 25 - 29)
The lowest age in the selected range is considered for price evaluation (e.g., 25 - 29)