If you do not understand death, you will never know life”. Ever since the pandemic, we have witnessed uncertainty at its maximum. You never know when you are in trouble. So, what is the best way to reduce the uncertainty and the risk of the burden of life on your loved ones? Buying life insurance is one. It's crucial to invest in a perfect life insurance plan that suits your needs, and nothing can be better than buying online life insurance, right? The ease and comfort are at their maximum.
What is the Purpose of Having Life Insurance?
Well, one of the purposes of life is to take care of your loved ones. We cannot say what will happen to us in life., and all we can do is reduce the burden when we are gone. That’s when buying a life insurance plan comes in. Here are some of the causes why you should purchase life insurance.
- Taking care of your family when you are gone: Your family is dependent on you, which makes buying a life insurance plan a must. Life insurance can help you replace lost income, pay for your child's education, or provide your spouse with much-needed financial stability.
- Tax Benefits: When it comes to safety, buying a life insurance plan also works as a tax-saving tool. A maximum tax benefit of INR 1.5 lakhs under section 80C is valid.
- Coverage for COVID-19: For the last two years, the world has been suffering from COVID-19, which has taken many lives. With a suitable life insurance policy, you and your loved ones can feel safe from Coronavirus.
- Secured Retirement: Once you retire, you still need a regular source of income, right? With a suitable pension plan, you can enjoy a steady monthly income.
- Peacefulness: Life is uncertain, and no one can avoid the inevitable, so it's crucial to secure your family’s future. Buying life insurance helps you get peace of mind.
Benefits of Buying Life Insurance Online
Buying an insurance policy is preferred offline. Though in this generation of advanced technology, being fast and co-efficient thrives you to tremendous success. So, let us discuss the benefits of buying life insurance online.
- Hassle-free Process: When you buy a policy online, it eradicates all the unnecessary work. You can look at multiple policies simultaneously and compare them quickly, which saves time and can be done from home or the office.
- Automated System: Buying a policy online is not only confined to sales only. You get an abundance of services like downloading the policy documents, renewal of the policy, insurance quotations etc.
- Easy comparison: A life insurance policy is a lengthy process and thus requires many comparisons. When buying a policy online, you can compare it with different web-based aggregators or life insurance providers.
- Highly Economical: When a user searches online, it saves a lot of time and hustle. Also, since there are many options, you get a lower premium. Thus, buying online life insurance is highly economical.
- Transparency: When you look for a policy online, you also look for transparency, which the online medium offers the most. You get clear terms and conditions mentioned on the website.
- Safe and Sound: Online services are integrated with a safe transaction system that avoids cyber frauds. Also, you get tons of payment options like debit/credit card, UPI, Paytm etc.
- Reputation Check: One of the traits of buying a policy online is that you can look at online reviews. You can look for the insurer's reputation and its product with ease.
Things to Keep in Mind Before Buying Life Insurance
You will find different life insurance policies from different aggregators. But, there are many factors that you must check in order to land a suitable policy in your hands. Here are a few points to remember:
- Life Cover Amount: Your premium is calculated according to the life cover amount you opt for. Usually, it's ten times higher than your annual income. You can also use a premium calculator.
- Understand your Purpose: It’s pretty crucial to have a measured goal, whether you want to save money for retirement or a child’s education. There are different goal calculators available online as well that you can use.
- Claim Settlement Ratio: It is a crucial factor because it tells you the percentage of claims settled in a year by a company from the total number of claims. When buying online, you can directly go to the page that will give you the information. Otherwise, in offline mode, agents will try to sell harder without giving any clarity.
- Check All the Charges & Benefits: Every term insurance plan has charges attached that you must verify. Also, you should check the tax benefits associated with the insurance policy.
- Policy Term: Depending on your age and lifestyle, it's crucial to decide on a perfect term for the policy. Ideally, it goes by the “Retirement Age minus your Current Age” rule.
Best Life Insurance Plans in India 2022
In India, when it comes to purchasing life insurance, many options are available. But, how do you choose the best option? It depends on factors like maximum sum assured, coverage benefits etc, so we have curated a list of India's best life insurance plans for 2022.
|
Company Name |
Name of the Plan |
Plan Type |
Maximum Sum Assured |
|
HDFC Life Insurance |
Click 2 Protect Life |
Term Insurance |
No Limit |
|
Max Life Insurance |
Smart Secure Plus |
Term Insurance |
1Cr |
|
ICICI Pru Life Insurance |
iProtect |
Term Insurance |
No Limit |
|
Bajaj Allianz Life Insurance |
Smart Protect Goal |
Term Insurance |
1Cr |
|
Edelweiss Tokio Life Insurance |
Simply Protect |
Term Insurance |
No Limit |
Disclaimer: We RenewBuy does not endorse any specific insurance company or insurance product offered by any insurer. This list is just an illustration of the plan offered by different life insurance companies.
How to Buy Life Insurance Plans in India
When you buy insurance, trust and reliability are two key factors. Here are the steps that will assist you in buying the most suitable life insurance plan.
- Go to RenewBuy.com
- Scroll down and select the "Life" category, and you will be redirected to RenewBuyinsurance.com
- Fill in all the relevant details like gender, DOB, etc.
- The next page will show you the various insurers' Life Insurance policies in India.
- You can select one of the plans and proceed with the payment.
- Once the payment is made, the policy document will be sent to your registered email address.
FAQs
Question 1: - In India, how many insurance companies provide life insurance?
Answer: - There are 24 registered firms approved by IRDAI in India to sell life insurance.
Question 2: - Can a person buy more than one life insurance policy?
Answer : - Yes, a person can buy more than one life insurance policy.
Question 3: - What if I don't pay my premium on time?
Answer : - You will have 30 days of the grace period(15 days for monthly mode). Post grace period, if you still do not pay the premium, your policy will be collapsed, and you will be unable to receive any claim.
Question 4: - Do I have any other methods for paying the premium?
Answer: - Yes, there are many different ways to pay the premium. Premiums can be paid monthly, quarterly, half-yearly or yearly.
Question 5: - Before purchasing a life insurance plan, what should I look for in a company?
Answer: - It is important to check the company’s claim settlement ratio, assets under management, brand’s presence, value, etc.
Disclaimer: The information published in this article is for the reader′s reference only. The content of this information is to provide an overview of your life insurance needs and should not be relied upon for personal, medical, legal, or financial decisions; you should consult an appropriate professional for specific advice. The Company makes no representations about the suitability, reliability, timeliness, and accuracy of the information, services, or any other items mentioned on this subject for any purpose whatsoever.
*Standard Plans Terms and Conditions apply.