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Buy Life Insurance Policy Online

The process of buying life insurance is easy and simple. If you have been interested in buying an online life insurance policy, let us remind you that buying online is one of the simplest and quickest ways to insure. Life insurance is a simple way to ensure that your loved ones receive the required financial security and protection in your absence. It helps you in creating a large pool of funds that can be used by your loved ones for a child’s future, marriage, purchasing a house, etc.

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What is Life Insurance Policy?

Life insurance is an agreement between the insurance company and the insured customer in which the insurance company agrees to pay the agreed amount known as Sum assured in the event of untimely demise or disability of the policyholder due to an insured peril for a consideration from the customer known as Premium amount. Life insurance is considered one of the best financial tools available in the markets as it covers both the investment and insurance parts under a single policy. There are different types of life insurance policy

  • Term Life Insurance Policy
  • Whole Life Insurance Policy
  • Endowment Life Insurance Policy
  • Unit Linked Life Insurance Plans
  • Retirement Life Insurance Plans
  • Child Life Insurance Plans
  • Money-Back Life Insurance Plans

Why should I Buy Life Insurance Policy Online?

  • Financial Security: This is the main advantage of life insurance. The main purpose of life insurance is financial protection. If the sudden demise of the insured can put the family in jeopardy. With no regular income, the family may soon face a financial crisis. Having a life insurance policy helps your family come out from any financial crisis after your sudden demise.
  • Death Benefit: In case of any unexpected event to you, which results in the loss of income to the family, the insurance company provides compensation in the form of the death benefit to the family. The nominee of the insured receives the death benefit as well as the accrued bonus if any, depending on the type of the policy. The death benefit can be claimed as a lump sum or monthly benefit, in which the monthly benefit option can be a boon for the family having old age people or disabled people.
  • Income tax exemption: The premiums paid under the life insurance policy are eligible for income tax exemption under section 80C and Section 10(10D). At present under this section of income tax, you can avail of a maximum tax deduction of Rs.1.5Lakh.
  • Additional Coverage: Additional coverage is also called riders. The riders allow you to increase the coverage and get comprehensive coverage. Riders may include coverage against personal accident, waiver of premium payments, critical illness, loss of income due to a disability, etc.

Benefits of Buying Life Insurance Policy Online

There are many ways to buy a life insurance policy but before buying life insurance online the customer should have to know about the benefits of life insurance online that help customers feel free to purchase it for their needs.

  • Paperless process: No lengthy documentation process for buying a life insurance policy Online. A life insurance policy purchased online involves Zero paperwork. To begin with, the proposal form is filled digitally and the scanned copy of any required documents is submitted to the insurer online. Moreover, the soft copy of the policy document is sent to your registered email id once the policy has been issued to you. As a result, online purchase of life insurance does not require any filling because everything is done digitally by entering the details easily.
  • Quick process: When you buy a life insurance policy online, your policy is issued to you almost instantly. You don't have to wait for days to receive your policy document. All you need to do is fill up a few basic details about you and your contact details from the comforts of your home and you can get your policy in no time.
  • Claim Settlement Ratio: When you compare plans online, you can also compare the Claim Settlement Ratio of different insurance providers. Analyzing the Claim Settlement Ratio helps you to select the best life insurance policy. The higher the Claim Settlement Ratio, the better are the chances of your claims getting settled.
  • Systematic and safe: The process to buy life insurance online is very systematic and safe. You can be sure that the documents and proofs you upload on the website along with your application form are directly submitted to the insurance company with no chances of misuse.
  • Comparison: One of the best things about buying life insurance online is that you can compare different life insurance quotes online for free of cost with PolicyBachat. Compare quotes with different insurers and get the best life insurance policy online. It takes just a couple of minutes to compare different types of plans and to eliminate the need to consult with several insurance agents in person.
  • Customer support: In case of any doubts or queries about buying a life insurance policy or raising a death claims for one, you call our customer care number. PolicyBachat gives excellent support assistance to avoid any discrepancies. You can get your queries solved promptly and seek assistance whenever needed. Reach PolicyBachat Customer Care Service Number:  1800-123-4003.

When is the Right Time to Buy Life Insurance?

The right time to buy life insurance depends on various factors. Those factors vary from person to person, family members, and financial situations. The best time to buy a term life insurance plan is the moment you have dependents that means family such as retired parents, children, or a financially dependent spouse.

Life insurance premiums increase as you age, therefore, buying it while you’re still young could help you to save money. The premiums might be low if you buy a term plan when you’re young. A term plan is the best if you’re looking for an average cost-effective and financial protection, financial planning plan.

Coming to the point of deciding on the right time to buy life insurance, a few things are to be considered here:

  1. The younger the better: Life insurance in particular term insurance is to be taken at a very young age. The younger the age the lower the premium. Any person who has started earning should have some form of life cover. Life insurance should be seen as an investment instead of an expense.

    Why younger age is better? You should get insured in your 20s, or is 30s the better option because, at a younger age, you'll qualify for lower premiums. And as you get older, you could develop health problems that make insurance more costly or even disqualify you from buying a plan. Buying life insurance at a young age has an important economic impact, much like delaying saving for retirement. The earlier it is purchased life insurance, the better.

  2. Liabilities & Loans: One of the most important things to consider while taking a loan is to secure the life against any mishappenings which may lead to financial constraints for the family in case of your sudden demise.   If you are taking any loan be it for House or Car or any other, it is of utmost importance to take insurance to protect the loan payment in case of your sudden demise.
  3. Dependents: If you are the breadwinner of the family and there are dependents on you then it is important to have life insurance. In case of your sudden demise, the proceedings from the claim will help them settle financially without facing any sudden hiccups.
  4. Life insurance as an Investment: Many people consider life insurance as an expense. This kind of mindset needs to be changed among the masses. Life insurance has to be considered as an investment in your own life. This investment will come in handy for protecting your family and saving them from a sudden financial crunch due to your sudden demise.

How to Buy Life Insurance Policy Online

Life insurance is an essential part of your financial portfolio, making it possible for you to give your loved ones a secured future. The process of buying a life insurance policy online has become simple with PolicyBachat. For buying a life insurance plan online please visit our website Policybachat.com Following steps to purchase the life insurance policy online in our portal

  • Step 1: Firstly, Enter the details such as Gender, Annual income from all the sources, Alcohol consumption and tobacco consumption, type of occupation, and salary, and Date of Birth. After this, you need to enter your contact details to facilitate a call from our agent.
  • Step 2: Now the premium from different insurance companies will be displayed on the screen. You can edit the details such as Coverage, Term, Premium payment method, Mode of claim settlement, etc. Submit the details to get the desired premium. The premium can be changed by changing other factors such as Coverage required, mode of payment, etc.
  • Step 3: The next step is to select the best life insurance plan and pay the premium to the insurance company before proceeding to fill the proposal form details.

Documents Required to Buy Life Insurance Policy Online

To buy a life insurance policy online, the following documents would be required-

  • Life insurance proposal form, duly filled and signed by the proposer and/or the life insured
  • Age proof such as Voter Card, Pan Card, Driving license, Aadhar card, pan card, etc. should be submitted to the insurance company.
  • Address proofs such as Power bill, Passport, Voter ID, Aadhar Card, etc. would be required by the Insurance Company.
  • Photo identity proof such as PAN Card, Aadhar Card, Driving license, and any other proof which contains the photo and Passport size photo of the applicant should be submitted at the time of taking the life insurance policy from the Insurance Company.
  • The income proof could be the salary slip, income tax return, employer’s certificate or Form 16 required at the time of taking term life insurance policy is the income proof of the applicant.
  • Medical certificate depending on the declarations made by the applicant in the proposal form. Higher sum assured options may require compulsory medical tests before issuing the policy.

Compare Companies to Get Best Life Insurance Policy Online

There are many types of life insurance products available in the Indian market such as term insurance plans, retirement plans, child plans, savings plans, etc. The best life insurance policy in India can be found through online life insurance quotes comparison. The best life insurance company in India provides excellent claim settlement ratio, riders or Add-ons, affordable premiums, etc. Points to be considered to compare life insurance quotes online and get the best online life insurance from top life insurance companies in India:-

  • Premium: premium to be paid by the insured each year it is of utmost importance to check the premium quoted by the life insurance company and compare life insurance plans online before deciding on the life insurance company. A life insurance premium calculator is available online to compare the life insurance premiums.
  • Sum Assured: Another thing to compare before deciding on the best life insurance plan is the Sum assured offered by the best life insurance companies.
  • Additional Coverage: Most of the best life insurance plans have few inbuilt add-ons which are charged in the basic premium. These add-ons are like extra coverage to the customer apart from the base coverage.
    1. Life insurance with Critical Illness Cover
    2. Wavier of premium in case of Disability
    3. Waiver of premium life insurance in case of Critical Illness
  • Solvency Ratio: Higher the solvency ratio, the higher would be financial strength of the insurance company. As per the IRDA guidelines, all insurance companies are required to maintain a 150% solvency ratio to minimize the risk of bankruptcy.
  • Persistency Ratio: The persistency ratio in the life insurance policy is the number of life insurance policies that are being renewed each year with the timely payment of premium by the customers. The persistency ratio also indicates the time customers stay with the insurance company.

FAQ's of Life Insurance Policy:

What is a Term Life Insurance Policy?

Term life insurance policy is a type of life insurance in which the insurance company pays the claim to the nominee of the insured in case of death of the insured. The life insurance coverage is provided for a particular period which is known as the “term”. The period in term life insurance can be anywhere between 5 years to 60 years depending on the type of term insurance policy.

Can I Buy More Than One Life Insurance Policy?

Yes, you can buy multiple life insurance policies. There is no limit to the number of life insurance policies you can buy and there is no rule issued by life insurance companies that refused you from purchasing multiple life insurance policies.

When should I Buy Life Insurance?

Ideally one should purchase a life insurance policy immediately after starting a job. Early life insurance purchase results in lower premiums to be paid to the insurance companies. The life insurance premium depends on the age of the proposer and thereby increases with an increase in age.

What is the Death Benefit of a Life Insurance Policy?

Death benefit refers to the amount payable to a nominee after the unfortunate demise of the insured, as specified in the chosen life insurance policy.

Can I Get a Loan Against My Life Insurance Policy?

You can opt for a loan facility against the whole life insurance policy and permanent life insurance policy. However, a loan can only be availed if the insured completes 3 policy years and if all the premiums of the policy are dully paid. But there is no loan facility option in a term life insurance policy.

Which is the Best Life Insurance Policy?

The best life insurance policy is the one that offers high life cover at affordable premiums. The Best Life Insurance Policy can be found on the PolicyBachat portal. By comparing life insurance quotes online you can get the best life insurance policy online.

Can I Cancel Life Insurance Policy at Any Time?

You can cancel your life insurance policy. There is a cooling period or free look period of 15 days from the date of issuance of the policy. You can cancel your life insurance policy during the free look period without any penalties. If you wish to cancel your policy after the free look period, a pro-rate premium would be deducted by the insurance company and the remaining amount would be paid to you.

PolicyBachat is an online insurance web aggregator which helps in selecting the life insurance policy online for its customers based on the customer’s requirements. Please visit our portal to compare life insurance policies from different life insurance companies and select the best life insurance policy which fits all your requirements.

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