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07:30 am – 05:30 pm Mon-Fri

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Life is full uncertainty. A mishap can create a huge turmoil in your family in the financial ground. A life insurance policy is an ultimate financial tool to secure your family’s future. Request a call back from our expert representatives to discover more about types of life insurance policies in detail.

What is Life Insurance & Why Life Insurance Online Is Important?

It is a contract agreement between a policyholder and the insurer where the latter will pay a guaranteed sum of money on the demise of an insured person. The death benefits come to the surviving nominees once the premium is paid on a regular basis as per the terms and conditions of the life insurance policy chosen.

Whether you are planning a sole or a family financial backup, always buy health insurance from a genuine service provider. When you buy life insurance from a reputed insurance agency, you will have to name some beneficiaries who can claim the money after the death of the policyholder and/or any insured person. 

What is Life Insurance?

Life Insurance is a course of action wherein you (the policyholder) buy-in money related assurance (protection approach) from the back up plan (insurance agency) by paying the safety net provider limited quantities (premium) at normal interims. 

This 'insurance' is as a pre-concurred sum that we'll call 'life spread' or 'whole guaranteed'. This insurance kicks in either after a specific measure of time (for example development period) or if something untoward transpires during a set period. 

By putting resources into a life coverage plan today, you are verifying your family's tomorrow. In addition, extra life insurance plans are moderate, which implies you are getting ready forever's possibilities without upsetting your current budgetary objectives. Right now, can have confidence that your friends and family can keep on keeping up the way of life you have endeavored to give them, regardless. 

Life is about the little minutes that we appreciate with our friends and family. Yet, these minutes can be hindered with an unanticipated occasion, leaving your family without a friend in the world. That is the reason, finding some kind of purpose for existing insurance is the initial move towards making a sheltered and secure future for your friends and family.

Life Insurance Online in India

Types of online life insurance policies

  • Term insurance

    It is a life insurance policy valid for a particular time period with no maturity benefits at the end. Term insurance policy is cheaper when compared to other types of life insurance policies online.

  • Endowment Policy

    Almost similar to that of term insurance, endowment policies come with an extra benefit of receiving a lump sum amount when they mature at the end of the term period. An amount is paid when an insurer leaves behind nominees.

  • Unit Linked Insurance Plans - Personal Injury

    This type of life insurance online is availed to build life security, as well as, financial wealth. The premium is designed to cover two aspects, life insurance, and wealth development. These policies allow the holders to withdraw a part of the amount.

  • Money Back Policy

    Similar to an endowment policy, this type offers versatile survival benefits in a proportionate way at the end of the policy term.

  • Whole Life Insurance Policy

  • It has a whole life extension term with a partial borrowing scheme from the insured sum.

  • Pension or Annuity Plan

    Premium accumulation is distributed as asset and income to the policyholder. The income follows an annuity plan or a lump sum at the end of the term.

How to buy a life insurance policy online?

Life Insurance is a basic piece of your money related portfolio, making it workable for you to give your friends and family a protected future. In this way, regardless of whether life presents you with esteemed training open door for your kid or your fantasy home, this arrangement can help store such objectives.

When buying a life plan, there are certain things you must keep in mind:

  • Your age–this is critical
  • Amount of life insurance needed
  • Family situation (number of dependants)
  • Lifestyle
  • Debts (if any)
  • Risk appetite
  • Annual income
  • Required riders (if needed)
  • Future financial goals

Probably the least demanding methods for purchasing a life insurance plan is getting it straightforwardly by visiting your safety net provider's site. The procedure is as straightforward as putting in a request for your preferred nourishment, though with more research than simply looking over the menu card. PolicyDigi offers a large group of life insurance plans, redid to your need.

Let us consider all the benefits that buying life insurance policy ensures

Risk Cover  - Life is loaded with vulnerabilities, and a protection spread guarantees a defensive shield for your friends and family so they may keep on getting a charge out of the personal satisfaction they are utilized to if there should arise an occurrence of an unexpected occasion.

Savings Instrument-  Life Insurance is a profoundly directed part, and the Insurance Regulatory and Development Authority of India (IRDAI) guarantees the wellbeing of the policyholder's cash stored with extra security organizations. Life coverage is in this manner a long haul reserve funds instrument

Loan Facility - Policyholders have the alternative of taking advances against their arrangements without upsetting the approach benefits. This is another path by which a disaster protection arrangement causes you to address unexpected budgetary difficulties.

Assured Income -  Life Insurance is perhaps the best instrument for retirement arranging and gaining through annuities, as the cash spared during a policyholder's working life guarantees a consistent wellspring of pay after the individual's retirement.

Investment Benefits -  With the exception of on account of term plans, there are speculation benefits also: retirement plans, youngster protection plans, entire extra security plans, term life coverage plans and so forth are generally acceptable life coverage strategies with venture alternatives. Conventional extra security arrangements (gift plans) additionally offer in-constructed ensures and characterized development benefits through an assortment of item alternatives, for example, cash back and ensured money/development esteems.

Thrift Habit - This is something that is frequently bypassed – being a long haul contract, disaster protection requires you as a policyholder to pay a fixed sum at characterized interims, in this way imparting a propensity for long haul reserve funds. It disheartens policyholders from taking dangerous speculation choices for momentary increases. Constant reserve funds over numerous years assist with building a good corpus expected to address money related issues later.

Tax Benefits -  As per the area 80C of the Income Tax Act, 1961 (of Indian correctional code) premiums paid towards a legitimate extra security strategy can be absolved from the assessable salary. Alongside disaster protection premium, area 80C permits exclusion for other money related instruments, for example, Employee Provident Fund (EPF), Public Provident Fund (PPF), Equity Linked Savings Scheme (ELSS), National Savings Certificate (NSC), medical coverage premium are some of them. The aggregate sum that can be excluded from the assessable pay for area 80C is topped at a limit of INR 150,000. The exceptions are qualified for people (Indian residents) or Hindu Undivided Family (HUF).

Types of Life Insurance

Just like every family has a unique story. Let’s look at the type of insurances and their benefits in detail

Term Insurance - Other than giving a wellbeing pad to your friends and family in any event, when you are nowhere to be found, the premiums paid on term protection is absolved from the charge under Section 80 C of the IT Act. Indeed, even the case/development sum that you get on outlasting the strategy is absolved under Section 10 (10D). Nonetheless, smoking propensities may influence the premiums you pay (more motivation to stop!).

ULIP  - An abbreviation for Unit-Linked Insurance Plan, ULIPs give a real existence spread that ensures your family and lets you put resources into the value advertise, so you can develop your cash. The best ones to pick are those that incorporate advantages, for example, subsidize exchanging choices, annual tax reductions, significant yields in the long haul, life spread, and dependability augmentations. Note that you, as the financial specialist, should bear the danger of speculation.

Child plan - This is a life insurance item intended to put something aside for your kid's advanced education costs. On the off chance that the parachute doesn't open when you skydive, it deals with your kid's training. You can start by making little speculations for a short residency and begin accepting normal compensation outs for a fixed period, and when your kid needs to change from a designing to a DJing course, you'll have the cash effectively prepared.

Retirement plan - A Life Insurance plan that ensures your friends and family on the off chance that something appalling happens to you, and spreads your retirement plans when you don't, what's not to adore? Life Insurance can be utilized as a retirement reserve funds vehicle, an apparatus to enhance another explicit retirement intends to meet your retirement objectives, or as a venture alternative that offers double advantages of life spread just as developing your riches.

Savings and investments -  A Life Insurance plan that ensures your friends and family on the off chance that something appalling happens to you, and spreads your retirement plans when you don't, what's not to adore? Life coverage can be utilized as a retirement reserve funds vehicle, an apparatus to enhance other explicit retirement intends to meet your retirement objectives, or as a venture alternative that offers double

advantages of life spread just as developing your riches.

Money-back - Rather than getting paid at the same time toward the finish of the term, you have the alternative of getting returns in interims. The recurrence and time of pay-outs vary from organization to organization and plan to design. This strategy could furnish you with cash at specific interims that can help meet different money related objectives (purchasing a house or vehicle, kids' marriage, and so on). Additionally, it has a generally safe component and ensured returns.                               
                                                                                     

                                                          Whole Life Insurance

Rather than getting paid at the same time toward the finish of the term, you have the alternative of getting returns in interims. The recurrence and time of pay-outs vary from organization to organization and plan to design. This strategy could furnish you with cash at specific interims that can help meet different money related objectives (purchasing a house or vehicle, kids' marriage, and so on). Additionally, it has a generally safe component and ensured returns.

How much life insurance do I need?

"Okay, I get it, Life Insurance is substantially more than just pre-emptive arranging, yet what amount of life coverage do I truly require?" 

While it's hard to express the specific measure of extra security you may require, it is imperative to make a sound gauge. To do this, think about your current monetary circumstance, long haul money related commitments, and gauge how much your friends and family will require in the coming a very long time to keep up a similar way of life. 

The perfect extra security inclusion for everybody is one of a kind, as the money related circumstance fluctuates from individual to individual. Be that as it may, certain variables can be considered to land at the fitting measure of spread.

Calculating your life insurance premium amount

 

In a nutshell, the following steps can be taken when calculating the ideal insurance amount for yourself

 

  • Realistically estimate your future earnings
  • Factor in your age, current salary, growth prospects, current lifestyle, and inflation
  • Shop around for the right plan for yourself
  • If you are 30 and your annual salary is around Rs 5 lakh, an insurance amount of Rs 1 crore is reasonable for a 30-year period
  • This takes care of your financial liabilities and responsibilities
  • Term plans are the cheapest and cover you past your retirement age
  • It has various payment options
  • It offers add-on benefits called ‘riders’

Why life insurance riders are important for me?

"Alright, that sounds extraordinary, however you likewise talked about life coverage riders, what's that about?" 

It would appear that you're truly getting a hang of how protection functions. 

A rider is essentially an extra or a paid component to your base term plan. A rider plans to overhaul the extent of your fundamental approach inclusion. Be that as it may, what advantages do they bring? It is safe to say that they merit the extra cash? Do they really give integral inclusion? On the off chance that you are gazing at a rundown of riders and pondering whether to think about them, let us take a gander at some basic extra advantages that can improve your term plan and help you choose. 

Riders draw in higher premiums. Be that as it may, life insuance riders bode well in the event that you consider the situations clarified beneath. Their consideration in an extra security arrangement can support both you (the policyholder) and your family (the dependants). Here are a few instances of riders accessible for life insurance.

Accidental Death

This term rider offers you an additional sum assured if something untoward happens to you due to an accident. But even if you don’t buy this rider, you will still be paid the basic sum assured.

Critical Illness

A lump sum amount is paid in case you as a policyholder have been diagnosed with any pre-specified illness mentioned in the policy, such as heart attack, cancer, stroke, paralysis etc. If detected, coverage may continue, terminate, or be lessened by the amount paid to you.

Waiver of Premium

This lets the coverage run for a limited time if you, as a policyholder, are unable to pay the premium. In a way, it ‘insures’ the premium payment till the policy expires. There is no ‘death benefit’ if the premium is ultimately not paid.

Income Benefit Rider

This rider is mainly for income generation in case something unanticipated happens to you (the policyholder); it ensures that your dependents get supplementary income every year for 5-10 years along with the regular sum assured.

Permanent and Partial Disability

Life’s uncertain, and this rider comes as godsend if the policyholder faces permanent or temporary disability due to accident. In such an eventuality, most policies pay out a certain percentage of the sum assured for the next 5-10 years.

Which factors influence your life insurance premiums?

Much the same as any help or item that accompanies a sticker price, a protection premium is the sum you pay the insurance agency for the approach you purchase. You can either make the installment at the same time, as a lumpsum, or in portions and the arrangement will be legitimate for a year. In any case, not every person pays a similar premium sum. As it relies upon a few individual subtleties and the sort of protection arrangement you pick, this entirety can shift starting with one purchaser then onto the next.

Look at the different factors that influence your premium:

Personal information

You and your spouse might live in the same house, eat the same food and even share similar habits. That, however, does not mean that both of you would pay the same insurance premium. Your gender, age, job profile, lifestyle, whether you have addictive habits (smoking or drinking), your family’s medical history, and even seemingly irrelevant information such as your annual income and details of daily commute are all considered by your potential insurer. You are then assessed on these factors to arrive at an appropriate premium.

  • Age: The younger you are, the lower the premium you pay
  • Gender: If you are a woman, you will usually attract lower premium than a man of your age and similar health and background. This is because the average Indian woman lives longer than her male counterpart, as has been corroborated by World Bank data
    SOURCE: https://www.worldlifeexpectancy.com/india-life-expectancy
  • Addictive habits: If you are a smoker, your premium would be higher than that of a non-smoker of your age and gender. However, if you are a woman, your premium will be lower than that for a male smoker.
  • Medical history: Insurers may ask for your health records and may even ask you to undergo a medical test to check your weight, cholesterol levels, blood pressure, and other metrics that could indicate higher medical risks. Your premium is likely to increase, if your family has a history of high-risk hereditary diseases, such as heart disease or cancer.
  • Lifestyle & Occupation: Is your life an adaptation of GTA or does your work entail feeding crocodiles? If your job poses health risks or if you have adventurous hobbies, expect your premium to be on the higher side. (Paragliding is considered a risky sport; being an airline pilot is a risky profession).
  • Type of coverage: Have you ever bought a smartphone? If you did, you would know that the price increases along with the features and benefits. Insurance works in pretty much the same way. The level of coverage you choose determines your premium. For example, basic health insurance could cost much less than an elaborate term insurance policy. However, add a rider, like Critical Illness, to your health plan to increase the scope of coverage and the premium increases too
  • .
  • Sum assured: What will also have a bearing on your premium is the sum assured: the greater the sum assured, the greater is the premium.
    Not as complicated as it’s made out to be, right? Well, regardless of how easy it is to buy life insurance, there’s one hurdle that stands in the way of most people making this move – the claim process.

FAQs For Life Insurance 

What is life insurance?

Life insurance is a contract between an insurance company and the insured whereby the company guarantees payment of an agreed amount (called death benefit) to the named nominee if something untoward happens during the policy period or at the end of the policy, termed as maturity. The insured needs to pay regular premiums to the insurance company for the policy to be valid.

Why is life insurance important?

If you buy life insurance, you are doing it for the financial security of your family, which relies on you, and to get multiple benefits such as tax exemption and planning for your child’s higher education.

If my age is 30 and annual salary is around Rs 5 lakh, how much cover should I be looking at?

If you are around 30, you have another 30 years of working life ahead of you. Your current annual salary is around Rs 5 lakh, but you will be getting raise every two years or so. Hence, you could look at an insurance amount of Rs 1 crore. Remember to consider inflation as well.

How do I process a life insurance claim?

In general, beneficiaries and insured persons can make a life insurance claim in either of the two following cases: (a) if something untoward happens to the person for whom the insurance policy has been taken, and (b) the policy matures. You need to inform the insurer, fill in the relevant forms, and submit the documents requested.

What is premium?

It is the money that the policy buyer pays the insurance company on a regular basis (monthly, twice a year, or annually) in lieu of the guarantee of the death benefit

 

The insurer does, and the amount depends on several factors that can impact the insured’s life expectancy, such as age, gender, smoking habit, personal medical history, and family medical history (such as heart disease or cancer among immediate family members).

Is the gender of the insured important?

Yes. The average Indian woman lives longer than the average Indian man, therefore, the premium for women is lower than that for men of the same age, everything else remaining the same including smoking habit.

Why is nicotine-use a factor for determining the premium?

Nicotine use becomes a factor in determining the premium because a non-smoker is expected to live longer than a smoker–in any country.

What if the premium is not paid offline or online?

If premium remains unpaid one month after the due date (that is the ‘grace period’), the policy will lapse. In that case you, as the insured, will have wasted all the premiums you have paid in previous years. Additionally, your beneficiary will also not receive a pay out as the policy will be deemed ‘lapsed’.

What happens if the insured dies before paying the due premium?

If the insured dies during the plan term, before he or she can pay the premium, the due premium will be deducted from the death benefit.

If the insured pays all premiums and does not die during the term period, do they get the sum assured?

In case of a term life insurance policy, there are no paybacks. So, if you as the insured buy a standard term insurance, and you outlive the plan, you get nothing. But do not forget that your primary objective is to create a protective financial umbrella for your loved ones. For other plans, except term plan, you get the money after the policy matures.

Are there no monetary benefits from investing in term insurance?

Besides insuring your family, this type of life insurance offers various tax deductions and exemptions. Under Section 80C of the Income Tax Act, you can claim a deduction of up to Rs 1.5 lakh on your policy premium. Even the proceeds that your loved ones get in your absence or the amount you get at the maturity of the term is tax-free. Learn all about tax benefits here.

Can I create wealth from online life insurance?

Absolutely! But for that, look for a policy with maturity benefits. Most people are unaware of the additional benefits apart from death and disability benefits. So, check out the various types of life protection plans: Here are a few to consider

Seek our assistance

Over the years, we have been proudly assisting our customers to find out the right online life insurance plans. Our consultation will deliver prime knowledge so that you can get life insurance for your family. You can rest assured that our assisted life insurance plan will deliver immense benefits to fruition.

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