Life Insurance Comparison

Why Should You Make Life Insurance Comparison Online?

There are several benefits of choosing to compare life insurance quotes online, especially when you're evaluating policies in India:

• Lower Premium Rates
  Making a life insurance premium comparison can help you buy a plan at the most affordable prices. Many insurers offer the same plan at more affordable rates online because of no commission charges levied on the premium amount, thus making the plans much more budget-friendly.

• Transparency
  The life insurance policy information is often much easier to understand as all the documents are available on the same platform. You can also consult the company agents to understand the plan better without any issues.

• Paperless
  The entire process of online life insurance comparison is paperless, making the comparison much more convenient and easy for customers.

• Quick Policy Purchase
  The life insurance cover comparison allows you to compare and buy life insurance on the same platform in just a few minutes. In offline mode, the company takes at least three weeks to respond, which makes the process tedious and time-consuming.

How To Make Life Insurance Comparison Online?

You can buy life insurance plans online from Policybazaar by following the below steps:

• Step 1: Go to the Life insurance page

• Step 2: Fill in your name, gender, date of birth, and contact number

• Step 3: Enter the occupation type, annual income, smoking habits, and educational qualifications

• Step 4: Use the filters and sort tables to select the desired sum assured, policy term, and premium payment term

• Step 5: Click on the ‘Compare Plans’ button in the top-left corner and select the plans you want to compare

• Step 6: Go through the life insurance comparison table and select the most suitable plan 

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

Factors to Consider Before Making Life Insurance Comparison Online

Here is a list of all the factors you need to consider before making a comparison of life insurance policies in India:

• Life Cover: When purchasing a life insurance policy, always make a life insurance cover comparison and ensure that the life cover offered within the desired plan is enough to cover your family’s requirements in times of need. In case of your unfortunate death, this amount will be paid to your family to take care of their financial obligations. 

• Premium Amount: Always compare life insurance premiums before buying any policy with the help of life insurance comparison chart. Various insurers offer the same sum assured at different premium rates. The comparison will allow you to buy the most suitable plan.

• Premium Payment Options: Many life insurance companies offer different premium payment options to suit the customer's flexibility. You can pay your premiums on a monthly, quarterly, half-yearly, or yearly mode and select to pay the premiums for a limited, regular, or single term. You can go through the life insurance comparison table to understand the options available in each plan and pay the premiums at your convenience.

• Policy Tenure: You should review the policy terms offered under each plan to ensure you purchase a plan with the maximum policy tenure. This will ensure that you are covered under the plan's benefits for a longer term in case of an eventuality. You can also make a life insurance cover comparison and select a policy tenure that provides coverage for your income-earning years so you don't have to worry about paying premiums during retirement.

• Claim Settlement Ratio: The Claim Settlement Ratio of a company indicates how many claims the company settled in a financial year to the number of claims received by the company in the same year. For example, Max Life had a CSR of 99.34% in the FY 2021-22, which means that they settled most of the claims received in the financial year, thus making it a reliable insurer to buy a life insurance policy. You should always compare the CSR values and buy life insurance from a company with a CSR of more than 95% as the company with a higher CSR has a better chance of settling your claims.

• Available Riders: There are various important life insurance riders that you can add to your base life insurance plan to enhance the policy's coverage. These riders can be added by paying an extra premium amount. The available life insurance riders are the waiver of premium rider, the critical illness rider, the income replacement rider, the accidental death benefit rider, and the unintentional total and partial disability rider.

These factors can help you make the best life insurance comparison and make an informed decision.

Note: It is suggested to calculate the term plan premium on the term plan calculator online tool by Policybazaar before buying.

Common Mistakes to Avoid while Comparing Life Insurance Plans

While you compare life insurance quotes online, avoid the below mentioned mistakes: 

• Choosing the Cheapest Plan Without Checking Benefits
  Lowest premium doesn't always mean best value. Some low-cost plans like terminal illness cover or income payout options may lack important features. Always check what you're getting for the price.

• Ignoring the Claim Settlement History of the Insurer
  The whole point of life insurance is that your family gets the promised money. A plan is only as good as the company behind it. Look at the insurer’s claim settlement ratio and reputation before deciding.

• Not Checking if the Sum Assured is Inflation-Proof
  A Rs. 50 lakh cover might seem enough today, but will it hold value 20 years from now? Choose plans that offer increasing cover options or factor in inflation when deciding your sum assured.

• Buying Based on a Friend's or Agent’s Recommendation Without Research
  Your financial situation and goals are unique. What worked for someone else might not suit you. Always do your own homework and compare life insurance quotes to see what best suits your needs.

Wrapping It Up:

Don’t buy life insurance without checking your options. Take a few minutes to compare life insurance quotes and see which plan actually fits your needs. Don’t just look for the premium, check what it covers, how reliable the insurer is, and what you're really getting.

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