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Life Insurance Comparison

A life insurance plan is a financial product that helps you secure your family in the event of your unfortunate death, pays maturity benefits in case you outlive the policy term, and helps you save on your yearly taxes. Since a life insurance plan can be so beneficial for you, it is recommended to always go through the life insurance comparison table before buying a life insurance policy. Let us take a look at why and how you can make a life insurance comparison online. 

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Why Should You Make Life Insurance Comparison Online?

There are many benefits of online comparison of life insurance policies in India:

  • Lower Premium Rates

    Making the 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 would take at least 3 weeks to revert which makes the process tedious and time-consuming.

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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:

Steps to Choose Right Life Insurance Steps to Choose Right Life Insurance
  • 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 make sure to make a life insurance premium comparison before buying any life insurance policy. This is because various insurers offer the same sum assured at different premium rates. The life insurance 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 flexibility of the customer. You can choose to 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 go through the policy terms offered under each plan to make sure you are purchasing 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 from. You should always compare the CSR values and buy life insurance from a company that has 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 waiver of premium rider, critical illness rider, income replacement rider, accidental death benefit rider, and accidental total and partial disability rider.

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 

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