Life Insurance Myths and Facts

There is a lot of apprehension when it comes to buying life insurance products. To top it all there are people around you who can build up a false dread with regard to life insurance. Most of it comes as advice, but we’ve come to notice that the advice given is not right. These myths surrounding life insurance although hard to ignore are not true.

Read more
Get ₹1 Cr. Life Cover at just ₹411/month*
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
Happy Customers

*Tax benefit is subject to changes in tax laws. *Standard T&C Apply

** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines

Get ₹1 Cr. Life Cover at just ₹411/month*
No medical checkup required
Save more with upto 10% discount
Covers COVID-19
+91
View plans
Please wait. We Are Processing..
Get Updates on WhatsApp
By clicking on "View plans" you agree to our Privacy Policy and Terms of use
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

There are some more myths regarding online purchase of life insurance. Since online insurance products are fairly new, the trepidation is greater. Lets bust a few of these prevailing myths on life insurance. The fact should help you make a much educated decision in buying life insurance policy.

Zero assistance - This is generally associated with online purchase of life insurance cover. The myth surrounding it is that there is no personal assistance given to the buyer. The buyer is at his/her own risk when buying insurance online.

The truth however is that insurance companies selling insurance online have online assistance. If you look closely at their website there is a little ‘chat’ button. There are few other options where you can send your query through email, live chat with assistance or call on their toll free number. In fact when you’re buying online insurance there is complete assistance, guiding you in every step of your purchase.

Sharing information online is unsafe-This is a common myth attached with buying insurance online. Technology has advanced by leaps and bounds, every insurance company floating online insurance polices host their sites on SSL certified servers. These servers guarantees that every individuals personal information is kept safe. Even financial transactions like credit card details and payments made, are kept under wraps. There is no way information can be leaked out, hence it is safe to buy online insurance.

Buying online is complex - Contrary to most beliefs buying life insurance online is a fairly simple process. While purchasing an insurance policy online keep the required documents within reach. Once you choose the policy you want, send in the scanned documents and fill in the details. While completing the online process you will be informed  of your premedical tests if there is any needed. Online insurance policies can be purchased from any place at anytime.

Single people don't need insurance- When you talk about life insurance the first picture that comes to mind is family security. This is a notion that has delved deep into our mindsets. Single’s therefore feel that there is absolutely no need for them to purchase an insurance policy. The fact is that every individual wether with dependents or single need an insurance policy. Singles can purchase an insurance policy for certain milestones in their life, e.g., to pay of debts, cope up with medical expenses if any, meet any expense that critical illness or disability could invite, etc.

Company provided insurance - Most companies provide life insurance to their employees as an added benefit. In such cases the employee and the employer shares the premium payment made to the insurance company. Individuals therefore believe that a company provided insurance policy is sufficient and they do not need an individual policy.

There are several reasons debunking this myth. Company provided policies become null and void once you leave the organisation or retire. In these instances you lose the insurance cover and end up with basically nothing to fall back on. Buying an insurance policy later in life is difficult as premiums could get expensive and there are several chances of policy rejection. Purchasing an individual additional insurance policy is the right choice. You could choose life term policy or a policy to meet certain milestones in your life.

Women don't need insurance - This is a misconception, even though women today share an equal responsibility by working and providing for the family. Generally families stress that financially holdings like an insurance should be bought only by the men in the family. Even stat-at-home spouses need to be insured, so that in times of any unfortunate incident their financial needs are met. Having an insurance cover ensures that they are financially secure especially in times of dire need.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Young people don't need insurance - Young professionals especially those with no financial responsibility do not believe in investing in adequate life cover. They stay away from any responsibility that requires them to make regular payments as these are considered to be tedious. The fact however is that buying an insurance policy when young is highly beneficial. Insurance policies are varied and one can choose an insurance cover depending on their requirement. There are protection plans, retirement planning, family floaters as well as individual covers. Buying an insurance cover when young does not attract a high premium since young people generally are healthy and do not suffer from lifestyle diseases.

These are just a few common myths about life insurance that we have aimed to  bust. Overall life insurance is a best investment options and is recommended for every type of investor regardless of age. 

Written By: PolicyBazaar

Life insurance articles

Recent Articles
Popular Articles
Max Life Insurance 1 Crore Plan

14 Oct 2021

With many novel diseases surfacing, life seems to be fleeting...
Life Insurance for Senior Citizens Over 70

14 Oct 2021

Although you may be past the opportunity to buy life insurance...
Life Insurance for Senior Citizens over 80

14 Oct 2021

If you are the bread earner for your family, no time is bad to...
Life Insurance for Armed Forces

14 Oct 2021

The Indian arm forces are our pride. They risk their lives to...
Life Insurance for 50-year Old

14 Oct 2021

We all have had this thought at least once in our lives, ‘what...
How to Check LIC Policy Status, Details, Statement via Online/SMS/Call
Last year, Mr. Rajiv Verma bought a Child LIC policy to provide financial security for his kid's future. However...
LIC Online Premium Payment
The Life Insurance Corporation of India is one of the most recognized and trustworthy names in the Indian life...
How to Check PLI Status?
How to Check PLI Status? Dating back to February, 1884, PLI (Postal Life Insurance) is one of the oldest life...
LIC Login: LIC Customer Login Process at Online Portal
The LIC login portal is user-friendly. With the LIC online login facility, customers can easily avail themselves of...
Life Insurance: Checking Policy Status
Life Insurance: Checking Policy Status Buying life insurance policy is the first step towards building a corpus...
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL