How To Buy Life Insurance With InsuranceDekho?
- Fill Your Details
Enter your name, mobile number, date of birth and select your gender. Click on ‘View Instant Quotes’.
- Compare Life Insurance Quotes
All the life Insurance plans matching your requirements and details will get displayed on your screen. Compare the available plans and select the plan that best fulfills your requirements.
- Make Payment Online
After selecting the life insurance plan adjust your sum assured and policy term and then proceed with the payment. You can make the payment using netbanking and/or debit/credit card.
- Submit a photo id proof (voter’s id, aadhaar card, pan card and passport).
- Address proof (electricity bill, telephone bill, ration card or any other utility bill)
- An age proof such as birth certificate
- A passport size photograph along relevant medical records and your recent salary slips to get your policy document.
Benefits of Life Insurance
What is Life Insurance?
Life insurance refers to an agreement between an individual and an insurance company under which the latter promises to provide a sum assured (death benefit) to the family of the life assured in the event of an untimely death of the life assured. In case of no death, a sum assured known as the maturity benefit is provided at the time of maturity of the policy under certain life insurance plans. Some insurance companies also offer optional coverage for critical illnesses. Besides the standard coverage, other benefits are provided in accordance with the type of life insurance plan chosen.
A life insurance policy provides a sum assured as the death benefit in the event of an untimely demise of the policyholder, thereby providing financial security to the life assured’s family. A life insurance thus acts as a financial shield and ensures that the aspirations of the life assured’s family do not get compromised.
Peace of Mind
Life Insurance helps create a sense of peace of mind for an individual because it ensures a financially secured future for the loved ones of the life assured in his/her absence. Life insurance also provides financial aid at the time of medical emergencies thereby decreasing the family’s stress to arrange funds during difficult times.
Purchasing a life insurance policy can help one ensure the financial stability of their loved ones in the future. In case of a death of life assured, a life insurance plan pays out a death benefit to the nominee which can help the family to clear out debts or any other liabilities and maintain their standard of living.
Life insurance premiums qualify for a tax deduction of up to Rs. 1.5 Lakh under Section 80C of the Income Tax Act. Also, the life insurance proceeds qualify for a tax exemption under Section 10(10D), if the premium is up to 10% of the sum assured or the sum assured is at least 10 times of the premium amount of the life insurance plan.
Assured Income Benefit
Some life insurance plans offer an option to receive the death or maturity sum assured by way of regular income on periodic intervals as monthly, quarterly, half-yearly, or yearly instalments. This helps the life assured enjoy the benefits of the plan as an assured flow of regular income.
Most of the life insurance plans provide an option to avail a loan at a nominal interest rate to meet urgent financial requirements. This helps the life assured to enjoy a substantial amount of liquidity with the help of the life insurance plan. The loan facility is generally available with ULIPs, Endowment Plans and Child Plans.
Top Life Insurance Companies in India 2021
|Life Insurance Company||Claim Settlement Ratio 2019-20|
|Max Life Insurance||99.22%|
|HDFC Life Insurance||99.07%|
|Tata AIA Life Insurance||99.06%|
|Dhfl Pramerica Life Insurance||98.42%|
|Exide Life Insurance||98.15%|
|Reliance Life Insurance||98.14%|
|Canara HSBC Life Insurance||98.12%|
|Bajaj Allianz Life Insurance||98.02%|
|Aegon Life Insurance||98.01%|
|ICICI Prudential Life Insurance||97.84%|
|Aditya Birla Sun Life Insurance||97.54%|
|Aviva India Life Insurance||97.53%|
|Bharti Axa Life Insurance||97.35%|
|PNB MetLife Insurance||97.18%|
|Daiichi Life Insurance||96.96%|
|Life Insurance Corporation of India (LIC)||96.69%|
|IndiaFirst Life Insurance||96.65%|
|IDBI Federal Life Insurance||96.47%|
|Kotak Life Insurance||96.38%|
|Future Generali Life Insurance||95.28%|
|SBI Life Insurance||94.52%|
|Shriram Life Insurance||91.61%|
|Sahara India Life Insurance||89.54%|
|Edelweiss Tokio Life Insurance||83.44%|
Types of Life Insurance Plans
Term Insurance PlansTerm Insurance plans are the most basic type of life insurance plans. They are also called ‘Pure Protection Plans’. Under these plans,a death benefit is provided to the family members in the event of a sudden demise of the life assured during the policy term. This plan thus helps you keep your family financially secured in your absence.
ULIPsA Unit-Linked Insurance Plan (ULIP) is an investment cum life insurance plan. In addition to the life cover, this plan invests your money in market-linked funds. These plans generally come with 2 types of investment strategies namely automatic or systematic fund allocation strategy and self-managed strategy for the management of your funds.
Child Protection PlansChild plans serve the dual purpose of providing a life insurance cover and an investment corpus for your child’s future. This plan provides a lump sum amount at the end of policy tenure that can be utilised for financing your child’s educational expenses or marriage expenses. These plans are generally available as savings plans and ULIPs.
Money-Back PlansMoney-Back plans are investment plans which provide guaranteed sum assured on plan maturity/death of the life assured. The guaranteed benefit under these plans can be availed as either a lump sum or in the form of regular instalments as steady income. The regular instalments is generally equivalent to a certain percentage of the sum assured.
Retirement PlansRetirement plans are investment cum life insurance plans which provide you with a life cover, along with helping you accumulate your savings for the life after retirement. This plan helps you enjoy a regular and steady flow of income after retirement, so that you can remain financially independent to enjoy the golden years of your life on your terms and conditions.
Endowment PlansEndowment plans are traditional savings plans which not only provide a life cover but also provide the policyholder an opportunity to invest their money for a specific period of time and earn guaranteed returns. The value of both, the death benefit and maturity benefit, is appreciated under the plan by way of regular and guaranteed additions at regular intervals.
Life Insurance Add-ons (Riders)
Accidental Death Benefit RiderAccidental Death Benefit rider provides sum assured in case of an unfortunate demise of the life assured in an accident. This is one of the most opted for life insurance add-ons.
Waiver of Premium RiderWaiver of Premium rider waives off all the future premiums payable under the life insurance policy in the case of life assured’s death, disability, or diagnosis of a critical illness. The events covered vary with insurers.
Term RiderA Term rider helps the policyholder increase the amount of the basic death sum assured by either an amount equivalent to the base plan coverage or by a pre-decided amount of sum assured.
Critical Illness RiderA Critical Illness rider provides additional coverage to the life assured in case a terminal illness such as heart attack, heart stroke, cancer, kidney failure, liver failure,etc. is diagnosed. It helps you to meet long-term medical expenses with ease and without worrying for finances.
Accelerated Terminal Illness RiderUnder the Accelerated Terminal Illness rider, the death benefit is paid out in advance on diagnosis of a terminal illness of the life assured. This benefit is payable if the chances of survival of the life assured are low due to the illness.
HospiCash RiderUnder a HospiCash rider, if the life assured has to be admitted to the hospital for a treatment then a fixed amount of rider benefit will be provided to the life assured depending on the per day expense of the hospitalisation.
Accidental Total and Permanent Disability RiderUnder the Accidental Total Permanent (ATPD) Disability rider, a benefit is payable to the life assured in case he/she suffers a total permanent disability making him/her unable to earn a living.
Income Benefit RiderAn Income Benefit rider provides a certain number of monthly instalments equivalent to the monthly income of the life assured in case of his/her unfortunate death. This rider helps the life assured’s family maintain their standard of living even in the life assured’s absence.
Surgical Care RiderA Surgical Care rider provides benefit if life assured undergoes an unavoidable medical surgery due to injury or sickness. The benefit provided under this rider is equivalent to a certain percentage of the base sum assured.
Frequently asked questions (FAQ’s)
What is Life Insurance ?
Life insurance is an insurance cover which provides a sum assured to the family of the assured in the event of sudden death. The plan also offers a survival benefit to the assured if he/she survives the policy term.
What are the factors that affect the calculation of a life insurance plan premium?
Factors that determine the premium of Life Insurance Plans include the policyholder’s age, sum assured, gender, lifestyle, job, medical history, type of policy, tenure of the policy and riders (if any).
Why should I purchase life insurance?
Life insurance helps you attain financial security that ensures your family’s life goals are not affected. Life insurance also offers tax benefits on the premiums that a policyholder pays for their life insurance. Moreover, life insurance plans are affordable and the policyholder can purchase additional benefits by purchasing a rider to enhance their life cover.
Which is the best life insurance plan?
Different life insurance plans have different features and advantages. Thus, the definition of the best plan varies from individual to individual. The best life insurance plan is the one which best meets your requirements and budget. However, among all the different types of life insurance plans, the most preferred type of life insurance plan is Term Insurance Plan because it provides high coverage at nominal premium.
What are the factors which I should consider before buying a life insurance policy?
Before purchasing a life insurance plan you must check your insurance objectives, your income, your life insurance existing policies (if any), your assets, liabilities, and your expenses.
Is it safe to buy life insurance policy online?
Purchasing life insurance policy is easy, quick and hassle-free and the payment is made through a safe gateway. Buying policies online is less time consuming as well.
What are the tax benefits on insurance premiums?
Under Section 80C of the Income Tax Act, premiums paid towards a life insurance policy qualify for a deduction up to Rs. 1.5 Lakh. Also under Section 10(10D), income received from a life insurance plan on maturity is tax-free if the premium is not more than 10% of the sum assured or the sum assured is at least 10 times the premium.
Does tobacco and alcohol consumption affect life insurance premiums?
Yes, if an individual declares that he/she consumes tobacco/alcohol then the premium for a life insurance plan increases because of high-risk involved.
Can I return my policy immediately after I purchase it?
You can return the policy stating the reasons why you disagree with terms and conditions of the policy within the free-look period as per regulations of IRDAI. For Life Insurance policies, the free-look period is of generally 15 days (30 days for online policies) from the date of receiving policy documents.
Can I purchase a new life insurance policy even when I already have one?
Yes, you can purchase a new life insurance policy despite already having one. It helps a policyholder get an increased life coverage along with all other benefits of a life insurance plan.
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Why Choose InsuranceDekho?
- Quick Policy Issuance
At InsuranceDekho you can purchase life insurance in just a matter of minutes. You can compare and purchase a life insurance plan by simply entering your details and such as Age, Mobile Number and Date of Birth and instantly compare available plans and purchase the life insurance policy that best meets your requirements.
- Dedicated Customer Service
Our customer assistance team is available all 7 days to provide information and clarify all queries related to purchasing a life insurance policy or its claim settlement. Our knowledgeable team of experts is always available to solve all your queries and serve you in the best manner.
- Availability of Top Plans
We have partnered with all the top life insurance providers in India to provide our customers the best life insurance plans. This helps our customers to get the best plans conveniently at one place with the ease of comparison.
*Standard T&C Apply. All savings/offers are provided by the Insurers, which are subject to modification .For more details on risk factors, terms and conditions, please read the sales brochure of respective insurers carefully before concluding a sale. Tax benefits are subject to changes in applicable tax laws. Communication here refers to Life Insurance Coverage. Girnar Insurance Brokers Private Limited, (CIN: U66010RJ2016PTC054811, Regd .Off: Girnar 21, Govind Marg, Moti Doongari Road, Dharam Singh Circle, Jaipur, Rajasthan- 302004; Corp. Off: 11th Floor, Tower B, Emaar Digital Greens, Golf Course Extension Road, Sector-61, Gurugram-122102, Haryana. IRDAI License no 588. Direct Broker (Life & General) valid till 19th March 2023. Email - email@example.com ; Helpline number: 7551196989.
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