What Are Life Insurance Quotes?
Life insurance quotes give you an estimate of premiums that you will be required to pay to buy a particular life insurance plan. When filling life insurance quotes, you are required to provide information related to the life assured’s age, medical records/history, occupation, lifestyle, personal habits such as consumption of alcohol/tobacco, coverage amount i.e. sum assured, coverage time period i.e. policy term, etc., which is taken into consideration to calculate the life insurance premium.
What Are the Factors Affecting Life Insurance Quotes?
Following are some of the factors which affect the premium quote of a life insurance plan -
1. Type of Life Insurance Plan: There are different types of life insurance plans, the premium for which are also different. For instance, the premiums of decreasing term plans are relatively lower than increasing or convertible term plans.
2. Life Assured’s Lifestyle Habits (Alcohol/Tobacco Consumption): The premium of a life insurance plan is also a factor of the lifestyle habits of the life assured. Unhealthy lifestyle habits like consumption of alcohol or tobacco attract relatively higher premium rates.
3. Policy Term: Every life insurance plan is valid for a certain number of years which is known as the policy term. There are various insurers that also offer whole life term insurance plans, wherein the life assured is covered till 99 years of age. The premium of a life insurance plan depends positively on the policy term, thus, the longer the policy term, the higher the premium and the longer the time you are covered.
4. Sum Assured Amount: Sum assured refers to the amount payable to the nominee in case of an unfortunate demise of the life assured. The higher the sum assured, the higher the premium.
5. Life Assured’s Medical History: Another factor that affects the premium of a life insurance plan is the medical history of the life assured. The healthier the life assured, the lower is the premium.
6. Life Assured’s Age: The premium amount also depends on the age of the life assured, the older the life assured, the lower is the premium amount.
How To Get Best Life Insurance Quotes at InsuranceDekho?
You can get instant quotes for your life insurance by following the steps given below:
- Visit InsuranceDekho and select the ‘Life’ tab
- Enter your personal details such as name, date of birth, and mobile number.
- Select your Gender. Then, click on ‘Get Quotes’
- Then mention if you have consumed tobacco within the last 2 years.
- Select your ‘Education Qualification’.
- Select your ‘Occupation Type’.
How To Compare Life Insurance Quotes Online?
Following are some tips that will help you compare different life insurance policies to help you find the one best suited to you according to your requirements:
1. Your Coverage Requirements: The first and the foremost step is an assessment of one’s life insurance coverage needs as on the basis of this you can arrive at your sum assured requirement. Sum assured is the amount that is paid to the nominee in case of an unfortunate demise of the life assured. The amount of sum assured should be calculated by adding up all your annual expenses, long-term liabilities fewer assets in your name. The amount should be in line with the number of years for which you want to get assured.
2. Inclusions and Exclusions: Another important thing to consider when buying a life insurance plan is to go through the inclusions and exclusions under the policy. It gives you a clear picture of what the policy covers you and does not cover you for, thereby reducing confusion at the time of claim.
3. Check the Terms and Conditions of the Policy: A lot of the insurance is in fine print. Hence, make sure to read the policy you choose carefully, there are often a number of terms and conditions attached to the plan that can make the policy a bad bargain.
What are the Benefits of Comparing Life Insurance Quotes Online?
The benefits of comparing car insurance online are:
1. Informed Decision: Comparison of various life insurance quotes online helps you identify the coverage, exclusions, features, benefits, etc of a plan, thereby helping you make an informed decision.
2. Convenient Process: It is always more convenient to compare life insurance quotes online as you get to do so on a single platform instead of looking into multiple documents at multiple places.
3. Quick Process: Due to the availability of ready and customized information on the life insurance quotes online, you can make a life insurance purchase quickly and in a hassle-free manner.
4. Less Paperwork: Purchasing a life insurance plan online involves relatively way less paperwork than the offline mode as most of the processes are digitalized. This, in turn, adds to your convenience and helps you save your time.
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FAQ About What Are Life Insurance Quotes?
How can I get life insurance quotes online?
At InsuranceDekho, you can find the best life insurance quotes easily within a few clicks. All you need to do is visit the portal, locate the life insurance page, and fill the required information as asked.
What are the factors affecting life insurance premiums?
Several factors that affect life insurance premiums include your health, age, gender, type of policy, coverage benefits you wish to receive at the time of maturity, policy term, sum assured amount, and insured’s medical history.
Can I compare life insurance quotes online?
Yes. You can compare life insurance quotes online at InsuranceDekho. You can do this on the basis of your coverage requirements, inclusions and exclusions, and other terms and conditions mentioned in the policy.
Why should I compare life insurance quotes online?
Comparing life insurance quotes online is recommended as it allows you to check different policies on a single platform in a quick and hassle-free manner.
Can I add riders under my life insurance policy when purchasing it online?
Yes. You can add riders to your life insurance plans when making an online purchase. Common life insurance riders are critical illness riders, accidental death benefit riders, permanent disability benefit riders, and waiver of premium riders. You can opt for these riders to avail additional coverage benefits, by paying an extra premium at the time of buying policy online. But it is not mandatory to buy riders.