Life Insurance Quotes
A life insurance quote is the premium price of the life insurance policy. It is crucial to get a life insurance quote so as to simplify the comparison between different life insurance policies and make a wise choice.
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Life Insurance Quotes Online
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 premiums 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 Evaluate A Life Insurance Quote?
It is highly recommended to perform detailed analysis of a life insurance quote so that the choice made is worthwhile. On performing a complete evaluation of life insurance quotes so that you are clear of their distinctive features as well as benefits. If you have a life insurance policy quote by your side and wish to know whether it can work out for you or not, make sure you perform its evaluation on the basis of:
- Age: Since with the passing age, the health risks increase, it is vital to consider age. One of the reasons for considering age is that an insurance company decides the policy premium on the basis of age as well. Due to the fact that age plays a vital role in determining the premium, it is advised to buy life insurance early in life.
- Base Premium: The base premium of a life insurance policy is one of the essential factors to consider while evaluating a life insurance policy quote. Note that the base premium of a life insurance policy also depends on the age, gender as well as smoking habit. In case, the policy buyer is a smoker, they will have to pay a higher premium as they would be carrying major health risks according to the insurance company. In case the policy buyer is a non-smoker, they will have a much lower base policy premium.
- Policy Term: Policy term, also referred to as policy duration is a significant element to consider while evaluating a life insurance quote. Since policy duration also plays a vital role in deciding the life insurance policy premium, it is important to keep policy term in mind while checking for a quote. As far as policy term or policy duration is concerned, know that it would depend on the age, expected age of retirement, current income, financial responsibilities (present and future) and more.
- Medical Test: You may or may not have to undergo a medical test to buy a life insurance policy. It is highly advised to not ignore the need for a medical test if the policy requires you so it can help you in reducing your policy premium. How? It is because if the medical test results are good, the insurance company can reduce the premium. Nonetheless, if the medical tests depict a health problem, then also it would be because then you won’t have to face claim settlement rejection or other issues later.
- Riders: While evaluating a life insurance policy quote, it is important to keep the riders above the base policy in mind. During your life insurance policy search and ways to enhance its coverage, you will find a series of riders to add. Make sure you pick the right rider instead of the rider with the least cost. Since the rider would solve a purpose for you and come at an additional premium cost, it would be important to make a wise decision.
- Policy Lapse Charges: The Policy Lapse clause is associated with all the life insurance policies. It is important to keep policy lapse charges in mind while evaluating the quote because in the event of non-payment of the policy premium within the specific time and your policy eventually lapse, you will have to pay charges to revive it.
- Tax Component: Tax benefits are one of the key features of a life insurance policy. Note that it would be important to analyze your life insurance quote for tax benefits. Learn that tax benefits for your life insurance policy would come under Section 80C. Moreover, there would be a tax exemption on maturity amount as per the Section 10(10D).
Experts suggest that a life insurance policy quote should be analyzed in a thorough manner from every aspect. Doing so can help a life insurance policy buyer prepare an array of plans that serve their purpose well. It is also advised by experts that a policy buyer should not choose a life insurance policy just because of its low quote price or just for the sake of tax benefits.
To reach a potential range of life insurance policies, one must perform life insurance policy quotes comparison so that every quote gets analyzed in a detailed manner and only the ideal ones are left at the end. Policy buyers are advised not to pick the first quote that they get, but wait for proper comparison results so that only the best one is selected.
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 https://www.insurancedekho.com/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 life insurance quotes 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 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.
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