Buy Online Life Insurance Policy – Follow the 5C buying pattern when buying life insurance online. Updated: July 26, 2021, 09:47 AM IST Navneet Dubey Premium
The insurance industry is still ramping up digital engagement amid the Covid-19 pandemic. Buying a life insurance policy online is easy, fast, secure and stress-free to make a difference for buyers in choosing a policy.
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Having a basic understanding of the 5Cs will make your life easier when buying life insurance. Let’s look at 5C.
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Thorough research: If you are buying a life insurance policy, research is very important. This research should be a mix of online and offline as it will help you narrow down the gap in available options and help you choose the best cover. Choosing an appropriate amount of life insurance policy is essential. A higher sum assured based on financial need is important as it increases your money in case of an emergency, which adds real value to protecting your loved one’s financial future. Here is an online calculator to help you calculate your coverage amount based on your future goals, lifestyle and other financial requirements.
Compare Products: Online World offers various options to policy buyers, so it is advisable to compare the offers. Naval Goel, founder and CEO of PolicyX.com says in comparison, a policy applicant can be aware of various products in the market and make the right choice by understanding the various features, benefits, exclusions and various additional benefits of a particular policy. Some may give, some may not. “Comparison always helps you understand the policy criteria and ensures that one chooses the most suitable policy,” says Goel
Claim Ratio Overview: Claim ratio describes an insurer’s ability to process customer claims. Since insurance is a service-oriented product, applicants always want to know the insurer’s track record in customer service. It is very important to check the claim rate to ensure that the proposer or their family does not rush to get the promised services in an emergency after the insurance company.
Insurance Regulatory Authority of India (Irdai) also provides claim information on its website. It is necessary to check the compensation rate of the insurance company to know whether the insurance company is providing all the benefits as promised.
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Choose add-ons wisely: Always choose a higher cover amount keeping the future in mind The coverage amount is specified at the time of purchase and cannot be changed later. If you feel that your cover is insufficient, you can opt for a new life insurance policy or renew your existing policy with add-ons.
Athur Thakkar, co-founder and director of United Insurance Brokers, said that ideally, insurance companies would offer more coverage to consumers. “There are various supplements available today and they offer many benefits. Some cover accidental death, disability and critical illness. Some motorcyclists waive their premiums if they are unable to pay due to certain illnesses. The right accessory to choose depends on your needs. This is for you. Existing life insurance coverage should suit your risk assessment and financial requirements, says Thakkar.
Choose the product wisely: While buying a life insurance policy online or offline, you should disclose all the information including medical history and lifestyle as this will ensure quick settlement of claims. This ensures that your family members do not face any problem when they are called.
Navneet Dubey is a personal finance writer and artist. Over the past decade, he has written feature stories on insurance, financial planning, credit and debt.
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HDFC Life is one of India’s leading life insurance companies, offering a range of individual and group insurance solutions to meet your protection, retirement, savings and investment, health and many other needs.
* Based on revised annual figures for the 2021-2022 financial year, individual death benefit rates are based on policy numbers. Look at the demand trends of the last 5 years.
1. For all requests that meet the conditions described above, after we receive all the required documents, the request will be processed within one working day and a solution will be provided accordingly.
Application form, photograph of candidates, copy of PAN card, identity and address proof of candidate. (Documents are submitted if the candidate is a minor). Death certificate Death certificate issued by the authority. Medical cause of death certificate. As per nominee/candidate’s passport, verification/duplication of name of nominee/nominee present there is cancelled. Complete past and present medical records including discharge/death summaries, internal case sheets, examination reports, consultation notes. In case of accidental death, additional documentation is required. Post Mortem Report, Panchanama, Police Investigation Report, First/Final Information Report, Viscera/Chemical Analysis Report.
Benefits Of Purchasing Insurance Policy Online
Life insurance is a contract concluded between an individual and an insurance company. Instead of paying a regular premium, the insurance company promises to pay a lump sum to the insured beneficiaries upon the death of the insured, known as a death benefit. The purpose of life insurance is to provide financial benefits to the dependents of the person who purchased the life insurance policy and to protect against financial hardship in case of untimely death of the insured.
Death benefits accrue to the beneficiaries after the death of the insured in lieu of the beneficiary’s regular income. The money can be used by adoptive parents to pay off loans, living expenses and fund education and other long-term goals.
You can buy different types of life insurance plans such as term life insurance, annuity plans, pension plans and unit insurance plans (ULIPs). You can buy life insurance online in simple steps. Buying life insurance online is an easy way to ensure that your loved ones are financially protected in your absence.
Buying life insurance not only provides financial support in the event of the insured’s untimely death, but can also be a good long-term investment that helps you achieve your life goals, such as educating your children, saving for retirement or buying a second home. .
Why Is Life Insurance So Important?
The biggest advantage of life insurance is that regardless of your income level, life insurance ensures that your loved ones will be taken care of when you die.
Buying a life insurance policy at any stage of life gives you peace of mind. It offers life insurance that protects you and your family in case of accidental death. A life insurance payout in case of death helps to provide your family with a secure future, pay for children’s education, pay off debts and household expenses. Your investment in life insurance is safe and your family enjoys the benefit of being insured in case of unexpected events.
Life insurance premiums are available to salaried individuals to reduce their tax liability. Life insurance also offers loan against policy in some cases. A life insurance policy helps you plan for your life goals such as your children’s education, their marriage and retirement savings.
There are different types of life insurance that can help you secure a secure future for yourself and your family.
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Dependents and family earners need life insurance. Your loved ones dependent on your income will be negatively affected by your untimely passing and subsequent income. A life insurance policy ensures that the insured’s financial future is secured by paying out in the event of death.
If you have a business it will have a lifetime warranty so it doesn’t negatively affect your business. Your heirs can help the business by paying expenses and paying off debts until it gets back on its feet.
If you take on debt during your lifetime, your life insurance can help pay off your family’s debt.
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