Nowadays, you can purchase anything you need online. From clothing to furniture, everything is available on online stores. To keep up with modern times, insurance companies in India have made it possible for you to buy a life insurance plan online. Every insurance company has its dedicated website to find a suitable policy and opt for a life cover.
There are many benefits of life insurance, including the death and maturity benefits. Even with easy online availability, some people are still in two minds about purchasing a life policy from the Internet. Here, we address some common doubts about online life insurance plans to help with your decision.
- What is the meaning of an online life insurance policy?
It is a life insurance plan, which you can purchase from the insurance provider’s website. When buying a life plan traditionally, you have to either visit the insurer’s branch office or contact an insurance agent. While purchasing it online, you can complete the process from your home. It does not take more than a few minutes to do so.
- Are there any additional benefits?
There are many plus points of purchasing a life insurance policy online. Some of these are:
- It offers affordable premium
- It allows you to use a life insurance calculator to quickly compare prices
- It lets you find different policies and compare them to determine which suits you the best
- It makes the buying process straightforward and time-saving
- It keeps everything transparent
- It ensures fast processing and submission of required documents
- Why are online life insurance policies more cost-effective?
Purchasing a life policy offline involves paying brokerage charges and the agent’s dues. When you use the insurance company’s website, it eliminates the need to pay any middleman. This lowers the policy’s price significantly, allowing you to get it at a cheaper rate.
- Are riders available online?
Due to its economical life insurance quotes, many people prefer to opt for a term life insurance policy. It provides a significantly large cover at a nominal premium. While buying a term plan online, you will have the option to purchase extra riders from the insurer’s website. You can add them to the term plan and make it more comprehensive.
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- How can you purchase online life insurance policies?
You can follow these steps to get an online life insurance plan:
- Visit your preferred insurance provider’s website
- Click on the ‘calculate premium’ or ‘apply for insurance’ button
- Enter the details needed by the insurer, which include your name, contact information, age, smoking habit, and income
- Submit the information to find details about the available life insurance policies and select the one suitable for you
- Upload the scanned copies of the required documents
- Pay the premium online using the method of your choice
Once you complete the procedure, the insurance provider will send you the policy documents by email.
- What documents are needed?
The documents required for the life insurance policy application are:
- Aadhaar card
- Voter’s ID card
- National Population Register (NPR)
- National Rural Employment Guarantee Act (NREGA) issued job card, signed by an officer of the State Government
- Form 60
- PAN card
- Bank statement with the salary credit information for past three months
- Income Tax Returns of previous two years
- Form 16
- Profit and loss account and audited balance sheet of last two years, certified by a Chartered Account (CA) if you are self-employed
- Form 26 AS (for self-employed applicants)
Now, you may have understood how beneficial it is to purchase a life policy from the insurer’s website. Finding life insurance quotes online is simple, and it saves time. It will help you to find a life insurance policy that meets your needs.