What is Life Insurance Policy?
A life insurance policy is a contract between the policyholder and the insurance providing company. The policyholder has to pay premiums to the insurance company, and in return, he can avail the benefits of the policy. A life insurance policy provides financial security and a lump sum amount of death benefits to the family in case of an untimely demise of the policyholder. This will ensure that the family is able to live a comfortable life, even if the policyholder or the breadwinner is not there to provide financial help.
Few Things to Keep in Mind While Buying Life Insurance Online
1. Choose a Reliable Life Insurance Company
Before you invest in life insurance online, make sure that you choose a reliable life insurance company. This will ensure that you or your family do not face any constraints later on. You can check the company’s reliability by checking its claim settlement ratio. Claim settlement ratio means the number of claims settlement for every 100 claims that come to the company. Bharti AXA comes with one of the best claim settlement ratios in India – 99.09%
2. Choose a Life Insurance Plan That Matches Your Needs
We all have different short-term and long-term financial requirements. Before you invest in online life insurance, it is important for you to know an overview of your and your family’s financial requirements. This will ensure that the life insurance policy you have invested matches your requirements and helps you fight the rising cost of inflation rates.
3. Provide Your Personal Details
The third step in investing in an online life insurance policy is that you have to provide your personal details, such as age, gender, whether you smoke, your current income, etc.
4. Premium You Need to Pay
While investing in an online life insurance policy, you will have to pay a certain amount of premiums to the insurance providing company, and in return, you will be able to enjoy the benefits of the policy. It is important for you to check whether you can afford to pay the premiums of the policy or not. This will ensure that you or your family do not face any financial constraints while paying the premiums in future.
5. Medical History
After giving all the information to the insurance providing company, there are chances that the company might conduct a medical examination of the policyholder. In this case, the policyholder will have to visit a medical examination centre. After this, the insurance company will verify the documents and proceed with issuing an online life insurance policy to the policyholder.
Your Way Forward
You now know what a life insurance policy is and the steps to buy an online life insurance policy. So, in case you are planning to invest in an online life insurance policy, then Bharti AXA is your ultimate destination. We provide online life insurance policies in India for you to invest in.
For more information on online life insurance policies, get in touch with us today.