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Things to Keep in Mind Before Buying an Online life Insurance Policy

Things to Keep in Mind Before Buying an Online life Insurance Policy

There was once a time when people had insurance agents calling them, trying to convince them to buy life insurance policies. But as internet services became more accessible, these same policies became available for purchase with just a few clicks. Gradually, the online insurance sales grew, and it became easier for policyholders to compare and buy online life insurance policy.

When it comes to purchasing an online life insurance policy, there are many things that you must investigate, especially if it is your first time buying. Like every new experience, buying an online life insurance policy may seem like a confusing and daunting task in the beginning, but no need to worry. We have compiled a list of tips that would help you pick a plan that suits you best.

Understand your Insurance Requirements

Examine your insurance needs thoroughly before purchasing an online life insurance policy. The cost of a plan is determined by factors such as your age, health, and the amount of coverage you choose, among others. All of these criteria play a part in determining the best life insurance plan for you.

Amount of Coverage

Whether you are single or have a family, whatever your health or retirement plans are, whether anyone financially relies on you, the amount of income you provide for your family, is there a debt that they may have to pay after you pass away, and how financially independent they are, you can determine the amount of coverage you require based on these or similar questions.

Premium Frequency

The next step is to determine how frequently you can pay a premium. Almost all life insurance companies offer a variety of premium payment options, including paying the entire amount in one lump sum or paying in monthly, quarterly, or yearly instalments. Choose an option that is most convenient for you.

Life Insurance Riders

Even if there are hundreds of policies to choose from, there is no such thing as a one-size-fits-all solution. The requirements of every policy buyer vary. The good news is that riders, or add-ons, can be added to any policy to tailor it to your specific needs. Riders are available for a variety of reasons, including serious sickness, death by accident, and economic advantages. You will be charged for each additional service, so choose wisely. Before you buy an online life insurance policy, it is a good idea to ask them some questions.

Renewal Policy

Most online life insurance policies have the option of being renewed for one or more terms. When you choose to renew your plan, however, the amount of premium you pay may increase. Before you buy an insurance, be sure you know how long you have until you can renew it. It is also a good idea to get an idea about the premium in case the insurance needs to be renewed.

Tenure of the Policy

Policy tenures play an important role when buying online life insurance policies. The longer tenure plan you have, the more premium you would be required to pay, so choose wisely.

Compare Insurance Plans

Once you have considered everything, the next step would be to compare online life insurance policies from different insurers. Get as much insurance as you can about different insurance plans, policy tenures, available rider policies, etc., before you decide which one to get.

Maintain Timely Payments

Once you have purchased an insurance policy, it is critical to pay your premium on time. Be sure to pay premiums on time and examine whether you will be able to afford the additional costs if the premium amount rises. Keep a track of all the due dates or automate your payments via your bank.

Disclaimer :

*Tax benefits are as per the Income Tax Act, 1961, and are subject to any amendments made thereto from time to time’

The article is meant to be general and informative in nature and should not be construed as solicitation material. Please read the related product brochures for exclusions, terms and conditions, warranties, etc. carefully before concluding a sale.
Make responsible financial decisions. Consult with your financial advisor before making any decisions on insurance purchase.

Suggested Plans

Bharti AXA Life Wealth Pro

  • An Individual Linked life cover with Insurance cum Savings Plan.
  • Choose a Variant: The plan offers you two variants to choose from a) Growth Variant b) Legacy variant
  • Grow your wealth further with Wealth booster
  • Multiple Investment Strategies to suit your investment needs
  • Tax benefits

Bharti AXA Life Guaranteed Wealth Pro

  • A non-linked, non-participating individual savings life insurance plan
  • Flexibility to choose the payout structure
  • Multiple income options
  • Option to receive tax free income beginning from the second policy year itself
  • Option to get lifelong income along with life cover till 100 years of age

Bharti AXA Life Flexi Term Pro

  • A Non-linked, Individual, Non-participating Pure Risk Premium Life Insurance policy
  • The plan offers two options: Without Return of Premium and With Return of Premium
  • Under the Without Return of Premium variant, you have the option between Single Life cover or Joint Life Cover i.e., cover for your spouse under the same policy.
  • Flexibility in policy and premium payment terms