Life insurance is a long term contract between a Life Insurance Company and an insured customer that contract is called a life insurance policy. In a life insurance policy, the insurance company agrees to pay the agreed amount known as sum assured in the event of untimely demise or disability of the policyholder due to an insured peril for a consideration from the customer known as premium amount. Life insurance is considered one of the best financial tools available in the markets as it covers both the investment and insurance parts under a single policy.
The amount of the death benefit is based on how much coverage amount you choose to buy. The more coverage you buy, the higher your premium will be. The life Insurance Premium Calculator can be used to know the premium of a Life Insurance policy. The factors affecting the life insurance premium are age, gender, sum assured, lifestyle, occupation, etc. A life insurance policy premium calculator tool provides the premium for your life insurance policy according to the data entered by you. You can lock in a lower premium if you get life insurance coverage while you’re young and healthy.
There are many types of life insurance products available in the Indian market such as term insurance plans, retirement plans, child plans, savings plans, etc. The best life insurance policy in India can be found through online life insurance quotes comparison. The best life insurance company in India provides excellent claim settlement ratio, riders or Add-ons, affordable premiums, etc.
What are Life Insurance Quotes?
Life insurance quotes provide the details of a life insurance policy such as premium, features, key benefits, inclusions, and exclusions, add-ons, etc. The customers make a comparison between various plans based on these parameters. Quotes comparison of life insurance is the best way to get the best life insurance plan from various life insurance companies.
What are the Factors Affecting Life Insurance Rates?
The main factors that affect life insurance prices are age, gender, and health. Young and healthy persons will get the lowest life insurance quotes and be able to lock in a good rate for the duration of their policy.
- Age: life insurance premium is based mainly on the age of the customer. If lower the age of the policyholder, lower would be the life insurance premium. This is due to the increase in mortality rate with the increase in age of the people. It is advisable to take a life insurance policy at a very young age to reduce the premium amount payable during the policy period.
- Gender: life insurance premium changes with the gender of the customer as well. This is due to the loss ratio experienced by the insurance companies. The premium for Male policyholders of the same age and same sum assured would be higher than that of the Female policyholder due to the mortality rate being high in the Male population in comparison to the female population.
- Sum Assured: Sum assured is the maximum liability of the insurance company in case of the death of the policyholder. The sum assured selected by the policyholder decides the premium under the life insurance policy. Higher the sum assured, higher would be the premium to be paid under the life insurance policy.
- Lifestyle: The lifestyle of a person decides the life insurance premium to be paid. Lifestyle includes Smoking and drinking habits, entertainment in risky works, etc. In comparison, the life insurance premium of a smoker and drinker would be high than that of a teetotaler. This is due to the increase in the risk of death due to diseases and illness.
- Health History: The health history of the prospect also plays an important role in deciding the premium to be charged by the insurance company. The life insurance calculator takes into account the health history of the prospect and decides on the acceptance of the proposal. Every insurance proposal requires the health history of the prospect to be taken into consideration before deciding on the acceptance of the proposal.
- Type of Policy: Lastly but most importantly, the major factor determining life insurance premiums using the life insurance premium calculator is the type of coverage opted by you. There are many types of life insurance policies such as term insurance, Endowment insurance, Annuity insurance, Money back insurance, etc. All these types of life insurance policies have different premiums but all of them cover the life of the insured.
Where to Compare Life Insurance Quotes?
Online insurance portals are the best platforms to get life insurance quotes. PolicyBachat is an online insurance web aggregator which helps in selecting insurance policies online for its customers based on the customer’s requirements. Please visit our portal to compare insurance policies from top insurance companies and select the best life insurance policy which fits all your requirements
How to Compare Life Insurance Quotes
Compare life insurance policies by comparing life insurance quotes and find the one which suited to you according to your requirements from various life insurance companies based on the following factors:
Estimate Your Insurance Coverage Need:
The first is to evaluate how much sum assured amount you need. Sum assured is the amount that is paid to the nominee in case of the unfortunate death of the insured person. The amount of sum assured should be calculated by adding up all your annual expenses, long-term liabilities fewer assets in your name
Compare the Coverage of Different Plans:
After evaluating your sum assured requirements, identify the life insurance plans offering the required coverage and compare them based on inclusions and exclusions.
Select the Optimal Plan:
When comparing life insurance plans, you’re attracted to cheap premiums. However, keep in mind low premiums also mean low coverage and this can prove more expensive in the long run. The best policies are one which provides high life coverage at low premiums. Thus, choose the plan which offers optimal coverage at affordable rates.
Check the Terms and Conditions:
Before purchasing a life insurance policy make sure to read the terms and conditions of the policy you choose carefully.
What are the Benefits of comparing Life Insurance Quotes Online?
There are many ways to buy a life insurance policy but before buying life insurance online you should compare life insurance quotes and you should have to know about the benefits of life insurance quotes comparison online that help customers feel free to purchase it for their needs.
- Quick Process: The life insurance quotes comparison process simple and hassle-free process. When you buy a life insurance policy online, your policy is issued to you almost instantly. You don't have to wait for days to receive your policy document. All you need to do is fill up a few basic details about you and your contact details from the comforts of your home and you can get your policy in no time.
- Paperless Process: No lengthy documentation, the application process for buying a life insurance policy Online. A life insurance policy purchased online involves Zero paperwork. To begin with, the proposal form is filled digitally and the scanned copy of any required documents is submitted to the insurer online. Moreover, the soft copy of the policy document is sent to your registered email id once the policy has been issued to you. As a result, online purchase of life insurance does not require any filling because everything is done digitally by entering the details easily.
- Systematic and Safe: The process to buy life insurance online is very systematic and safe. You can be sure that the documents and proofs you upload on the website along with your application form are directly submitted to the insurance company with no chances of misuse.
- Convenient Process: It is always more convenient to compare life insurance policies online as you get to do so on a single platform instead of looking into multiple documents at multiple places.
- Informed Decision: A comparison of various life insurance quotes online helps you identify the coverage, exclusions, inclusions, add-ons, features, benefits, etc. of a plan, thereby helping you make an informed decision.
Life Insurance Rates Comparison
Comparing life insurance rates is an important step in finding the best policy for you and your family. With so many different companies offering different rates, it can be hard to know which one is right for you. That's why having access to a life insurance quotes comparison tool can be so helpful. This tool allows you to quickly compare rates from multiple companies and find the best option for your needs. By using a life insurance rate comparison tool, you can save time and money while ensuring that you get the coverage that's right for you.
Example: Life insurance quotes for a 35-year-old Male, with no Tobacco habit, an annual income of 10 Lacs, and a Salaried individual. The premium payment mode is Monthly and the sum assured is 1 crore, Payment term is up to retirement (65 years).
| Monthly Premium |
Rs.665/- |
| Quarterly Premium: |
Rs.1930/- |
| Half Yearly Premium |
Rs.4949/- |
| Yearly Premium |
Rs.9987/- |
Click on the below button to compare life insurance quotes based on your requirement.
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How to Get Best Life Insurance Quotes Online from PolicyBachat
Compare life insurance prices to ensure that you are getting the best deal for your money. There are different ways to compare life insurance rates online. The best way to get instant quotes from PolicyBachat. Here the life insurance rates comparison can be done online based on the customer’s requirements. Following are the steps to compare life insurance policies online through life insurance quotes comparison.
- Visit the Policybachat Website and select the ‘Life’ tab.
- Enter your Name, Date of Birth, and Mobile Number.
- Click on the ‘View Plans’ button.
- Just Answer 5 Simple Questions.
- Select your ‘Gender’.
- Select ‘YES’ or ‘No’ if you have Smoked or Chewed Tobacco in the last 12 months.
- Select your ‘Annual Income’.
- Select your ‘Education Qualification’.
- Choose your ‘Occupation Type’.
- Enter your ‘Email Address’.
- Then click on ‘Start Saving Money’.
- Premium Quotes of top life insurance plans will be displayed as per data entered by you and which are suits your requirement.
Conclusion
Comparing life insurance quotes online is a great way to ensure that you are getting the best deal for your needs. It can be difficult to know what type of coverage you need and how much it will cost, so it is important to compare multiple quotes before making a decision. With the right information, you can find the policy that best fits your budget and lifestyle.