Buy Life Insurance Online

Life Insurance

Life insurance is a contract between the insured customer and the insurance company in which the life insurance company assures to cover the life of the insured customer or promises to take care of the investment and returns in addition to the life coverage, in return for a periodical amount known as “Premium”. Life insurance is an agreement that is legally enforceable in a court of law. The parties to the life insurance contract should declare the basic facts which could affect the life insurance policy contract. Read more

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Frequently Asked Questions

What is Life Insurance?

Life insurance is a contract between the life insurance company and the insured customer wherein the insurance company agrees to pay the maturity benefit to the insured or the death benefit to the nominee of the insured in return for a nominal amount known as “Premium” which is to be paid by the insured customer to the insurance company on regular intervals. Life insurance is a long-term contract unlike health and motor insurance. The minimum period of a life insurance contract would be 5 years and can extend up to 99 years depending on the type of policy.

What is Term Insurance?

Term insurance is a type of life insurance in which the insurance company pays the death claim of the insured to the nominee of the insured in return for a premium. Term insurance provides the claim in case of the untimely death of an insured. Term insurance is a long-term contract between the insurance company and the insured customer. As the name suggests term insurance is a life insurance plan taken for a particular period of the term (years).

What are the Features of Life Insurance?

Death benefits
Maturity benefits
Tax benefits
Rider/Add-on covers
Sum Assured
Claim Assistance
Customizable tenure
Flexible premium payments

What is the Importance of Life Insurance?

A life insurance policy helps to minimize the risk of financial difficulties which would be faced by the families in case of the sudden death of the policyholder. According to the life insurance definition, life insurance is a contract between the insurance company and the insured customer. The insurance company agrees to pay the nominee or beneficiary the pre-defined sum assured. Apart from life insurance cover some life insurance policy plans also offer you the opportunity to create wealth. If one wants to make long-term investments, it’s important to think about life insurance meaning. Such insurance plans help you make systematic savings and create wealth that can be used for your future goals.

What are the Types of Life Insurance Policy?

Term Life Insurance
Whole Life Insurance
Endowment Life Insurance
Unit Linked Insurance Plans
Money Back Plans
Child Life Insurance Plans
Retirement or Annuity Plans

When should I buy a term policy?

There is no better time to buy the best term life insurance policy. It is better now than never to purchase a life insurance policy. Ideally one should purchase a term insurance policy immediately after starting a job. Early term insurance purchase results in lower premiums to be paid to the insurance companies. The term insurance premium depends on the age of the proposer and thereby increases with an increase in age.

What are the Principles of Life Insurance?

The principles of life insurance are

Principle of Utmost Good Faith
Principle of Insurable Interest
Principle of Transfer of Risk
Principle of Subrogation
Principle of Warranties
Principle of Proximate Cause
Principle of Large Number

What is Term Life Insurance?

Term life insurance is a type of life insurance in which the insurance company pays the claim to the nominee of the insured in case of the death of the insured. According to term life insurance meaning, the life insurance coverage is provided for a particular period which is known as the “term”. The period in term life insurance can be anywhere between 5 years to 60 years depending on the type of term insurance policy. The term life insurance calculator is used to calculate the premium of the term life insurance policy.

What is the difference between Term Insurance and Life Insurance?

The difference between term insurance vs life insurance is that life insurance provides coverage on the maturity of the insurance policy. In life insurance, if the person is alive or dies, the payment is guaranteed as per norms. The policyholder can set a term for the policy and if the policyholder dies then the money is given to the nominee. Term Insurance policy provides coverage for the premature death of the policyholder within the fixed term. Insurance companies provide financial protection to the nominee of an insured if the person dies within the term of the policy. There can be no claim to the money if the person survives till the maturity of the policy tenure.

How to Buy Life Insurance Online

Buy life insurance online at Policybachat by comparing the quotes from different life insurance companies. The comparison can be done in 2 easy steps by entering the basic details such as Gender, Salaried or Self Employed, smoker or non-smoker, annual income, date of birth, name, and email address. Then start comparing quotes by clicking Start save money, by comparing you can save time and money which is an easy and hassle-free process. It is advisable to talk to our experts regarding your requirements which help them in guiding you to pick the best term insurance plan in India.

How to Select the Best Term Policy for myself?

The best life insurance term plan can be selected online on our portal by comparing the premiums from the top 10 life insurance companies in India. It is advisable to talk to our experts regarding your requirements which help them in guiding you to pick the best term insurance plan in India. The best term insurance plan is the one that offers the best coverage at a reasonable premium.

What are the Types of Term Insurance available in India?

Term insurance is available in many types in India, they are:-

Increasing term insurance - The coverage increases each year in a specified percentage i.e. 5% or 10% and the total increased sum insured doesn’t cross the basic sum insured chosen by the insured customer.
Decreasing term insurance - As the name suggests the coverage is decreased each year over a while. The sum insured decreases at a certain percentage each year.
Money-back term insurance - The premiums paid are returned to the customer at the time of maturity and in case of death of the customer, the claim is paid.
Pure term insurance -In pure term insurance, a claim is paid only on the death of the policyholder. No survival benefits are paid to the customer in case of survival till the end of the policy period.

How is a Term Insurance Plan Different from other Life Insurance Plans?

Term insurance is a type of life insurance plan which only focuses on the coverage of the life and the claim is payable only in case of death of the policyholder while the other life insurance plans are seen as a tool for savings. Other life insurance plans provide both the maturity benefit as well as a death benefit to the policyholder. Term insurance is typically an insurance tool to provide claims in case of death while the other life insurance plans are saving tools.

Why should I Buy a Term Policy?

Life is unstable and we need a backup plan to provide financial security to our family. In case of sudden demise, the family might face financial hardships due to the death of the earning member of the family. A term policy covers the children's education costs, clears the outstanding loans, and provides income to the family of the policyholder in case of the untimely demise of the insured.

Do I need to Buy Term Insurance even if I’m covered under my Company’s Group Policy?

Employer-sponsored best life insurance policy in India would be valid only till the time you are on the payroll of the organization. It is advisable to have a separate term insurance plan after analyzing your liabilities and outstanding loans to maintain the healthy financial condition of your family in case of your sudden demise. It can also be noted that the company-sponsored life insurance coverage would not be sufficient to meet your financial goals as the company offers minimum life insurance coverage without considering your liabilities.

Are there any Age Limits for Buying a Term Policy?

Most insurance companies restrict the maximum entry age to buy a term insurance policy to 65 years. This is due to the general practice that most people retire at the age band 60-65 and also would be free from all the financial obligations and liabilities, hence there would be no need to have a term insurance policy. The minimum entry age for a term insurance policy is 18 years while the maximum entry age is 65 years. Once the term policy is taken the term can be chosen by the proposer, the younger the proposer higher the term period.

How to Check Life Insurance Policy Details?

Life Insurance policy details can be checked online in case if you have taken the policy from PolicyBachat or then you can simply call our customer care number to enquire about the life insurance policy details.

What are the Advantages and Disadvantages of Life Insurance Policy?

Advantages of a life insurance policy are financial protection, Income tax exemption, Low premium, and high sum assured, additional riders, loan availability, and others. Disadvantages of term life insurance are premium rates depending on age, No cash value component, Exclusions, Hidden clauses, and others.

What are the Benefits of Buying a Term Insurance Policy Online?

There are many benefits to buying a term insurance policy online. A few of them are listed below:-

Lesser premium -The premium to be paid is less in the case of online term insurance plans when compared with offline modes. This is due to the fewer administrative costs involved with online purchases.
Comparison –When purchasing online you can have many options to select from. The term insurance plans and premiums from different companies would be displayed on the portal when you make a purchase online.
Save Time & Energy - Both time and energy can be saved by purchasing a term insurance plan online. You can purchase the policy by sitting at your home and paying the premium online without requiring moving out of your comfort zone in most cases. These days most of the insurance companies are not stressing on physical medical tests as they are conducting telephonic tests which form the health declaration of your proposal form.

What is the difference between Life Insurance and General Insurance?

Life Insurance is a contract between the insurance company and the insured customer in which the Life Insurance Company agrees to pay the claim amount in case the policyholder dies. General Insurance provides cover for risks other than life risks. In general insurance, payouts are made in the event of an unexpected loss such as an accident or a theft, or a sudden liability.

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