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Online investment plans in India

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Online Investment Plans – Benefits And How To Get Started

By : Bajaj Allianz Life

Investing your money in the right instruments is pivotal to achieving your financial goals. If you’re salaried or self-employed professionals, you probably have a tendency to save up a part of your earnings each month. And while it’s a good thing to save a portion of your income, it’s a smarter strategy to invest it. This is because money that is invested prudently can help you make more money. This, in turn, allows you to achieve your long-term financial goals sooner.

Additionally, the return on investment is comparatively higher when you park your funds in market linked instruments. Life insurance is another preferred investment option for people who wish to get protective cover, save up for retirement and enjoy tax benefits. In recent years, it has also become easier to compare various online investment options including life insurance plans and to choose the one that best fits in with your life goals for the long term.

Here’s a clearer look at what online investments are, and how investing in life insurance online can benefit you.

What are online investments?

Online investments are investments that you can park your funds in using an online portal. To invest in financial instruments online, you only require a computer or a smartphone and an active internet connection. Thanks to the extensive digitization we have today, nearly all leading banks and financial institutions give investors the opportunity to invest in various instruments including tax-saving and other investments from the comfort of their home.

How to make an online investment?

Step 1: Identify your long-term and your short-term financial goals.

Step 2: Figure out your risk appetite, which is essentially the level of market risk that you’re willing to expose your investments to.

Step 3: Compare the risks and the rewards offered by various investment options.

Step 4: Once you’ve decided on the instruments or schemes you wish to invest in, conduct adequate research to identify which banks and financial institutions allow you to purchase the investment of your choice online.

Step 5: Compare the features and benefits offered by different platforms, so the returns on your investments are maximized.

Step 6: Head to the online portal hosted by the investment provider and park your funds in the instrument by making a payment online.

You could always consult a financial advisor if you require any professional help with your financial planning. One of the key investments that need to feature in your long term investment plan is life insurance. And if you’re interested in investing in life insurance, you can purchase a plan online from any of the many leading insurance service providers in the financial market.

What are the features of an online life insurance plan?

Online life insurance plans come with several beneficial features. Here’s a quick look at some of the many features of an online life insurance policy.

• Affordability: When you buy online, the costs involved are lower as there are no intermediaries involved

• Saves Time: You can purchase your ULIP plan while chilling at home in just a few clicks from the life insurance provider’s website

• Hassle Free: No paperwork involved

• Achieve your Life Goals: Can help you get your Life Goals Done provided you have planned well for it

The benefits of buying life insurance plans online

Life insurance is one of the most preferred tax saving investment plans in India. Buying life insurance plans online gives you a host of advantages that an offline investment may not offer. Here are some reasons why you should consider buying an insurance policy online.

• Affordable premiums

The single greatest advantage of investing in life insurance online is that you get to pay lesser premiums as compared to premiums of insurance plans purchased offline. This is because offline insurance plans are typically sold through insurance agents hired by the insurance service provider. In return for selling policies to investors, these agents are paid a commission by the insurance company. When you opt for online investment in insurance, the element of commission payment is eliminated, since there is no intermediary involved in the transaction. As a result, the premium charged for online life insurance policies is relatively lower than their offline counterparts.

• Greater transparency

Investing in a life insurance plan online also ensures that you enjoy greater transparency. When you’re looking at the features of a plan online, you can almost always access the entire policy document online from the insurance provider’s or aggregator’s online portal. This gives you the opportunity to understand the policy in great detail before deciding on whether or not to invest in it. When you purchase a policy offline, it may not always be such a transparent process. You only get to know what the agents explain to you, and more often than not, that may not be as detailed as the information available and accessible online.

• Freedom to compare various plans

When you invest online, you get to compare various life insurance investment plans before making a decision. Online comparison tools are often available to users free of charge, so you can figure out which plan charges a more affordable premium and which one offers a higher sum assured. Comparison tools also give you several insights into the features and benefits of each policy. All in all, you get a clearer picture of which life insurance plan best suits your financial requirements. You can then invest in the plan that can benefit you the most. This is a luxury that may not be available offline.

Factors you should consider while buying online life insurance plans

Choosing the right life insurance plan is a crucial part of ensuring that you plan your investment strategy accurately. Before buying your life insurance cover online, you need to consider certain factors. Some of these are listed below.

• The sum assured: This is essentially the amount defined in the policy that you receive at the end of the policy’s tenure. Ensure that the capital appreciation is sufficient to meet your requirements.

• The premium charged: You also need to ensure that the premium charged for your policy is within your investment budget.

• The term of the policy: Should you outlive your policy, it’s only at the end of the policy term that you’ll receive your maturity benefits, if any. So, consider the policy term before investing in a plan.

• Premium payment options: You can pay your premium as a single lump sum amount at the time of purchase, or you could pay it periodically on a monthly, quarterly, half-yearly, or annual basis. You need to factor in this aspect while purchasing a life insurance plan online.

• Policy exclusions: Some insurance plans come with policy exclusions that remain active during the initial years. Ensure that you look up these exclusions online before buying the plan.

• Your investment goals: You also need to factor in your investment goals when you’re comparing life insurance plans online. Ensure that the sum assured and the financial benefits offered by the plan are in keeping with your financial goals.

How to buy life insurance plan online?

Life insurance, being one of the few tax-saving investments in India that also offer you a protective life cover, is a preferred investment option. Purchasing a life insurance plan online is a quick and straightforward process. You can invest in life insurance online by following this general strategy.

Step 1: Head to the website of the insurance service provider.

Step 2: Select the plan of your choice and don’t forget to review policy terms and conditions carefully

Step 3: Many insurance service providers offer an online life insurance calculator that helps you get an idea of your premium amount. You can feed your required sum assured and your preferred policy payment term into the calculator to identify the amount of monthly premium payable.

Step 4: Once you’ve determined a policy term and a premium amount that’s affordable, you can go ahead and purchase the insurance plan.

Step 5: You’ll need to make the payment online, through your banking partner’s net banking portal.

Step 6: Wait for your transaction to be confirmed as successful.

Step 7: The insurance service provider will reach out to you and send you a soft copy of your policy, if it has been approved. Approval is subject to underwriting guidelines of the insurance service provider.

The finer details of the process may vary from one insurance provider to another. The overall framework however, remains the same, and you can complete the process within a few minutes once you’ve decided on insurance plan, you intend to purchase.

#Survey conducted by brand equity – Nielsen in March 2020

~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

**Past performance is not indicative of future performance.

The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.