Claim Settlement Ratio of 99.23%~

6 Reasons to Buy Life Insurance Policy Online

Until a few years back, individuals used to rely on agents and offline branches of insurance providers to purchase life insurance policies. This meant that individuals had to set up a meeting and spend a lot of time and energy to buy life insurance.

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Written ByPalak Bagadia
AboutPalak Bagadia
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Palak Bagadia, Associate – Digital Marketing at Bajaj Allianz Life, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry.
Reviewed ByRituraj Singh
AboutRituraj Singh
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Rituraj Singh,With over 6.5 years of experience in the insurance industry, Rituraj Singh, Manager- Product & Brand Marketing at Bajaj Allianz Life Insurance overlooks new product launches, compliance, and brand projects, leveraging artificial intelligence and technology to enhance outcomes.
Written on: 7th July 2024
Modified on: 7th July 2024
Reading Time: 15 Mins
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Thankfully, that’s not the case anymore. Ever since the introduction of online life insurance plans, the insurance purchase process has become a whole lot easier and quicker. But then, why should you buy life insurance online when there’s already an established way of doing things? Continue reading to find out.

 

Reasons to Buy Life Insurance Policy Online

 

You get to enjoy several benefits by choosing to purchase life insurance online. Let’s take a look at some of the more compelling reasons why you should go the online way.

1. Cost

Online life insurance plans tend to be far more affordable than offline plans. One of the many reasons for that has to do with the fact that online plans don’t require agents to sell the plans. Some of these costs that the insurance company saves are transferred to the customers by way of lower premiums.

2. Maximization of the Sum Assured

Continuing on with the previous point, since the premiums of online life insurance policies tend to be lower than offline plans, individuals can opt for a higher sum assured amount without adding too much financial burden.

3. Convenience

Buying a policy offline means visiting the nearest branch of a financial institution or bank, presenting physical documents to an associate, and signing papers before you can receive your policy. One of the best perks of online policy shopping is that you can do this process in its completion from the comfort of your home. Wondering what about documents? You can easily upload scanned copies of all necessary documents on the insurer’s portal you are applying to. Once you apply, all you have to do is sit back, relax, and wait for your policy to be issued once the insurer follows necessary processes and verifications. If you prefer the safety of your home during these trying times, online application processes give you this advantage.

4. Ability to do research

Conducting research and comparing multiple plans with one another is extremely easy when you choose to purchase life insurance online. You can cross-check the information listed under a plan, go through its reviews online, and even look into the insurance provider’s credentials like the claim settlement ratio and solvency ratio before you commit yourself to a purchase. That’s not all. It also makes finding suitable life insurance policy for yourself that much easier too.

5. Customer empowerment

And finally, insurance buyers don’t have to rely on other third parties like agents to purchase a life insurance plan for themselves. This not only allows them to make a more informed purchase decision but also permits them to make an unbiased one. To put it simply, online purchases make insurance buyers more self-sufficient.

 

Life Insurance Online Payment

 

When you purchase a life insurance policy, you get the convenience of being able to make premium payments online. Almost all insurance providers offer multiple different online payment methods such as net banking, credit or debit cards, UPI, NEFT, and even Electronic Clearing Service (ECS). In addition to that, you can also auto-schedule your premium payments by providing your bank with an auto-debit mandate so that you never miss out on your premium payments no matter what.

 

Conclusion

 

Purchasing suitable life insurance policy for yourself is not only possible, but also a whole lot easier if you simply choose to go the online way.

 

FAQs

 

1. Is an online life insurance policy valid?

Of course. A life insurance plan will be valid, and you will be able to enjoy all of its benefits irrespective of whether you purchase a life insurance policy online or offline.

2. Is it mandatory to buy life insurance online?

No. Although purchasing a life insurance policy online has its advantages, it is not mandatory to buy them online. You can continue to purchase life insurance through the more traditional offline method as well.

3. What are the different types of life insurance that I can buy online?

All kinds of life insurance plans from term insurance and endowment plans to ULIPs and retirement plans are available online for purchase.

BJAZ-WEB-EC-00299/22

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

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. 

The views stated in this article is not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale.

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*Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.

~Individual Death Claim Settlement Ratio for FY 2023-2024

1Premium Holiday has to be selected at inception to avail this benefit and also depends on other policy terms & conditions


Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

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%%Above illustration is for Bajaj Allianz Life eTouch- A Non Linked, Non-Participating, Individual Life Insurance Term Plan (UIN: 116N172V03) considering Male aged 25 years | Non-Smoker | Policy Term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 6,238. 2nd Year onwards premium is Rs. 6,659. Total Premium Paid is Rs. 1,99,349 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly installments (Lumpsum Payout Percentage : 45, Income Payout Percentage : 55) | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only. This is inclusive of all the discounts mentioned above.

##Tax benefits as per prevailing Section 10(10D) and Section 80C of the Income Tax Act shall apply. You are requested to consult your tax consultant and obtain independent advice for eligibility before claiming any benefit under the policy.Above Tax benefit is calculated considering deduction of Rs. 150,000 and applicable tax rate of 31.20%.

@Term Insurance plan bought online directly from Bajaj Allianz Life Insurance has no commissions involved.

^^The Return of Premium amount is total of all the premiums received, exclusive of extra premium, rider premium and GST & /any other applicable tax levied, subject to changes in tax laws
Bajaj Allianz Life Insurance Co. Ltd. | IRDAI Reg. No. 116

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