What are life insurance quotes?
A life insurance quote is an estimate of the premium you’ll pay for a life insurance policy. It’s calculated based on factors like your age, health, lifestyle, coverage amount etc. Quotes help you compare plans and find the best fit for your needs and budget.
How to compare online insurance quotes?
Comparing life insurance quotes online is a smart way to find a plan that suits your needs and budget. Here is how you can do it:
- Decide the sum assured – Know about the sum you want as the coverage amount your family would need in your absence, when you think about the future.
- Select the policy term – You are required to choose how long you want the insurance protection to last.
- Choose a premium payment term – You can pay once, for a few years, or throughout the policy duration.
- Compare benefits, not just costs – A cheaper plan may not always offer the best value. So weigh the pros and cons carefully before choosing.
- Consult an insurance advisor – If in doubt, ask why certain quotes are higher or lower than others.
Taking a little time to compare can help you choose a plan that offers good coverage at a fair price.
Life Insurance Quotes Comparison
Type of Plan
| Coverage Period
| Maturity Benefits
| Key Features
| Life Cover
| Ideal For
|
Term Insurance Plan
| Fixed term
| No (except in Return of Premium plans)
| Most affordable; offers payout on death during the policy term
| Pure protection
| Individuals seeking budget-friendly life cover
|
Endowment Policy
| Fixed term
| Yes
| Combines savings + insurance; lump sum paid on survival
| Savings + life cover
| Life insurance coverage and long-term savings
|
ULIP (Unit Linked)
| Flexible
| Yes
| Life insurance + Investment; market-linked returns; allows partial withdrawals post the lock in period
| Split between investment & life cover
| Long-term investors with a higher risk appetite
|
Money Back Policy
| Fixed term
| Yes (in intervals)
| Offers periodic payouts + lump sum at maturity
| Savings + periodic payouts
| Individuals seeking liquidity during term
|
Whole Life Policy
| Entire lifetime
| Yes
| Covers life assured for life; builds wealth gradually
| Lifelong protection + savings
| Those looking for lifelong insurance
|
Child Plan
| Till the child reaches 18–25 years
| Yes
| Secures child’s future; premium waiver benefit on parent’s death
| Life cover + premium waiver
| Parents planning for their child's education & future
|
Retirement/Annuity Plan
| Post-retirement
| Yes (regular income or lump sum)
| Provides a steady income after retirement
| Focuses on the pension corpus
| Individuals planning for retirement security
|
Where to get offline life insurance quotes?
Although the online medium is becoming very popular, some people still prefer to buy policies offline. If you wish to follow the offline route, you can approach a trusted insurance agent, or a life insurance consultant associated with different insurers and ask them to help you generate a quote as per your requirement. You have the advantage of discussing the quote with them and making the right choice for yourself.
Especially if you are a first time policyholder, an in-person conversation can help you understand better how to go about your application process. Note that one agent or life insurance consultant can work only for one life insurance provider.
Where to get online life insurance quotes?
There are scores of aggregator sites online where you can find quotes from multiple insurers and compare them easily. The process of obtaining quotes and comparing them is quick and easy. All you need to do is enter some basic details such as your name, age, annual income, smoking habits, etc., and you will get a list of plans that suit your needs. You can compare these quotes and decide what works best for you. You also have the choice to visit multiple sites and get quotes to have a better idea. For a quick look, you can also visit your selected insurer’s website and use the life insurance premium calculator to know the premium estimate.
What are the factors that decide the price of your life insurance plan?
Here are the key factors that determine the price of your life insurance cover, and will help you compare plans.
The sum assured
As a rule of thumb, your life insurance cover can be up to 25 times of your annual income. This can give you a rough estimate. For a comprehensive idea, you need to also consider the number of family members, your life goals, current income, the amount of time for which your family will need financial support and the minimum financial protection required for them.
Tenure
The tenure of your plan should depend upon two things - how long would your family need support in your absence, and how long can you continue to pay premiums. It is advised to stay insured for all your earning years to ensure maximum financial security. A life insurance premium calculator can help you determine your tenure better.
Age and gender
Age is a very important factor. It is always advised to buy life insurance early on as premiums increase with age. You can receive the same coverage at a lower cost than someone who buys it at a later age. Some insurers also offer discounts to women. Use the life insurance premium calculator from the insurer of your choice to determine the rates for your age.
Medical history
Having a health condition can increase your premium rates. If you smoke or drink regularly, your chances of a cheaper premium are also less as these habits come with severe health risks.
Occupation
If you have a regular 9-to-5 desk job, it will not affect your premium a lot. However, if you are involved in a profession that involves health risks and hazards, or if you are, say, an adventure sports enthusiast, your premium amount might go up.
Conclusion
Once you take note of all contributing factors and evaluate quotes, you can make a truly informed decision about which life insurance policy you should buy. It is a detailed and crucial process, so make sure you take your time with it and select only what is best for you and your family.
FAQs
Why choose term insurance plans?
Term insurance plans can be helpful when you are searching for affordable financial tools for life insurance in the future. These plans can help you cover your family’s financial security in the future. In case of the life assured’s untimely demise during the policy term, the nominee receives a death benefit , subject to policy terms and conditions. With this, you can cover costs like education, daily costs, etc.
Which life insurance plan is most suitable?
The best life insurance plan totally depends on which stage of life you are in currently, your financial goals, and your risk tolerance levels. For example, if you want savings and insurance, then you can go for an endowment or money-back plans. If you want a pure life cover, go for term insurance. ULIPs are also decent if you are comfortable with the risk and looking for market-linked returns.
What do you need to get a life insurance quote?
Getting a life insurance quote is very easy. You simply need to provide certain basic personal and financial details like age, gender, smoking habits, annual income, occupation, and information about your desired coverage amount. You are also required to decide the policy term and premium payment term. Taking all these factors into account, the insurer gives you a quote.