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Booking all your taxis online? Stop putting life insurance in the back seat

January 22, 2021 1765

Table of Content

1.Here are some of the advantages of life insurance

2.Buying life insurance online

3.How to buy online

Stepping out for work or a meeting? You wouldn't blink twice when it comes to booking a cab online because the pandemic has underlined the importance of social distancing. You can seamlessly book your cab, pay online, and put your health first.

If you can book cabs online, you can easily do the same with your financial health. Don't risk it by putting an important financial product such as life insurance in the back seat. Stay in control by buying life insurance online; it comes with several advantages that matter a great deal in the time of the pandemic.

Life insurance is an important aspect of your financial planning. Choosing an appropriate life insurance plan helps protect your loved ones and ensures that their lives are not affected if life throws a curveball at you.

Here are some of the advantages of life insurance:

Peace of mind:

When you buy a term insurance plan for a specific period or term, you can rest assured that your loved ones receive a death benefit in your absence. The death benefit can be received as a lump sum or as an income option.
Covid-19 cover:

Life insurance policies offer Covid-19 protection as well, in case you or any family members seek treatment for the infection. You will be provided Covid hospitalization cover, home care treatment cover, and pre-and post-hospitalization cover with a life insurance policy.
Riders:

Many term insurance policies come with riders or add-on covers such as critical illness riders, which offer extra cover for certain critical illnesses such as cancer, heart attack, and kidney failure among others. These cover your medical expenses and ensure that your family members don't have to bear the burden.
Tax benefits^*:

Section 80C and Section 10 (10 D) of the IT Act offer many tax benefits for life insurance policies. According to Sec 80C, premiums of up to Rs 1.5 lakh are eligible for deductions if the premium paid in a financial year is 20 percent of the sum assured. This applies to policies issued prior to March 31, 2012.

Buying life insurance online

You don't have to visit a branch; instead, you can stay safe at home and buy online. Buying online is cost-effective when compared to offline buying; it involves minimal paperwork and has a quick application process.

How to buy online

Visit the website of HDFC Life and choose a plan. You can calculate premium online. Fill in basic details such as your email id, phone number, and date of birth so you get a quote. Choose the best quote and pay your premium. After your payment is made, you will receive an application number for your proposal. You will then be asked to fill in the proposal form with your details such as contact information, occupation, health details, family, and if you have any policy already. A medical test may or may not be required, depending on the policy. You will also be asked to submit proof of income and other KYC documents.

Conclusion

Booking cabs online and avoiding physical contact during the pandemic is par for the course. Similarly, pay attention to your financial health as well by buying a life insurance cover online

^*The above-mentioned tax rates and tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.

ARN:ED/12/20/21554

Francis Rodrigues

Written By:

Vishal Subharwal

Reviewed By:

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