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How to compare life insurance quotes online?

November 16, 2023

 

Life insurance is an important part of the individual's financial portfolio. It offers financial cover to his family in his absence. This makes life insurance a priority for the breadwinner of the family.

While life insurance offers a range of options, one plan that individuals must consider taking is the term plan. The first way is to compare insurance quotes online.

How to compare online insurance quotes?

While it is easy enough to calculate insurance premium quotes given the high level of interaction, there are some points to note while calculating and comparing premiums online.

Here is a step by step guide on comparing life insurance quotes online:

  • Enter the sum assured you are looking for
  • Enter the policy term
  • Choose the premium paying term - this could be one-time, equal to the policy term or lower than the policy term
  • Note down the premium amount for every insurer
  • Compare the premiums but do not rush into anything - check with the insurance agent for his views on why certain quotes are high/low

Why online?

In this age, when time is at a premium and the internet is so easily accessible there is an easier way - log onto websites of life insurers and check the premium rates online for your specifications. About every insurance company has a website and most if not all invest a good deal of time and money to make their websites really interactive and friendly for visitors seeking online quotes or even basic plan features.

Broadly these are the advantages of online term plans:

  • Premium rates are usually lower as compared to offline insurance policies
  • Faster turnaround - usually takes three weeks for an insurance company to revert on whether or not the policy has been approved with some cases even resulting in quicker approval
  • Little to zero paperwork
  • Transparency
  • No need for medical checkup in certain age groups and assured sum value

Why term insurance plans?

  • Term plans are relatively more affordable than alternatives like endowment plans
  • Individuals can opt for a cover that is more representative of their income level and lifestyle
  • You can add riders like critical illness
  • You can get a discount on the premium for specific cases, like being a non-smoker for instance
  • You can separate the investment portion from life insurance by investingin line with your risk profile and investment objectives

Which insurance plan is most suitable?

This brings us to the question - which is the best term insurance plan?

There are two ways to arrive at the answer.

The first is the good old-fashioned way of collecting all available information on term plans from various life insurers. You do this by:

  • calling up the agents or the insurance company offices
  • listing down all inputs methodically in writing or on an excel worksheet
  • compare plans to arrive at the one most suited to a person of your age and income profile

While there might be more inputs and steps involved, these are the basic that suffice in most cases while comparing life insurance quotes online. Make sure you are consistent in entering details on every insurer’s website so as to arrive at an accurately compare life insurance plans.

Disclaimer: The entity is a subject to filling of a medical questionnaire

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.