How To Buy Life Insurance

Life insurance sounds much more complicated if you intend to buy it for the first time. Depending upon your convenience, you can opt to buy life insurance plans offline from an agent or online.

Life insurance sounds much more complicated if you intend to buy it for the first time. ...Read more

Buy Policy in just 2 mins

Buy Policy in just 2 mins

With expert guidance from advisors

Happy Customers

2 lakh + Happy Customers

Real-time Reviews & Testimonials

Free Comparison

Free Comparison

Easy & Efficient Comparison Tool

How To Buy Life Insurance

PolicyX has been customer-oriented & trusted for 10 years now!

Customized Term Insurance Plan for you.

Get upto 10% Online Discount*

Gender

Age

PolicyX Exclusive Benefits

Buy Policy in just 2 mins

Buy Policy in just 2 mins

With expert guidance from advisors

Happy Customers

2 lakh + Happy Customers

Real-time reviews on Google

Free Comparison

Free Comparison

Find the best policy for you

Best Term Insurance Plans

PolicyX has been customer-oriented & trusted for 10 years now!

What is Life Insurance?

Life insurance can be an essential aspect of your financial planning; it helps to protect your family financially in your absence and cover all of your liabilities. In this article, we will discuss how to get life insurance.

How Can I Get Life Insurance?

Opting a life insurance is very imporant aspect, to take care of your family finance's after your demise, how would you know the right but Given below is a comprehensive guide on how to get life insurance:

  • Access your needs

    The first step to buying life insurance is analyzing your needs; how much coverage your family needs to cover all expenses and debts in your absence and continue their current lifestyle.
  • Understand the types of life insurance

    Explore life insurance types; for example, life insurance provides coverage for a specific term, known as term life insurance, while whole life insurance provides coverage for a whole lifetime.
  • Compare different insurance companies

    Compare the life insurance companies thoroughly. For easy comparison, you can go through the insurer's solvency ratio, claim settlement ratio, or annualized premiums released annually by IRDAI.
  • Evaluate your health

    Life insurance premiums are calculated based on your health condition. If you have any pre-existing conditions, disclose them when filling out the proposal form and provide truthful information to get life insurance at an affordable price.
  • Choose the right coverage amount

    While purchasing life insurance, deciding the sufficient coverage amount is essential. There is a golden rule to choosing the right coverage: it should be a minimum of ten times your present annual income.
  • Select beneficiaries

    Since the nominee will get the total death benefit of a life insurance plan after your death, only immediate family such as a wife, parent, or children who directly depend upon your income, are eligible for the nomination.
  • Review policy terms and conditions

    Life Insurance is a long-term investment that provides financial support to your family in your absence. So, you'll have to read all the terms and conditions associated with life insurance carefully before purchasing.

Things to consider before purchasing life insurance

When you purchase life insurance, you will see multiple companies offer various life insurance plans, making it difficult to decide which ones are better. However, some parameters below will help you choose a good life insurance.

  • Solvency Ratio

    The solvency ratio is one of the key parameters to analyze how life insurance companies will perform in tough times like COVID-19 and the recession. IRDAI has set a strict benchmark above 1.5, which every insurance company should maintain.
  • Claim-Settlement Ratio(CSR)

    The claim settlement ratio describes the total no.of claims being settled in the same financial year; while opting for life insurance, always choose a company with more than 95% CSR.
  • Annualized Premiums

    Annualized premiums showcase the total no. of premiums (including renewals and new policies) being collected in the same financial year. More annualized premiums define higher trust among customers for the insurer.
  • Life Cover

    A golden rule for choosing sufficient life cover is that it should be 15 to 20 times your annual income.

How to Buy Term Life Insurance From PolicyX.com?

To purchase life insurance from Policyx.com, one must follow the below steps:

  • Browse policyx.com on your device.
  • On the PolicyX homepage, click the 'Buy Now' option in the top right corner of the screen.
  • Now, click on 'Term Plans'.
  • After that, you'll get a list of all available term life insurance plans.
  • Choose the plan and click on the 'PolicyX URL'.
  • Fill out the necessary details to buy the plan you like.
  • Proceed to pay through net banking, debit, or credit card.

How to Buy Life Insurance Directly From the Insurer?

To buy a life insurance policy directly from the insurer of your choice, you can visit the insurer's official website and select 'Life Insurance' to get all the plans at a glance.

Conclusion

By following these steps, you can confidently obtain life insurance, ensuring financial protection for your loved ones in the years to come. Life insurance is an investment in your family's future, providing peace of mind and financial security.

Life Insurance Companies

Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.

Life Insurance Articles

Life Insurance FAQs

Life Insurance FAQsSeptember, 2021

What Our Customers Have to Say

Customer Review Image

Sanjeev

Hyderabad

May 20, 2024

SUD Life term plan truly stands out my expectations as I got SUD Life term plan along with additional riders at very affordable premiums.

Customer Review Image

Sumit

Coimbatore

May 20, 2024

I am impresses with the hassle free and quick claim settlement process of SUD Life. Thanks to PolicyX who guided me to get my claim settled.

Customer Review Image

Barkha

Delhi

May 20, 2024

Bought SUD Life Family Income Benefit Rider plan to secure the future of my plan financially even in my absence.

Customer Review Image

Geetanjali

Kolkata

May 20, 2024

I was looking for a term plan to secure the future of my family. So I contacted PolicyX and one of their representatives Mr. Vaibhav helped me choose SUD Life term plan.

Customer Review Image

Armaan khan

Agra

May 17, 2024

I recently purchased a Pramerica term insurance policy from Policyx.com. The customer service team was very helpful in answering all my queries and guiding me through the application process. I...

Customer Review Image

Rahul Yadav

Indore

May 17, 2024

PolicyX’s dedicated support made renewing my Bandhan Life Insurance policy easy. I’m absolutely delighted with the service offered by PolicyX Insurance Advisor.

Customer Review Image

Priyanshu Sharma

Delhi

May 17, 2024

I bought a Bandhan Life Insurance through PolicyX, and I must say the level of communication and assistance I have received has been truly impressive.

Customer Review Image

Yash Tomar

Bhopal

May 17, 2024

After getting advice from the PolicyX experts, I chose a Bandhan Life Insurance term plan. Thank you, PolicyX, for helping me buy a term plan at such a low premium.

Varun Saxena

Written By: Varun Saxena

Varun is a passionate content writer with over three years of experience in the insurance domain. An avid learner, he stays ahead of the industry's trends ensuring his writing remains fresh and includes the latest insurance shifts. Through his work, Varun strives to engage with targeted insurance readers.