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

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How To Buy Life Insurance

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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

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Life Insurance FAQsSeptember, 2021

What Our Customers Have to Say

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Biswajit Barman

Kolkata

April 20, 2024

Review: HDFC Life Insurance Term Policy HDFC Life Insurance Term Policy stands out as a beacon of financial security and peace of mind in the ever-changing landscape of life insurance offering...

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Shreya Chaudhary

Allahabad

April 8, 2024

I am very grateful to the insurance experts of PolicyX and Mr. Ankur, who kindly helped me settle the claim of Aegon Life Insurance. Thanks again, I& 039;ll always remember this favor.

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Prerna Negi

Chennai

April 8, 2024

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

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Preety Kamat

Bhopal

April 8, 2024

Got ICICI Pru iProtect Smart term insurance plan via PolicyX; so far, I& 039;ve hassle-free renewal service and have not faced any kind of nuisance.

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Sahani Kaur

Gandhinagar

April 8, 2024

The PNB MetLife Mera Term Plan Plus I& 039;ve bought it at a low premium, and it is fully satisfactory to me. The insurance expert of PolicyX is too polite, and their online buying facility red...

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Sneha Nath

Mumbai

March 28, 2024

I would like to inform you that my maturity claims have been settled by SBI Life Insurance on 04.15.2024 and thanks all of you for helping me throughout the claim process.

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Khushi Kaur

Chennai

March 28, 2024

I& 039;m writing this review to let you all know that I& 039;m very satisfied because I got my kotak mahindra life insurance policy today as a result of your team effort.

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kartik saxena

Goa

March 18, 2024

I had to add some riders to my Sbi life insurance, policy.com team helps to me to understand which rider is more important and which is not. Resulting helps me to save lots of money. Happy with...

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.