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Buying guide for online insurance

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Buying guide for online insurance
November 12, 2018
Insurance is a very important and basic requirement for secure financial life. Earlier, the scope and market of insurance in India was quite limited due to a general lack of feasibility and the levels of awareness. However, today insurance sector in India is a multi-Crore business segment that thrives on financial inclusion and accountable claim settlements. The overwhelming role that digital technology plays in this segment is crucial today. Earlier, buying an insurance plan meant days of endless negotiations with the insurance agent, loads of paperwork, hard to understand technical terms and hassle-ridden complex procedures. However, today the whole process, right from comparison of various insurers and their plans to the process of purchasing the plan and premium payments etc. everything is just a few clicks away.

However, before you begin the purchase of a plan, there are certain things that you must make a note of. You must be clear about your financial goals, the term of the plan, the premium, whether you wish to cover any extra requirements, the specific needs etc. Wherever possible, you should seek and get expert advice from professionals. Online mode of buying any plan has the added advantage of being hassle-free and convenient. You can simply visit the website of insurance companies and check the features, terms and conditions of the various insurance plans. Doing this will make you aware of the latest market trends and will help you in making an informed decision about the kind of insurance cover that you wish to secure for your loved ones.

While choosing a plan, points like Overview of the plan i.e. the whole life term or the term period (if opting for term insurance plans), Maturity benefits, Death benefits allocation and any additional benefits serve as the basic platform of your choice. However, it is important to note that life insurance plans broadly come in two categories – one is the range of plans that offer pure life insurance while there are also plans that offer a blend of insurance and investment options. For instance, term plans offer death benefit cover a stipulated period of time. In the event of death of the policy holder, the insurer pays the pre-decided death benefit as a lump sum or monthly or annual pay out to the nominee of the policy holder.

Then there are ULIPs () that offer combined insurance coverage as well as investment options and additional tax benefits. It is important that you take your current income into account while buying a life insurance policy. Opt for a life cover that at least amounts to a value equal to 10 times your annual income or even 20 times your annual income. You will also need to account for inflation. Before zeroing on a particular insurance company, note the following three points carefully:

  1. Price/costing of the specific plans being offered
  2. The reputation/trustworthiness of the insurer.
  3. The financial core strength of the insurer.

HDFC Life offers online insurance plans that have been formulated for the financial security of your loved ones and seek to secure the financial freedom of your family, even in your absence. For details, click on the mentioned link: https://www.hdfclife.com/life-insurance-plans.

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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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