6 Compelling Reasons to Buy a Life Insurance Policy Online


The term ‘life insurance’ is one of the common highlights in discussions about how to ensure financial security. You must have come across offers to buy life insurance plans while browsing the internet. Have you wondered about the benefits of life insurance plans other than the sum assured upon demise?

One of the most widespread assumptions about life insurance plans is that they are useful only for financial protection after the untimely demise of the life insured. However, a life insurance plan also presents many beneficial implications other than safeguarding you and your family against life’s uncertainties.

The following post offers a glimpse of some prominent reasons to convince you to buy life insurance plans.

Why Should You Buy Life Insurance?

Compelling Reasons to Buy a Life Insurance Policy Online

Most of the responses to the question above would revolve around the element of security for your family’s financial future. However, life insurance also offers the benefits of diversifying your investment portfolio.

At the same time, the insurance industry has been quick in welcoming digital transformation to introduce convenience for customers. Many insurers encourage their customers to buy life insurance online for a faster, easier and hassle-free experience. Here are some of the crucial benefits of having life insurance during your lifetime.

Life Insurance and Long-Term Financial Goals

One of the most compelling reasons to buy life insurance plans is the assurance of achieving long-term financial goals. You can use the life insurance plan to stay invested in the coverage for a longer duration of time. You can explore different investment options in life insurance policies suited to your needs.

Options for Additional Coverage

The next crucial reason to buy life insurance plans points to the assurance of additional coverage with riders. You can use important riders for accidental death benefits, terminal illnesses and critical illnesses to achieve the advantages of comprehensive coverage. However, it is important to check the list of riders in each life insurance plan before adding them to your policy.

Tax Reduction

Another big reason to look for life insurance plans online is the benefit of tax reduction. Your life insurance premiums can help in saving on yearly taxes according to Sections 80C, 10 (10D) and 80D of the Income Tax Act of 1961.

6 Advantages to Purchasing Life Insurance Online

Digital transformation has become one of the notable priorities for businesses worldwide. The benefits of digital transformation are evident in the provision of life insurance calculator features on the websites of insurance providers.

The insurance calculator can help in determining the sum assured, the premium required and other parameters for a life insurance plan.

Here are six notable advantages of buying life insurance plans online:

1. Easy and Flexible Research

The accessibility of an insurance calculator and information about insurers is the foremost reason to choose online insurance purchases. Policy buyers can compare the different plans and check the policy reviews before making a decision. For example, buyers can look for the claim settlement ratio of different insurers to make an informed choice.

2. Sum Assured

The next benefit of buying life insurance online is the assurance of a higher sum assured. Online life insurance policies involve lower costs in comparison to offline life insurance offerings, which incur higher processing charges. Therefore, you have the opportunity to purchase insurance policies with a higher sum assured without experiencing financial difficulties.

3. Online Payment of Premium

The services offered when purchasing life insurance online also include the facility of setting up periodic premium payments. You can use different online payment platforms such as mobile banking, net banking and debit/credit cards to pay your insurance premiums on time.

4. Customer is King

The phrase fits online life insurance products perfectly, as customers are empowered to make better decisions online. Most important of all, insurance buyers do not have to rely on agents or other intermediaries to obtain the relevant information.

5. More Transparency

Insurance buyers are more likely to choose credible life insurance products online due to better transparency. In the physical process, buyers may end up with the wrong plans due to misguidance by agents. On the contrary, online life insurance products show adequate information about the features, benefits, exclusions and inclusions in the policy.

6. Easier Customization

The most crucial advantage of buying life insurance online is the assurance of better customization. Insurance buyers can select their desired plan by including riders suited to their requirements. In addition, buyers can also choose from multiple premium payment options according to their convenience.

Wrapping Up

The six benefits mentioned above show that online life insurance can deliver crucial value advantages for policyholders. Starting from cost-effective purchases to transparency regarding the plan details, buying life insurance online has significant advantages. Choose the best insurance plan online today and enhance your financial security.

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Author: Diwakar Maurya