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21.02.2014
Term insurance is a financial cover which will take the financial responsibility of the policy holder in the event of death. By Chris Huntley Anyone can get the best deal on life insurance by going online and getting a quote with a simple click of a button. In this post, I’ll explain how easy it is to make costly mistakes when buying online term insurance, and how you can avoid them. In addition I’ll show you how the process of purchasing life insurance online works, and outline the smartest way to buy a policy. You will save yourself a lot grief and get the best value for your hard earned money if you follow our tips. Let’s face it… too many Americans believe that life insurance is a confusing, depressing, yet necessary nuisance. Online term insurance quotes are advertised everywhere, which might lead you to believe they are all created equally…but they’re not!
Just about every life insurance company and agent offers an “Instant Quote” engine… ours is found here.
It’s imperative that you discuss your individual medical history with an independent agent.
In other words, it’s very important to explore all your options and know how quote engines work before you commit to a policy. Incredibly, the 2nd, 3rd or even 5th company which shows up in the quote results might actually be able to provide the same policy for $135.00 because they have less stringent qualifications for your particular circumstances.
Don’t be fooled by the rate you are quoted when you apply for an instant quote for term insurance online. Privacy is one of the biggest problems people encounter when dealing with online term insurance quote engines.
You type in all your  personal information including your email address, and all of a sudden you get spammed by a dozen or more agents peddling their services.
As mentioned above, many quote engines provide you with figures based on Preferred Best Rating.
This will give you a more realistic quote from life insurers, because you provide them with more information to evaluate your overall health. After an underwriter reviews an application and medical results, many are shocked by the final quote they receive, which may cost as much as 50% more than anticipated! The Huntley Wealth quote engine minimizes sticker shock by generating results that encompass a wider range of health classifications and more realistic figures. The next step is to choose the length of Term that you want in place such as 10, 15, 20, 25 or 30 years. This is a very important aspect of your decision. If you buy a policy for 30 years and find that you no longer have a need for it after 22 or 25 years – you can always cancel it. Just keep in mind that life insurance becomes increasingly more expensive as your age, especially after 35. A standard term policy cannot be purchased completely online, without eventually deciding on an agent and following the standard process.
What these sites don’t tell you is that these policies, on average, cost 3 times what you would pay for the same policy with a medical exam.
If you are young and relatively healthy, you should always get an online term insurance policy which requires a medical exam.
The majority of financial and life insurance experts suggest that most people are best served when they buy a term policy and invest the difference. If your bottom-line goal is to find the cheapest insurance possible, you’ll want to say no to any add-on insurance or policy riders. Additionally, independent agents represent dozens of companies. Huntley Wealth is able to access over 40 top rated life insurers.
Buying online term insurance is not as straightforward as it seems, but here at Huntley Wealth, we make the process as easy and painless as possible. Chris HuntleyChris Huntley is the owner of Huntley Wealth Insurance, a San Diego life insurance agency.
In this post, let us shortlist and understand some of the best Online Term Insurance Plans in India. Cheaper than conventional plans like money back life insurance or endowment plans (or) offline term plans. Quality of service provided to its customers during the online buying process and after issuing the policy (policy life). All the above premium amounts are for 30 year old male, non-smoker, for Rs 1 Crore Sum Assured. Kotak’s Preferred e-Term online insurance plan is one of the cheapest online term insurance plans.
SBI’s e-shield premiums are a bit higher than that of Kotak’s, Max’s, ICICI’s and HDFC’s online term plans. This plan has a special feature wherein you can opt for individual or joint life insurance coverage (for your spouse and yourself). Though the claim settlement record of Aegon’s is low (at 81%), we need to talk about their online term insurance plan.
FAQ 1 – Do I need to check the claim Settlement record of Life Insurance companies before opting for the best online term insurance plan?
Every year IRDA publishes the claim settlement (death claims) details of all the Life Insurance companies. Claim settlement data is important but it should not be the sole criteria for choosing the best online term insurance plan. If you are confident that you may not have any financial obligations, loans and dependents (who are financially dependent on you) when you attain say 50 years, you can consider term plan duration accordingly. FAQ 4 – Should I purchase two Term plans from two different Life Insurance Companies? FAQ 6 – Is it better to take riders separately or can I take along with the Term insurance?
You can then buy the selected best term plan directly by visiting that Life insurance Company’s website itself. Online policies are cheaper than offline term plans, because there is no agent’s fee involved and other administrative costs of the insurance company are also lower.
Most companies cite incomplete documentation or concealment of facts as the primary reason for rejecting death claims. Latest update :  As per the recent amendment to Section 45 of the Insurance Act, If your policy is 3 years old, no matter what happens, the life insurance company will not be able to deny the claims.


Also, note that “as per the recent amendment to Section 45 of the Insurance Act, If your policy is 3 yrs old, no matter what happens, the life insurance company will not be able to deny the claims. I was going for HDFC eterm plan and infact I have already did medical exam and paid the fee but I have not accepted teh offer yet.
Also, the scheme of arrangement has to get regulatory nods from the Competition Commission of India, the Insurance Regulatory and Development Authority of India, the Securities and Exchange Board of India (Sebi) and a high court. 1: I am 27 years, unmarried man,earn 5 lakhs per annum, have 27 lakhs home loan, 5 lakh cover from LIC for more 7 years, 1 each life and accident insurance from prime minister yojna of 2 lakhs each, hence total of 9 lakhs of life insurance.I need to purchase a term plan to cover the loan risk, should I target for 50 lakhs or 75 lakhs of sum assured ,for 40 years?
2: Since I became a ICICI advisor, I get a rebate on the premiums hence I am inclined to buy the the ICICI pru IProtect Smart as the premiums are very low as compared to LIC which is also seated in my heart from childhood ?? Which one to choose? Hello, I am looking for a basic term plan and I will go with one of the companies as per your list. A stand alone CI plan can be considered if in case your family has an history of any major critical illnesses. My question is I want to buy the eshiel SBI policy of 5000000 with increasing assured money. Online plans which are bought directly from the company are cheaper than the offline ones, as no intermediary is involved. If you are comfortable buying a term plan online, kindly buy it directly from the said Life insurance company.
In case of health insurance, they say our premium increases as we move from one age band to another (say 35-40 to 40-45). Instances like where a policyholder opts for basic cover + say critical illness rider, then the premium rates can change periodically.
I want to buy eTerm plan of LIC – I was an occasional smoker but I quit smoking 8 months back. However, I’d want to get converted to the non-smoker category after a few years (substantial difference in the premium).
What is Online Term Insurance & How it works ? Menu About Mutual Fund Insurance Stock Mar­ket Home Loan Financial Planning ????? Contact Me Simplifiedfm What is Online Term Insurance & How it works by Sarvajeet Bodas on December 10, 2011 Tanay: Sarvajeet, do you know about online term Plans? Although independent agents use dozens of companies, they don’t have access to every life insurance company. Obtaining multiple quotes enables you to find the best possible rates for your particular circumstances. If you already know you have health issues, it makes sense to use a site that enables you to switch your health class. But what happens if you buy a ten-year policy and you have medical issues ten years from now that raise the cost of your next plan—or worse, make it so you can’t get coverage at all?
You can always supplement your life insurance with an additional policy later on for a smaller amount of money and a shorter term. In some situations it might take longer if the insurer opts to contact your physician or hospital for additional information. Life insurance companies are regulated by state departments of insurance, which track complaints filed by consumers. All you have to do is answer a few questions and you receive approval in 1 – 2  days. Always consult an independent agency, such Huntley Wealth, to make sure you get the best possible rates for your unique circumstances. Examples of life insurance companies that use captive agents include State Farm, Farmers, Allstate and Geico. Which means you have no options in regard to finding a lower rate…or you may be declined altogether.
Examples of add-ons include the option to purchase child policies or more insurance at a future date without going through the medical exam process again. Riders can be purchased to accelerate your death benefit and pay you out for medical expenses if you have a terminal illness but haven’t passed away yet. They evaluate your individual financial needs, health concerns and provide you with a variety of options. Term insurance plans are designed to ensure that in the event of the policyholder’s death, the family gets the sum assured (the cover amount). ICICI Prudential’s online term plan is known as ‘iProtect.’ The premium amounts of this term insurance plan are very reasonable and are competitively priced. Unfortunately this data is not segregated based on type of insurance plans (like term insurance, money-back or endowment).
In future, if IRDA provides claim settlement details separately for Term insurance plans then this can be used as the main yardstick while opting best online term insurance plan. You may use the below comprehensive calculator to know how much insurance coverage is required.
For example – If you decide to buy Rs 1 crore worth insurance coverage, you may consider taking two Rs 50 Lakh worth term insurance plans (preferably from same life insurance company). The NRI can purchase the policy from overseas through written communication with the insurance company in India. I suggest you to use these websites to just compare and calculate premiums of various term plans. Hence, while buying a life insurance it is of utmost importance that you furnish accurate information. So, your life insurance company has only 3 years in hand to reject the policy based on any mis-representation or mis-statement.
He is an Independent Certified Financial Planner (CFP), engaged in blogging, financial counseling & property consultancy for the last 6 years through his firm ReLakhs Financial Services .
After knowing that HDFC and Max life are merging together and max life term plan is 15% cheaper than HDFC, do you suggest to go for Max life rather than HDFC or you should I still go with HDFC? The premium in online SBI portal and when I asked to SBI agent has a drastic change of about 2-3K. MAX life insurance can not commit also if we buy term plan from MAX that they will issue their policy after medical only.
We will share the ins and outs of companies that may have very different approaches to your unique circumstances. Prepare your questions beforehand so you won’t be tempted to make any premature commitments.
Though the type and quality of complaint information will vary from state to state, it is another measure you may want to consider when choosing a company.


Just because one company declines your application doesn’t mean you can’t obtain approval from another.
Term conversion is another rider that gives you the option to convert your term policy to a permanent (whole life) policy.
They can show you a number of strategies to reduce your cost while obtaining the protection you need. Life insurance needs change over time and we can help make adjustments when the time comes. Over the past 8 years, Chris has consulted with over 2000 individuals about their insurance needs. If your child, life partner or your parent(s) depend on your income then you need to have Life Insurance plan. They have changed the rules of the game by offering the cheapest online term insurance plans.
If you analyze the latest data, the average claim amount settled by LIC is very small, which is around Rs 1.14 Lakh per policy.
In any unfortunate event, your nominee has to submit multiple death claims which may be a challenging task. The main advantage of splitting is, you can stop paying the premiums on one policy, in-case if you think that you do not require so much insurance coverage.
I believe most of these online term plans do not provide “Total Permanent Disability rider” which I think is a very essential one. You may just pick any one of the above best online term insurance plans as per your requirements and comfort level.
Once 3 policy years are completed then the life insurance company has to settle the claims and can not reject them. But health insurance company will inform you about the hike in premium rates (if any) well in advance. Many companies are coming up with online insurance and they are offering term plans at very cheap rates. So, if you have not taken life insurance yet it is advisable to go for an online term insurance plan.
If the insured dies during the time period specified in the policy and the policy is active – or in force – then a death benefit will be paid.
HDFC Life offers advanced version of this basic online term plan, which is known as HDFC Click2protect plus.
However, when you compare the premiums of LIC’s e-term plan with private insurance players’ online products, you may find it very costly. For instance, if you purchase the policy from abroad, you would have to do the medical examination and send the report to the insurance company in India. 1 reason why I am holding onto Icici is that it offers a WOP in case of permanent disability.
The higher premiums charged by the LIC for insurance plans in comparison to other insurers can be justified with the company providing better claim settlement.Claim settlement ratio should be one of the main reason while selecting any term plan.
A term insurance plan provides a risk coverage and financial stability to your family in your absence.Also Read – Best online Term Insurance in India Why Online Term Insurance policy are less costly  Online term insurance policy is 20-40% less costly compare to offline policy.
On diagnosis of any critical illnesses (as mentioned in the policy document) the future premiums are waived off.
The reason why there is big cost difference is between online and offline term plans are given below.As online term plan is purchased directly no intermediate agent is involved in between.
However if you purchase the policy in India, you would not have to bear this cost as it would be inbuilt in the cost of your policy. The insurance policy purchased in India will cover death that occurs anywhere in the world. You can go to websites such as policybazaar, paisabazaar or Bimadeal where you have to fill basic details such as How much insurance cover you need, annual income, name, Date of birth, email ID and you will get premium quotes of various insurance companies and you can compare Insurance policy features and you can apply for insurance from these online platforms.
Otherwise you can directly go respective website of insurance companies and follow same procedure and apply for insurance. Insurance aggregator website provides you facility to compare several insurance policies and helps you to get the best deal. Insurance aggregator method is the best way to buy online term plan as it will help you to take an informed decision.
Step 3: Fill Health related details Ensure you accurately fill in the health declaration section. Details pertaining to your life style, height, weight, and details of previous ailment, medications, pre- existing conditions etc… need to be given. A word of caution, your policy is liable to get rejected, if there is any wrong or inconsistent information provided. Step 5: Medical Test and document submission After you have paid the premium, there are few things which are yet to be completed the offline bit involves a medical test and submission of documents. However, depending on the general medical condition of the individual and the value of the sum insured, a medical test may be called upon. For the collection of documents, a representative from the company would assist you to complete KYC norms and collect proofs for identity, address and income. If you are planning to buy an online term plan, keep in mind that the risk cover offered by the company and claim settlement depend on the authenticity of the information you provide. Higher the claim settlement ratio means insurance company is trustworthy and reliable, whereas the low ratio indicates that the insurance company is less reliable in the claim settlement.Use claim settlement ratio as one of the factors while buying an insurance policy. CSR is still important in a manner that if death take place within 3 years from date of taking policy claim can be rejected. I plan to take a insurance for about 20 years which will roughly double the amount what would u recommend, term or insurance? Required fields are marked *CommentName * Email * Website Notify me of follow-up comments by email.



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