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How to compare Life Insurance Policies Online

  3/21/18 4:33 AM

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Life insurance is the essential element of a successful financial plan and to secure a burden-free financial future for your loved ones. A life insurance plan can provide you with the much needed financial assistance if you or any of your loved ones meet with an unfortunate event, like an accident or even death. For this reason, the first thing on any financial advisor’s mind is to buy a life insurance plan as early as possible. Once you come under the protective umbrella of an insurance plan, you can stop worrying about the future and enjoy your life.

While buying a life insurance plan is one of the essential uses of your money, choosing the right plan can be hectic and time-consuming. Think of a life insurance plan as petrol for your car of life. If you choose an insufficient amount, you will not be able to reach your destination. You must select the best life insurance policy which should be suitable at every stage of your life. But you must know how to compare policies online first.

How to compare Life Insurance Policies online?

It is a well-known fact that online life insurance plans are cheaper than offline policies. You should consider the following points to compare your life insurance policies:

  • Sum Assured: Evaluate your financial situation and go over your future financial plans. The sum assured should be sufficient to cover all your future expenses. Once you know how much you want as your sum assured, you can compare different insurance policies online to narrow them down to only those policies which provide you with the insurance amount you need.
  • Premium amount: Premium is the money you will pay to the insurance company regularly until the maturity of the term. As you will pay the premium regularly, it should be something you can afford and should come at no hidden cost. You can compare the life insurance policies based on the premium they will charge on their different life insurance policies and choose the one you find the most affordable.
  • Term / Maturity period: Term/ maturity period is the number of years after which the insurance ends, and you are entitled to your sum assured. While comparing life insurance policies online, you should look for policies that have a maturity period that complements your financial plan. You may have to pay the premium for some years or until your plan reaches maturity. If you require the lump sum amount of your life insurance plan after 15 years, compare different life insurance policies online based on this parameter.
  • Tax and other benefits: One of the most important elements of comparison is the tax benefit they provide. Although all life insurance policies provide tax deductions under section 80C and exemption under 10(10D) of the Income Tax Act, 1961, they should provide the facility to add riders to customize your policy according to your lifestyle. The larger the tax benefits and bonus, the more you will save and get after the maturity of the term.

Buying life insurance: Comparing life insurance policies first

Once you have determined the sum assured, the premium amount you can afford to pay, the number of years after which you will require the money, and the benefits you will want from your life insurance plan, you can start comparing policies with each other online. For this purpose, you can visit aggregator websites that allow such a comparison between different life insurance policies. Based on these parameters, you can choose the best life insurance policy, which suits you perfectly and lets you achieve your future financial goals.

Edelweiss Tokio Life provides life insurance plans which are ideal for every stage of life. You can buy Total Secure Plus online, which is tailor-made for you and comes with affordable premium payments and no other hidden cost. You can add different riders to customize your life insurance plan according to you and can save tax under section 80C and 10(10D).


Aastha Mestry - Portfolio Manager 

An Author and a Full-Time Portfolio Manager, Aastha has 6 years of experience working in the Insurance Industry with businesses globally. With a profound interest in traveling, Aastha also loves to blog in her free time.

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