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What are Online Life Insurance Plans?


Online Life Insurance Plans are, simply put, plans which can be bought directly from an online platform without having to go through an agent. These plans help in comparing, choosing and buying life insurance plans online. Online life insurance plans are more convenient and very cost-effective as compared to offline plans. With millions of active internet users who utilize the online space to purchase everything from basic supplies to electronics, it is of little surprise that a lot of people are going online to meet their insurance needs too.

Types of Online Life insurance Plans


Online life insurance plans in nature, are same as their offline counterparts. Let’s look at various life insurance plans that are also available online.

Online Term Insurance Plans

An online term insurance plan helps in securing the future of the fyour family and financial dependants in case of disability, illness or death. In case of the policyholder’s demise during the policy term, the nominee receives the cover amount also known as a death benefit or sum assured. The term insurance premium is calculated based on the individual's health, age, and life expectancy.


Online Investment Plans


Steps to Buy an Online Term Insurance Plan

Step1 >> Choose your plan

Edelweiss Tokio Life My Term+

(TERM PLAN)

  • Better half benefit option
  • Limited premium paying term
  • Tax benefits under section 80C
Buy Now

Edelweiss Tokio Life Zindagi Plus

(TERM PLAN)

  • Better Half benefit
  • Life Stage Benefit
  • Death benefits
Buy Now




Step2 >> Determine Your Life Cover

It is usually suggested that a term life insurance cover should be at least 10 to 15 times of your annual income and 15 to 20 times is an even be tter option. If you have loans such as home loans, car loans, etc. then you should factor that in too.

You can use this simple formula to determine your ideal life cover: Life Cover = [10 x annual income + total outstanding loans + other liabilities]

For instance, if your annual income is ₹ 15 Lakhs, it is ideal to buy term life insurance cover of at least ₹1.5 Crore, assuming that you do not have other liabilities. In case you have a home loan of ₹50 lakhs, include this amount in your life cover.


Step3 >> Calculate Your Premium

The cost of term plan varies depending on various factors such as age, annual income, the amount and tenure of insurance coverage, health condition and whether you are a smoker/non-smoker. For example, for a 30-year-old single male, non-smoker for a policy term of 20 years with ₹1 crore life cover, the annual premium is ₹6202.


Step4 >> Make Payment

You can opt from monthly, half-yearly or yearly mode of payment and choose from a list of payment options such as:

  • Credit Card
  • Debit Card
  • Netbanking
  • Online Wallets

Step5 >> Fill the Proposal Form

You will be asked to fill out the proposal form with your details.


Step6 >>Submission of Documents

You will have to submit the following or more documents for issuance of policy- KYC documents such as proof of name, address, identification and photo, and income proof.

Steps to Buy an Online Investment Plan

Step1 >> Choose your plan





Step2 >> Choose your premium and policy term


Step3 >> Make Payment

You can opt from monthly, half-yearly or yearly mode of payment and choose from a list of payment options such as:

  • Credit Card
  • Debit Card
  • Netbanking
  • Online Wallets

Step4 >> Submission of Documents

You will have to submit the following or more documents for issuance of policy- KYC documents such as proof of name, address, identification and photo, and income proof.

Benefits of Online Life Insurance Plans


  • Lower Cost:
    When it comes to the cost effectiveness, online life insurance policies are almost half less expensive than their offline counterparts. This is mainly because you are buying the policy directly from the insurance provider. In this way, there are no intermediary costs such as distribution and agent commission that get added to the premium cost.
  • Transparency:
    All aspects of the life insurance plan are listed down on online platforms starting from product features, benefits, charges, riders, funds as well as regulatory information. There is, consequently, total transparency that you can rely upon.
  • Empowers You:
    By practicing complete transparency, online life insurance plans empower the customer to make a fully informed and unbiased decision. The customersy need not to rely on an agent or some other party with a vested interest to give them the important information.
  • Safe and Secure Payment:
    Online transactions like net-banking, debit cards, credit cards or trusted online wallets are safe and secure. This makes the chances of fraudulent transactions less likely.
  • Higher sum assured:
    Due to the lower costs included, the average sum assured tends to be higher in online insurance plans, when contrasted with offline plans.

Common Myths About Buying Online Life Insurance Plans


Myth 1 : If you’re not very internet savvy, policy buying process online becomes very difficult

Reality : This is false. Buying a policy online does not require many steps (as explained previously) and anyone with basic knowledge of the internet can buy a policy with ease. Furthermore, you get help on call the moment you want it, to make sure that there are no mistakes in your application. You can also save your application and continue it later if you're uncertain of something. All these measures have helped many customers buy online with ease.

Myth 2 : If you are buying a policy online, claim settlement will be delayed

Reality : False, again. When you buy an online life insurance plan, you are buying directly from the insurance company and hence there needn't be any worries about a valid claim being rejected. The claim settlement process is structured and goes through stages to verify your cause and eligibility for claim pay out. The only thing that is necessary on your part is to provide all the details accurately so that there is no inconsistency at the time of claim.

Myth 3 : You won't be able to cancel your policy when you purchase it online.

Reality : This is not true. Any communication present online is validated and on-record and hence the chances of any policy being wrongly portrayed are virtually nil. You have access to all the information required before deciding so that cancelling it becomes a rare possibility. However, life insurance plans bought online come with the same facility of free look period wherein you can return/surrender your policy if you are not satisfied after buying, within 30 days.

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Why Us


Easy Claim Settlement Process

Our claim settlement process has 3 simple steps: i.e. Intimation of claim, Submission of documents & final step is a decision on the claim.


Ranked No. 1 by CRISIL

Edelweiss Tokio Life – Wealth Secure+ has been ranked as the no. 1 online ULIP for 2020 by CRISIL.


Winner of Multiple Accolades

Our term insurance plan Edelweiss Tokio Life – Zindagi Plus has won the ‘Innovative Product of the Year’ award at the Golden Star Awards 2018.

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