Getting a life insurance quotation online is quick and easy. Here’s how you can compare policies and find the best coverage for your needs:
Steps to Get a Life Insurance Quote Online:
- Visit Insurance Providers’ Websites
- Many insurers offer free online quote tools (e.g., Policybazaar, TermLife, LIC, HDFC Life, ICICI Pru, Max Life).
- Alternatively, use aggregator websites like Policybazaar or Coverfox to compare multiple insurers.
- Enter Basic Details
- Age, Gender, Smoking Habits
- Sum Assured (Coverage amount, e.g., ₹50 lakhs, ₹1 crore)
- Policy Term (e.g., 10, 20, or 30 years)
- Type of Policy (Term insurance, endowment, ULIP, whole life)
- Compare Quotes
- Premiums vary based on age, health, lifestyle, and insurer.
- Check claim settlement ratio (e.g., LIC: ~98%, HDFC Life: ~99%).
- Customize Your Plan
- Add riders (critical illness, accidental death benefit).
- Choose between regular pay or single premium.
- Apply Online
- Fill in health & lifestyle details.
- Undergo medical tests (if required).
- Pay the premium & get your policy digitally.
Factors Affecting Your Premium:
✅ Age (Younger = Lower premium)
✅ Health (No pre-existing conditions = Better rates)
✅ Smoking/Tobacco Use (Higher premiums)
✅ Occupation (Risky jobs may cost more)
✅ Policy Term & Coverage Amount
Top Insurers in India (2024):
| Insurer | Claim Settlement Ratio | Starting Premium (₹)* |
|---|---|---|
| LIC | ~98% | ~₹500/month |
| HDFC Life | ~99% | ~₹600/month |
| ICICI Pru | ~97% | ~₹550/month |
| SBI Life | ~95% | ~₹500/month |
| Max Life | ~99% | ~₹650/month |
| *For a 30-year-old, non-smoker, ₹1 crore term plan (20-year term). |
Best for Online Purchase:
- Term Insurance: Term plans (e.g., LIC Tech Term, HDFC Click 2 Protect) are cheapest.
- Investment-Linked: ULIPs/Endowment (e.g., ICICI Pru Wealth, Tata AIA Sampoorn Raksha).