Online Insurance

Online Insurance


With the paradigm shift powered by the Internet, the insurance industry in India has changed the game for insurance buyers. The insurers now offer online insurance products ranging from term insurance, savings plans, and retirement plans.

At the customer’s end, online insurance products are available with a few clicks of a mouse or taps on their smartphones. Also, the entire process of buying online insurance plans is different from buying the same through a local agent. You can buy an insurance policy from anywhere and at any time.

Let us explore various facets of buying insurance policies online.

What is Online Insurance?

Online insurance purchase can be considered a fast and cost-effective method of buying insurance policies. It is a much better alternative to the traditional offline mode of buying insurance products.

The policy buyer need not worry about visiting local branches of insurance companies to buy or renew their policies. You can do this from the comfort of your home or office. 

You can think of online insurance as an offering for the knowledgeable, well-aware class of people. They are keen towards understanding various facets of insurance policies online before buying one. Ultimately, their knowledge about different insurance products helps them make informed purchase decisions.

What is Online Insurance Max Life Insurance

What is Online Insurance?

Online insurance purchase can be considered a fast and cost-effective method of buying insurance policies. It is a much better alternative to the traditional offline mode of buying insurance products.

The policy buyer need not worry about visiting local branches of insurance companies to buy or renew their policies. You can do this from the comfort of your home or office. 

You can think of online insurance as an offering for the knowledgeable, well-aware class of people. They are keen towards understanding various facets of insurance policies online before buying one. Ultimately, their knowledge about different insurance products helps them make informed purchase decisions.

What is Online Insurance Max Life Insurance

In other words, online insurance plans have helped in bringing insurance companies closer to prospective buyers. Accordingly, the insurers are following various strategies to offer online insurance plans while also relying on offline distribution channels. 

How to Choose the Best Online Insurance Plan?

No one wants to suffer against all sorts of uncertainties that come across in life. But it is imperative to plan how to deal with them with the right choice of an online insurance policy. When it is about protecting yourself or your family against financial insecurity, you need to create a backup plan with a suitable insurance policy.

For instance, term insurance is an inexpensive, yet highly beneficial online insurance plan you can buy to provide insurance benefits to your family in case of your unfortunate demise. You only need to pay nominal premiums for the specific online insurance plan to get all the related benefits.

While buying an online insurance policy, you should carefully assess various factors before making any final decision.

Here is what you should consider while selecting an online insurance policy:

1. Research Thoroughly About Various Online Insurance Plans

Irrespective of the type of online insurance plans you want to buy, it is crucial to gain knowledge about it first. For instance, if you need car insurance, you must know the difference between third-party and comprehensive online insurance plans. Similarly, for term insurance, you should know how it works and the factors that affect policy premium.

Think of your knowledge about any online insurance policy as the shield against the hassles of possible claim rejection that you may face later. Alongside, you will get to know about various renowned insurance companies in the market. 

How to Choose Online Insurance Max Life Insurance

1. Research Thoroughly About Various Online Insurance Plans

Irrespective of the type of online insurance plans you want to buy, it is crucial to gain knowledge about it first. For instance, if you need car insurance, you must know the difference between third-party and comprehensive online insurance plans. Similarly, for term insurance, you should know how it works and the factors that affect policy premium.

Think of your knowledge about any online insurance policy as the shield against the hassles of possible claim rejection that you may face later. Alongside, you will get to know about various renowned insurance companies in the market.  additional premium paid for the Underwriting, loadings for modal premium, Rider Premiums and applicable taxes, cess, or levies, if any; 

 

How to Choose Online Insurance Max Life Insurance

2. Make a Need-based Buying Decision

Peers should not influence the selection of an online insurance plan. Instead, online insurance buying decision should be based on analysing your specific needs. 

Take an example of Mrs Dixit. She is 32 years old marketing professional and draws a salary of Rs. 50,000 per month. Her dependents include the parents and a two-year-old child. When enticed by her friends about various investment instruments, she planned to contribute a significant part of her income into equities. The rest of it goes into the regular household expenses and existing loan EMIs.

In her case, she needs to follow an investment regime along with planning for the uncertainties in life. Her untimely demise with no online insurance plan offering life cover would land her family into trouble. She, therefore, should not get carried away by the opinions of those around her and choose an online insurance plan that offers both life cover and an investment opportunity.

Online Insurance FAQs Max Life Insurance

2. Make a Need-based Buying Decision

Peers should not influence the selection of an online insurance plan. Instead, online insurance buying decision should be based on analysing your specific needs. 

Take an example of Mrs Dixit. She is 32 years old marketing professional and draws a salary of Rs. 50,000 per month. Her dependents include the parents and a two-year-old child. When enticed by her friends about various investment instruments, she planned to contribute a significant part of her income into equities. The rest of it goes into the regular household expenses and existing loan EMIs.

In her case, she needs to follow an investment regime along with planning for the uncertainties in life. Her untimely demise with no online insurance plan offering life cover would land her family into trouble. She, therefore, should not get carried away by the opinions of those around her and choose an online insurance plan that offers both life cover and an investment opportunity.

Similarly, your choice of an online insurance plan should be based on goals, assets, and current liabilities. 

Online Insurance FAQs Max Life Insurance

Similarly, your choice of an online insurance plan should be based on goals, assets, and current liabilities.

3. Know the Right Time to Buy Online Insurance Plans

A common question people ask is about the right time or age to buy various online insurance plans. Its answer varies from one type of insurance plan to the other.

a. For Online Insurance Plans for Vehicles

The right time to buy the plan is at the very moment you buy a vehicle. It is because of the uncertainties that prevail while you are on roads, driving your new car or bike.

b. For Online Health Insurance Plans

You should buy an online insurance plan to cover your health against medical emergencies when you are young, preferably in your 20s. The younger you are, the lower will be the risk of falling ill, which will reduce the premium payable considerably.

You can also buy Max Life Smart Term Plan ; A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan ,UIN: 104N113V03 ) with Critical Illness cover to protect your health along with ensuring financial security of your loved ones in your absence. Calculate premium online now.

c. For Online Life Insurance Plans
 

Your age is a crucial factor that determines the premium of an online insurance plan for you. Given the current pace of life we live in and the related stress, the right time to buy online life insurance plan is now. It would be better if you do not wait for a later age to buy an online insurance plan that can protect your life against uncertainties.

4. Check Claim paid/Settlement Ratio of the Insurance Companies

While choosing online insurance, one of the significant points to consider is CSR or Claim paid/Settlement Ratio of an insurer [1]. This ratio tells you about the  claims settled by an insurance company. An insurer having 99% CSR means it has paid 99 out of every 100 claims received in a year.

Hence, it is advisable to check the CSR or CPR of the insurance company on a year-to-year basis before you buy any of its insurance products. 

Types of Online Insurance

These days, you can buy almost every type of insurance plans online. These include:

  • Life insurance
  • Health insurance
  • Motor Insurance
  • Travel Insurance
     

Types of Online Insurance Max Life Insurance

Types of Online Insurance

These days, you can buy almost every type of insurance plans online. These include:

  • Life insurance
  • Health insurance
  • Motor Insurance
  • Travel Insurance
     

Types of Online Insurance Max Life Insurance

Why Should You Buy Insurance Policies Online?

Online insurance purchase makes things easier for policy buyers [2] in several ways.

1. Cost-Benefit

In online insurance, the customers connect directly with the team of an insurance company to buy a plan. Since there is no agent or local distributor involved, the commission to be paid otherwise is saved and is passed to the policy buyers in the form of lower premiums.

2. Accessible Comparison of Online Insurance Plans

Most importantly, the option to buy online insurance plans facilitates a customer to make an informed decision. It is easier to compare various online insurance plans in terms of premium and benefits offered, claim process, and online insurance renewal. Once a customer weighs the pros and cons, he can select the right plan that matches his/her needs.

3. Online Insurance Reviews from Existing Customers

Customer reviews form an essential aspect of online businesses. They signify the feedback of existing customers about a specific product they have bought.

While you buy insurance online, you can look at the reviews shared by existing policyholders of an insurance company. These reviews can also guide you through buying the most suitable online insurance plan.

4. Easy Access to Various Insurance Services Online

Along with buying insurance online, you can avail various related services like downloading policy document, obtaining online insurance quotes, and renewing the policy online as well. You can also make an online insurance claim whenever required.

Online insurance eliminates your dependence on an agent or intermediary at large. Neither you need to rush to the local branch office of an insurer to clear your doubts about an online insurance policy. You can ask for assistance via email or a phone call. 

Sources:

[1]:https://www.policyholder.gov.in/IRDAI_Annual_Reports.aspx

[2]:https://www.policyholder.gov.in/Buying_Insurance.aspx#

ARN: PCP/OIP/02

Check out the different Online Insurance Plans from Max Life!

Check out the different Online Insurance Plans from Max Life!

Why Choose Max Life

Here are some of the numbers which speak about our accomplishments

Why Choose Max Life

Here are some of the numbers which speak about our accomplishments
Claims Paid Percentage

99.22%

99.22%

(Source : As per Annual Audited Financials, FY' 19-20)

Max Life Presence

269 Offices

269 Offices

(Source : As reported to IRDAI, FY19-20)

Sum Assured

₹9,13,660 Cr.

₹9,13,660 Cr.

In force (individual) (Source : Max Life Public disclosure, FY19-20)

Assets Under Management

₹68,471 Cr.

₹68,471 Cr.

(Source : Max Life Public disclosure, FY19-20)

More reasons why our customers choose us
See what people have to say about our Online Insurance plans
See what people have to say about our Online Insurance plans

My husband had invested in Max Life on recommendation of his friend. Our family expenses were totally dependent on this insurance fund for several years after his death. I must say that this insurance provided a huge support to my family during the difficult times.

Mrs. Kapoor, Kanpur

Frequently Asked Questions

Frequently Asked Questions

1. Can we buy insurance online?

All individuals who fulfil the essential criteria of various insurance policies can buy them online. The online insurance buying or renewing process is quite easy and saves both time and money.

At Max Life Insurance, we offer various life insurance plans online. Explore the range of products we provide and live with peace of mind.

2. Is it safe to buy insurance online?

It is safe to purchase online insurance plans. All the customer-related details are kept safe in the online database maintained by the insurers, while the payments are accepted through secure payment gateways.

3. How to buy insurance online?

Here are the necessary steps you can follow to buy online insurance plans:

1. Visit the online portal of the insurer you have chosen

2. Compare and select an online insurance plan with appropriate insurance coverage

3. Choose an appropriate policy period

4. Fill in your details, as prompted by the online form

5. Pay premium online, and you are done

4. Can online insurance be cancelled?

If a policyholder feels that the purchased policy does not match his or her expectations, he is allowed to cancel it during the free-look period and get a refund. It is the period within which an online insurance policy can be terminated without charging penalties on the buyer.

5. How easy is it to buy insurance online?

The online insurance buying process is quite easy and can be completed in just a few clicks or taps online. You can buy insurance online irrespective of the time or place you are at.

6. What is a step-by-step process to buy online plans?

You can purchase any Max Life online plan by following 6 simple steps:-

1. Visit www.maxlifeinsurance.com

2. Click on "Get quote" of the insurance plan you wish to purchase. Fill in the required details to get your personalised quote for the plan.

3. Enhance your cover by choosing the riders 

4. Make Payment via host of secure payment options

5. Fill in the proposal form & schedule medicals in case required

6. Upload required documents.

7. What is difference between Term insurance and whole life insurance? Which one should I buy?

Term insurance plans provide cover for a fixed period or 'term'. Max Life's term plans offer coverage for 50 years (upto maximum age of 85 years).  Term insurance plans are most affordable way of purchasing insurance and you can buy large a cover amount for a relatively small premium.

Whole life insurance policies cover you till the time of your death (upto a maximum age of 100, in most cases). In a sense, with a whole life plan, your family is assured of a payout in the event of your death. Given the high probability of death by such an advanced age, whole life insurance policies are significantly costlier than a term insurance plan. 

Term life insurance is recommended in your earning years when your family is growing and your financial responsibilities outweigh your income. Whole life Insurance can be considered as an investment that will pass on to your family as a legacy. The key criteria for choosing an insurance policy should be the life cover requirement that stems from a financial planning exercise. Based on your life stage and investable income, you can make a choice

8. Will my premium amount increase with age?

No. The base premium amount remains constant during the entire duration of the policy and only the tax component can change and will be as per the prevalent Tax laws. 

Hence it is advised to purchase term insurance at an early age. A Rs 1 cr cover at age 25 years will cost Rs 7,670/year for a policy term of 40 years. At age 30, the same cover will cost Rs 10,148/year which is 32% higher. 

9. How much life cover should I buy in a Term plan?

The most common thumb-rule for selecting the cover amount (sum assured) is:

Sum assured = 10 X Annual income + outstanding loan amount 

This is however a very broad rule and you should decide the cover amount after taking into account the number of your dependants, your income and liabilities and estimating the cost of sustaining the lifestyle for your family in your absence.  

Max Life can prvoide you a cover of 22 X of your income depending upon your age and income. It is advisable to go for the maximum cover, since in a term plan you get high cover by paying a nominal premium.

10. What is an e-insurance account (EIA)? Why is it mandatory?

An e-insurance account (EIA) allows you to hold all your insurance policies electronically under a single e-insurance account similar to how a demat account allows you to hold your stock and mutual fund investments. 

There are 4 insurance repositories NSDL Database Management Ltd, Central Insurance Repository Ltd, Karvy Insurance Repository Ltd and CAMS Repository Services Ltd. An e-insurance account can be opened directly with any one of them. All insurers are required by law to open an e-insurance account for the policyholders within 15 days of selling them an insurance policy online. 

With an electronic form of your life insurance policy, there is no risk of losing the physical copy and it becomes easier for you or your nominees to track the details of your policies.

Most Popular Articles !

Most Popular Articles !

You thought Life Insurance was not for you - Think Again!

Life Insurance plans ensure financial cover for Your Loved Ones in case of your demise during the policy period. While nothing can relieve the emotional loss, financial security can enable your family to mitigate the liabilities and continue the comfortable life that you provided for them. Most insurance policies double up as systematic savings & protection plans. Based on your specific needs and goals, you can choose from among the various protection, wealth creation and long-term retirement plans available. And remember that you can also save tax with life insurance. Life insurance premiums (up to Rs. 150,000 per annum) are tax exempt under the Section 80C of the Income Tax Act, 1961.

Facts behind the top myths about Life Insurance

Life insurance is an important instrument for millions of families overseas. This instrument helps them in protecting their families and loved ones. Life insurance policies like the term plan provided by companies such as MaxLife are reasonably priced. For a small amount of premium, you will be able to seek an extensive amount of life cover, thus helping your family to meet their basic needs in your absence.Youngsters often believe that life insurance plans are crafted for people in their 40s. However, death does not see age, gender, caste, or creed. So, the early a person get a life insurance policy, easier will be for him to secure the financial future of his loved ones.

Difference Between Life Insurance and Health Insurance

While Health Insurance covers the expenses incurred towards treatment, Life Insurance can help your family reduce their financial burden in case of your untimely demise. A Life Insurance plan financially safeguards your family in case of your untimely death. It can help them maintain their lifestyle and achieve their life goals even when you are not around. While a health insurance plan covers costs of hospitalization & related treatment.

How Much Insurance Do You Need ?

One must take in to account his/her priorities, standard of living, income, spending habits, inflation etc. before arriving at the right insurance cover. Usually, wisdom's advice is that the death benefit from a life insurance policy should be approximately 8 to 10 times the annual income of the insured. It is wise to include foreseen liabilities and add an inflation rate into the amount to get a more accurate figure. No one can ever get exact figures, but it is important to draw a fair sketch of your future financial goals and save according to them. You may not get it absolutely right, but long term planning definitely keep you prepared.

Is term insurance an investment or an expense ?

Term insurance plans are not an expense but a safety net that no other financial product can give and a wise financial decision. A term plan pays the promised money in case of the policyholder’s demise, any time during the entire policy term. This means that even if he dies after paying a single premium, the entire sum assured will be given to the nominee. Additionally, you can also save tax. This article helps you understand the benefits of a owning a term plan.

Let’s Connect

Let’s Connect

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