Online Insurance 

Our world and everything it encompasses is evolving fast. The insurance market in India is no exception to this and the insurers now offer online insurance to the policy buyers to keep up with today’s digitally driven demands. 

As for the customers, the availability of online insurance plans has made things much easier. They can search for and buy online insurance policies with just a few taps on their smart devices or a couple of clicks with a mouse. Undeniably, buying online insurance plans make for an advantageous option for policy buyers in several ways.

What is Online Insurance?

Online insurance purchase is a modern, advanced method of buying insurance policies using the power of Internet. It is an alternative to the traditional offline mode of purchasing insurance policies.

As an online insurance policy buyer, you need not visit the nearest local branch of an insurance company to buy or renew insurance plans. Neither do you need to call a local insurance agent to buy the policy on your behalf. You can simply look for the most suitable online insurance plans from the comfort of your four walls and buy them with ease.

Online insurance plans are highly preferred by people from all walks of life. It is easier for them to understand the diverse aspects of an online insurance policy before buying it. 

What is Online Insurance Max Life Insurance

What is Online Insurance?

Online insurance purchase is a modern, advanced method of buying insurance policies using the power of Internet. It is an alternative to the traditional offline mode of purchasing insurance policies.

As an online insurance policy buyer, you need not visit the nearest local branch of an insurance company to buy or renew insurance plans. Neither do you need to call a local insurance agent to buy the policy on your behalf. You can simply look for the most suitable online insurance plans from the comfort of your four walls and buy them with ease.

Online insurance plans are highly preferred by people from all walks of life. It is easier for them to understand the diverse aspects of an online insurance policy before buying it. 

What is Online Insurance Max Life Insurance

It is their knowledge and understanding of these policies that help them make informed choices. The online insurance mode is beneficial for insurers as well. It brings them closer to prospective buyers and allows them to understand customer needs better. That is why most insurance companies offer online insurance plans along with selling them on offline distribution channels. 

Why Should You Buy Online Insurance Plans? 

A decade ago, it was obvious for people to call an agent or visit a branch office to purchase an insurance. However, things have changed drastically with the availability of online insurance plans. It will be right to say that the insurance sector has evolved for the better in the digital era.

Now, you can buy online insurance plans within a few minutes and in a hassle-free manner. People who are accustomed to the traditional offline mode of insurance purchase need to know about the perks of buying online insurance plans 

1. Easy Comparison of Online Insurance Plans 

Before buying an insurance plan, it is crucial to check its benefits, premium, and various other factors. The facility to buy online insurance plans support making an informed decision. After you have compared several online insurance plans, you can select the one that matches your needs.

2. Money Savings 

When you buy an online insurance plan, you connect with an insurer directly. In other words, you skip the traditional step of calling a local agent, which helps the insurer save money on the commissions payable. The insurance companies pass this cost-saving benefit to the policy buyers by offering online insurance plans at comparatively lower rates. 

3. Convenience 

With online insurance plans, you get the convenience of buying them whenever you want to from wherever you are. You can simply use a laptop or smartphone to check for suitable online insurance plans as per your comfort. The online insurance mode is highly beneficial for those individuals who get less time to plan for financial security of their loved ones because of their work life.

2. Money Savings 

When you buy an online insurance plan, you connect with an insurer directly. In other words, you skip the traditional step of calling a local agent, which helps the insurer save money on the commissions payable. The insurance companies pass this cost-saving benefit to the policy buyers by offering online insurance plans at comparatively lower rates. 

3. Convenience 

With online insurance plans, you get the convenience of buying them whenever you want to from wherever you are. You can simply use a laptop or smartphone to check for suitable online insurance plans as per your comfort. The online insurance mode is highly beneficial for those individuals who get less time to plan for financial security of their loved ones because of their work life.

4. Quick Online Insurance Receipt

In the online insurance purchase mode, you receive a copy of the insurance policy almost instantly along with the premium payment receipt. The receipt and online insurance policy are delivered to your email address soon after the insurance payment is processed. This is particularly useful when you need immediate receipts for tax planning.

How to Select the Most Suitable Online Insurance Plan?

The right selection of an online insurance plan is imperative to always be prepared for challenges and the various uncertainties of life. Hence, it is crucial to know about parameters that you need to consider to protect your family or yourself against financial insecurity.

Especially when you buy online insurance plans offered by life insurance companies, the plan you choose will directly impact the financial future of your family members.

Here is how you should proceed to buy an online insurance policy:

1. Research About Available Online Insurance Plans 

There are multitudes of online insurance plans available in the market. Depending on the type of online insurance plan you want to buy, gain knowledge about it first.

Start researching about the importance of that plan in life and how you can get maximum benefits.

For life insurance plans, you should know how these online insurance plans work and choose the one that fulfils your needs.

Your knowledge about online insurance plans will prevent any future hassles during claim settlement. 

1. Research About Available Online Insurance Plans

There are multitudes of online insurance plans available in the market. Depending on the type of online insurance plan you want to buy, gain knowledge about it first.

Start researching about the importance of that plan in life and how you can get maximum benefits.

For life insurance plans, you should know how these online insurance plans work and choose the one that fulfils your needs.

Your knowledge about online insurance plans will prevent any future hassles during claim settlement. 

2. Assess Your Needs Before Asking for Peer Recommendations 

The need for an online insurance plan in your life may be different from that of your peers. For instance, your friend might have chosen a pure term plan as he only wanted to create a financial cushion for his family. However, you may want an additional income source and life cover, for which the same plan may not be the right choice.

Hence, you should select an online insurance plan based on your income, financial liabilities, and life goals.

3. Know the Right Time or Age to Buy Online Insurance Plans 

One of the most frequently asked questions is about the right time to buy various online insurance plans. The answer depends on the specific type of online insurance plans that you want to buy.

For online life and health insurance plans, your age matters a lot, which is why you should buy them at an early age. On the other hand, you must buy an online insurance plan for vehicles just after you have bought them. It helps you deal with the uncertainties that prevail while driving the vehicle.

4. Check Claim Settlement Ratio (CSR) of the Insurers 

A significant factor to consider while buying online insurance plans is the insurers’ CSR. This ratio can tell you more about the total claims settled by an insurer in a specific year. A 98% CSR of an insurance company means it has settled 98 out of every 100 claims filed by the policyholders or nominees.

You can check the exact details of CSR of various insurance companies in the IRDAI’s Annual Report. Compare the CSR for subsequent years to get a better understanding of their commitment towards the policy buyers.

Factors That Affect Online Life Insurance Cost 

Factor #1 Age

Your age is one of the primary factors influencing the premium of online insurance plans for life cover. From the insurer’s perspective, the chances are high that a young individual will continue the online insurance policy for more years to come. Also, there is a low risk of suffering from various critical illnesses at a young age, which makes a young person eligible for adequate life coverage at lower online insurance premiums.

Factor #2 Gender

Next to the age-factor, gender is another determinant of online insurance pricing. Life insurance companies consider statistical data about how long an individual will survive in the long run.

Factors That Affect Online Life Insurance Cost 

Factor #1 Age 

Your age is one of the primary factors influencing the premium of online insurance plans for life cover. From the insurer’s perspective, the chances are high that a young individual will continue the online insurance policy for more years to come. Also, there is a low risk of suffering from various critical illnesses at a young age, which makes a young person eligible for adequate life coverage at lower online insurance premiums.

Factor #2 Gender 

Next to the age-factor, gender is another determinant of online insurance pricing. Life insurance companies consider statistical data about how long an individual will survive in the long run.

The data shows women live around five years more than men, on average [1]. This is why women can buy online life insurance plans at comparatively lower premiums than men.

Factor #3 Health Condition

The underwriting process for all life insurance companies includes a complete medical examination of the policy buyer’s health. Medical tests give them a clear picture of an individual’s health condition and list out existing critical illnesses, if any. Accordingly, they offer online insurance plans for life coverage at specific premiums.

Factor #4 Type of Life Insurance Policy

Not every life insurance policy offers the same coverage. It depends on the type of online insurance plan you buy. There are several types of life insurance policies available, be it term insurance, whole life insurance, ULIPs, and endowment plans.

The total cost or premium of an online insurance plan for life cover depends on the combination of chosen policy type and specific features like sum assured, policy period, etc.

Factor #5 Additional Online Insurance Riders 

You can enhance the coverage of an online insurance policy by including riders to the base policy at an additional premium. These riders are meant to add another layer of insurance protection to your policy. The more rider you add to an online insurance plan, the higher will be the insurance premium.

How to Calculate Online Insurance Premium 

Online insurance premium depends on several factors. Particularly for life insurance policies, the simplest way to get an estimate of online insurance premium is to use calculators available on the insurer’s website. These online calculators can help you get a premium estimate of life insurance plans based on your needs.

Follow these steps to use an online insurance calculator:

- Visit the life insurance policy page you want to buy and use the online insurance calculator linked to that page.

How to Calculate Online Insurance Premium 

Online insurance premium depends on several factors. Particularly for life insurance policies, the simplest way to get an estimate of online insurance premium is to use calculators available on the insurer’s website. These online calculators can help you get a premium estimate of life insurance plans based on your needs.

Follow these steps to use an online insurance calculator:

- Visit the life insurance policy page you want to buy and use the online insurance calculator linked to that page.

 

- Enter personal details like age, name, income, and lifestyle habits.

- Select sum assured, policy period, and premium payment period for the selected online insurance plan.

- Add riders that match your needs.

It will give you an estimate of the online insurance premium payable to purchase the plan.

Steps to Compare and Buy Online Insurance Plans 

Step 1>

Make sure you analyse your requirements carefully before selecting an online insurance plan. Decide if you want basic life coverage or additional benefits as well with an online insurance policy.

Step 2>

Compare online insurance plans from different brands. Keep the list of parameters handy for quick comparison.

Step 3>

Use online insurance calculators to adjust coverage and other variables. Look for the best online insurance plan that offers maximum benefits at a price you can afford.

Step 4>

Go through the features and benefits of the top three-four online insurance plans in detail. Make a list of questions that you would like to ask about these plans and connect with the customer support team.

Step 5>

Once you have selected an online insurance plan, proceed to buy it online on the insurer’s website. Verify the details of the purchased online insurance policy once you receive it offline. In case of any discrepancy, connect with the insurer and get things changed at the earliest.

Source:

1. https://pubmed.ncbi.nlm.nih.gov/23331196/

ARN: PCP/OIP/22

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

99.35%

99.35%

(Source : Max life annual audited financials FY 20-21)

Max Life Presence

277 Offices

277 Offices

(Source : As reported to IRDAI, FY 20-21)

Sum Assured

₹1,087,987 Cr.

₹1,087,987 Cr.

In force (individual) (Source : Max Life Public disclosure, FY 20-21)

Assets Under Management

₹90,407 Cr.

₹90,407 Cr.

(Source : Max Life Public disclosure, FY 20-21)

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.

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