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Life Insurance

Why online insurance plans are cheaper than regular ones?

Apart from regular life insurance plans, in recent times online life
insurance have become very popular. The reason for that is not hard to
find - they are significantly cheaper than regular life insurance plans,
in some cases by upto 50%.

These plans are a type of "self service" insurance and can be taken up by going to the relevant companies website and filling in one's details and making an online payment. There is no insurance agent that needs to be contacted.

The reason why the premiums for these plans are lower is twofold.
Firstly, there are no insurance agents that the company has to pay commission to - so agent commissions which can be approx 10-15% of the premium amount are saved by the insurance company and these costs saved are passed on to the buyers. Secondly, since the entire process is online, there are significant costs saved as compared to regular life
insurance policies wherein the company needs to print forms, send someone to pick up the forms and have someone to enter the details from the form into the system. These costs saved are again passed onto the buyers.

So next time you need to take up a life insurance, go online and purchase it! It will be definitely much cheaper and with all the calculators available, you can calculate the appropriate coverage amount given your age, dependents and income levels.


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  • Tip of the month!

    Tip of the month!

    When you take up a life insurance, the appropriate life cover(called the hlv or human life value) depends on your age, income and certain other factors.

    For example, a person earning 1 lakh per month will require more life cover than a person earning 40K per month, since the living standard is higher in the former case.

    Use a calculator(such as the one below) to arrive at this appropriate life cover. You can enter your details into the calculator below and estimate it.

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