6 things We Must Know Before Buying Life Insurance Plan

Published by: asarchnasinghx on 31st Jul 2018 | View all blogs by asarchnasinghx

Life Insurance plan has become a necessity these days. It is the best Investment we can have. Not only it covers the risk of our life but we get other benefits on maturity as well. Selecting a good Life Insurance plan can be a difficult task. We might get confused about which Insurance we should invest. In order to take the right decision, we must take a couple of steps. Some of them can be to check the premium that these companies offer. Others can be getting familiar with various players.

After selecting Life Insurance plan we must know how and where to buy it from. There are lots of options available that we can choose from. We can select the channel as per our convenience. First of all in order to pick right Life Insurance plan we must be familiar with few things. These are related to Premium calculation, types of plans, core competency etc. All of them has been elaborated below.

1.) Leading Players with features

Before buying an Insurance plan we must be aware of different companies offering Life Insurance plans. Some of these companies are.


Leading Insurance Players


HDFC Standard Life Insurance


SBI Life Insurance


Life Insurance Corporation of India


ICICI Prudential Life Insurance


Aditya Birla Capital


HDFC ERGO Life Insurance


Tata AIG


Aviva India


Birla Sun Life Insurance


Max Life Insurance

 2.) Types of Plans

All these Insurance companies got many products. We can choose the suitable plan as per our requirements. It can vary from pension plans to guaranteed saving plans. Types of Insurance plan can also be chosen as per our financial goals.

3.) Online Premium calculator

Premium is the amount paid for Sum Insured in Life Insurance plans. This has to be paid regularly till the policy term. Sum Insured is the amount that we would like to get after the maturity. In order to calculate our premium amount, we can use online calculators. After entering the required details we can easily get the amount of premium.

Some of the details that are required to get premium details are as follows.


Premium Calculation details


Age of the Person


Marital Status


Amount of Sum Insured


Smoker or Non-Smoker


Term of Policy


Type of Policy


Other Personal details such as name, email, phone number etc.

This online premium calculators can be used on the direct websites of the company. We can also check the same on web aggregators as well. Using comparison sites can get us a better idea of the premium of different companies. This can further help in taking the best decisions.

4.) Flexibility of Premium payments

There may be a slight difference in the amount of premium of these Insurance companies. We can always compare different premium and take calculative decisions. Also, these companies can allow us to pay the premium in different Intervals. It can be monthly; quarterly; half-yearly or yearly. We can check this flexibility option before choosing our policy.

5.) Maturity Benefits

Every Insurance company provides many maturity benefits. It also depends upon the product that we choose. We can always check about the same before deciding about the suitable Insurance plan.

6.) Unique Selling Proposition

These companies may have some competitive features that we should check before buying the plan. Some Insurance players have an option of choosing more than one nominee. Some companies offer loan against the premium. Likewise, there are many features that we must check before choosing any particular company.

After selecting Life Insurance company buying the same is a quite simple task. It can be easily bought life insurance and term insurance plan online through various online or offline channels.



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