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What is an Online Insurance Plan?
What is an Online Life Insurance Plan?

Online life insurance plans are life insurance policies that you can buy online from the convenience of your home. Rather than buying life insurance policies by visiting your nearest life insurance branch, you can buy a life insurance plan online with a click.

Canara HSBC Life Insurance offers a wide range of online life insurance plans including ULIPs, term plans, saving plans, retirement plans, and child insurance plans. Browse through the plans to understand their features and how they can be beneficial for different stages of your life.

Online Plans by Canara HSBC Life Insurance

Be it investment or protection plans; secure the future of your loved ones in just a few clicks. Choose from our most popular online plans for all your requirements.

iSelect Guaranteed Future

SAVINGS PLAN

5 plan options to choose from to protect your loved ones

Pay premiums for 5,7, or 10 years as per your financial goals

Payor Premium Protection Cover to secure your family’s future

Tax benefits may be available as per prevailing Tax Laws

TERM Insurance PLAN

TERM Insurance PLAN

Life Cover till 99 years of age

Option to Block the premium rate and increase cover by upto 100% at the blocked rate

Option to avail monthly income post attaining 60 years of age

Option to receive total premiums paid in case of no claim

Tax Benefits as per applicable laws

Invest 4G

Invest 4G

Invest in a diverse portfolio of stocks and bonds

Bonus unit additions for long-term investors

Stay with the market with automated portfolio management strategies

Option to protect your goal from your early death

Save tax on investment and tax-free partial withdrawals after the lock-in

Guaranteed Income4Life Plan

Guaranteed Income4Life

Option to receive guaranteed income till the age of 99

Guaranteed loyalty additions of more than 10 times the annual premium

Option of single or regular premium payments

Enhanced income pay out for higher premiums

Premium protection option to safeguard the goal in case of your early demise

Guaranteed Savings Plan

Guaranteed Savings Plan

Guaranteed maturity value

Guaranteed bonus additions for long-term investors

Option to protect your goal from your early death

Customise the premium payment and policy term as per your goal

Save tax on investment and tax-free maturity value

Health First Plan

Health First Plan

Cover against minor conditions of Cancer or Heart Ailments

Adequate cover to take care of high treatment costs

Increasing cover to keep up with the rising medical & living costs

Income security to your family in the case of a major claim

Option to receive all premiums back in case of no claims within the policy period

Why Should you Buy Online Life Insurance Plans?

1
Easy to Buy

The purchase process of online life insurance plans is a step by step process. You can follow these steps using the online instructions or call customer service to assist you with the same.

2
Transparency

All plan features and benefits are provided along with the purchase steps. For details, you can also check the policy document and clarify with the 24x7 customer service.

3
Paperless Process

The online purchase process of life insurance plans is completely paperless. You can submit the form completely online and only need to submit scanned copies of the documents.

4
Complete Application at your Convenience

The online application details are saved by the system and you can access them again using your contact info. This way if you need to leave the process in the middle, you don’t need to start again.

5
Easy to Manage

The policies are easy to manage online using an electronic insurance account or EIA. This account allows you to even appoint administrators who can manage your policies without changing the contact and nomination details.

6
Secure

The online purchase process includes payment and document submission online and follows the high-standard online security protocols and certificates. Meaning, all the information travels securely to the company without any manual intervention.

Factors Affecting Cost of Online Life Insurance Plan

When you buy a life insurance policy you have to make a regular payment known as premiums. These premiums make up the cost of your insurance. The premium that you will pay is calculated based upon a host of factors. All these factors affect the ultimate cost of the policy.

These factors are listed below.

1. Your Age

The premium to be paid varies with your age. Lower your age, lower will be the premium you have to pay.

When you are young, your chances of suffering from a critical disease or death are lower. Thus, for the insurance company, you will be continuing to pay your premiums for a longer period. But the more you grow older, the more are the chances that the insurer will have to payout. This fact leads to an increase in the premiums as you age.

2. Gender

This factor can also affect the cost of the policy. Statistics show that there is a stark difference in life expectancy in males and females.

According to it females tend to live longer than males. The average life expectancy of females is 70-72 years as compared to males having an expectancy of 66-68 yrs. For this reason, women in India can be charged lower premiums than men.

3. Lifestyle & Habits

Lifestyle habits such as smoking and drinking can change the cost of your policy. Smoking serves as a red flag for insurers. This is because it can lead to several illnesses such as cancer etc.

Smoking occasionally might not change your premium that much. But if you are a regular smoker, it will leave an impact. The same goes with drinking. If you are an alcoholic your premiums will be higher.

4. Overall Personal Health

Before purchasing online insurance, you are required to undergo a full medical check-up. Factors such as your cholesterol levels, height, weight all are taken into account to make sure everything is alright.

If something occurs, for example, you are obese, then this could increase your premium as well obesity leads to serious illnesses.

5. Insurance Variant

There are several policies that come under Life insurance. ULIPs, term insurance, money-back policies, etc are some of the plans.

Each of these policies offers different features and hence comes with different costs.

6. Riders

Riders are the additional benefits that can enhance your current policy’s scope. These provide you coverage for events that are otherwise not covered in the basic policy.

Accidental death benefit, accidental total and permanent disability benefit are some of the riders. The more riders you select, the higher will be the cost of your policy.

How to Find the Best Online Life Insurance Plan in India?

Buying a life insurance plan online is easy, straightforward and hassle-free. Knowing which plan to choose so that it can be of help in your future is crucial. The life insurance plan that you choose to buy will have an impact on the lives of your family members. Hence, consider the below mentioned factors to find the best insurance plan online:

Research thoroughly

There are a lot of insurance plans available online. Assess your financial milestones and current circumstances in order to find the best life insurance policy. Different plans offer different features. Shortlist all the plans that you may find suitable for you and then compare them to choose the best one.

Check the premium amount

There are online life insurance premium calculators available to help you determine the premium amount you are required to pay for the cover amount you have chosen. Calculate your premium before making the purchase to know if you can afford the premiums. If not, you can customise your plan and restart the process.

Check the claim settlement ratio

This is one of the most important factors to be taken into consideration while purchasing a life insurance online. A claim settlement ratio is the total claims settled by an insurance company in a particular year. The higher the ratio, the better it is. We have a death claim settlement ratio of 98.57% for the financial year 2021-22.

Ask or raise queries

Before buying a life insurance plan online, research thoroughly about the plan and the insurance company. If you have any queries related to it, contact their customer care to get the right information. It is better to make an informed decision and reputed companies help their customers in this process.

How to Calculate Premium of Online Life Insurance Policy?

The premium that you have to pay is not a fixed sum. It varies from person to person. Some of the factors such as age, gender, and lifestyle affect the overall premium.

To get an idea of the premium that you have to pay towards your life insurance policy, you can calculate the premium of online life insurance policies beforehand. Thanks to online life insurance calculators.

You can get an estimate of the premium cost of the selected policy with the features and benefits you want using the life insurance premium calculators.

With the following simple steps, you can calculate your premium.

Step 1. Visit the website of the insurance provider you are looking to purchase insurance from.

Step 2. Visit the Online Calculator associated with the site.

Step 3. When you land on the Premium Calculator page, the next step is to fill in the details. The details asked are basic and those that can affect the premiums

Some of the details asked are

   -   Name
   -   Gender
   -   Age
   -   Income
   -   Location

Step 4. After entering the basic details, now you need to enter policy-specific details.

These are:

   -   Policy type
   -   Premium payment term
   -   Frequency of payment (monthly, yearly, etc)
   -   Sum Assured

Step 5. You can also choose the riders you wish to add (Optional)

Step 6. Click on the ‘Calculate’ button. You will see your estimated premium.

Online Life Insurance Buying Process

Steps to Buy Life Insurance Online | How to Buy Best Life Insurance Plan

What is Electronic Insurance Account?

An electronic insurance account (EIA) is similar to a demat account for stocks. You can keep all your online life insurance policies securely in your EIA. EIA allows you to manage several life insurance policies and claims through a single window.

Read More

Frequently Asked Questions on Online Life Insurance Plans

Anyone who meets the eligibility criteria of the plan chosen by them can buy the life insurance online.

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Select favourable plans as per your need. Once you have finalised about the plan, decide the policy term as it will impact the premiums you will be expected to pay. Fill in all the necessary details that will be asked to you in the online life insurance application form. Pay the premium online to complete the process.

If you do not feel like going ahead with the online insurance you have chosen, you can always cancel it within the free-look period to get a refund. A free-look period is the timeframe allowed within which a policyholder can cancel the life insurance policy without getting charged any penalty.

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Yes. You can buy multiple life insurance plans online from the same insurance provider or from different providers.

Online insurance plans are insurance policies that you can purchase directly from the insurance provider. Thus, the whole process is performed over the internet.

With the advancements in technology, more and more things can now be done online, even buying Insurance. Insurance companies have now come up with plans that are available only on the online mode as well.

Buying insurance online removes the need for the middle man and provides you with the utmost convenience and cost savings.

Must Read - Insurance Meaning

Buying online insurance nowadays is perhaps one of the safest online activities. As per the IRDAI guidelines, insurers must follow the highest SSL/TLS safety standards for their website and customer data forms. All payments through the insurers' website have to be made through only secured and recognised payment gateways. Thus, it reduces the risk of fraudulent transactions and data theft.

Also Read - Types of Insurance

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