Life insurance has become an utmost importance in today’s world. Whether you are a bachelor, married without kids, married and with kids, independent and with kids, or nearing retirement, possessing a life insurance will give you the chance to have peace of mind during the retirement period.
SBI Online Life Insurance
If you are single and testing the success of financial independence, the last thing on your mind would be investing it in life insurance. However, if you wish to achieve your dreams without taking a toll on the finances or depend on parents, then it is the right time that you look towards life insurances.
There are several online life insurances is available on the market. You can come across government-owned subsidiaries offering these guarantees apart from privately owned companies providing life insurances. Of all the available policies, choosing the appropriate one at the right time is essential. As an example, we will be looking at the following points in perspective of a single individual.
- Starting early: as you are young and healthy, you will be paying less amount of the premium. Additionally, the savings on the premium will be substantial by the end of the term.
- Discipline: as you are already into savings, you will commit yourself into an automatic discipline mode of the saving habit.
- Wealth creation: depending on the starting salary, age, and risk of appetite, you can choose a suitable insurance plan that will provide you advantage in creating wealth.
- Tax benefits: you will also be enjoying tax benefits under the prevailing norms according to the Income Tax Act, 1961.
- Securing future: you are not only securing the future for yourself but also of those who are dependent on you such as parents and your spouse. Additionally, you can also use the funds to clear away any debts, vehicle loans, or student loans.
Keeping the above factors in mind, the key financial goals for you become security for parents or dependents, buying a house, expenses for marriage, and paying off debts. It is also possible to set aside a portion of the money for future retirement plans.
Online Life Insurance
SBI Online Life Insurance gives you the possibility to buy policies over the Internet without any mediator. Depending on the options that you select, the website will display the available life insurance policies. It is necessary for you to go through the details of every policy and understand the liabilities. Based on this, you will be in a position to take a decision on choosing the appropriate policy that will protect you and your family.
Once you choose a specific plan, you can input the necessary details. Depending on your employment and age, you can select level term assurance, increasing term assurance, and policy term. Provide details related to the premium options and how you wish to make the payment. Additional details include finalizing the rider options such as accidental death benefit, accidental total and permanent disability, and critical care amount for the rider. All these details will provide an appropriate amount of the life insurance policy.
Upon completion of the calculation, the website will pop up with a message asking you to get in touch with an advisor. After selecting the plan, you can continue making the payments for the life insurance. You can also visit the SBI Online Life Insurance website and register to make payments online. All you need is the policy number, customer ID, registered email ID, and date of birth. Upon completion of the registration, you can log in to the website, and update the profile information wherein you can add the policy number or policy numbers. As you will be adding the policy details, you can keep a check on the activity and its status.
Advantages of registration
Depending on the selection of payment frequency, you can log in to the website from anywhere and make the payment for the policy using credit cards, debit cards, Internet banking, e-wallet, and another mode of payments. An advantage that you will receive by registering with the website is that you will have complete details of the payment receipts that you made using the login ID. Alternatively, you can also make payments for the premiums without the requirement for a registered ID. But the only problem that you would be facing is that you may not be able to trace back the previous receipts when you would like to apply for tax benefits.
As you now have a clearer picture about the importance of life insurance policy, it is time for you to choose an appropriate one depending on your age, status, and employment. SBI Online Life Insurance has numerous plans catering to different groups of people segregated across diverse sectors such as individuals, married with kids, married without kids, and those retiring.