- Hassle-free purchase process
- Cost-effective premiums
- 24*7 document access
Digital Life Insurance: An Overview
‘Everything sold from a small pin to a car has moved online, so how can the insurance sector remain behind?’
You can purchase life insurance online at your fingertips with digital life insurance. Digital Life Insurance is a life insurance product sold, managed, and processed online. From asking about quotes and policy issuance to customer support and claim processing everything is done digitally. It is beneficial for the policyholders as well as insurance companies.
Here are some benefits of digital insurance for policyholders:
- Minimal or no paperwork
- Hassle-free process
- Convenience
- Speedy process
- Buy at your comfort
- Online customer service
Best Digital Life Insurance Plans in 2024
We have curated a list of the best digital life insurance plans in 2024 for your reference.
| Name of the Plan | Entry Age | Maximum Maturity Age | Policy Term | MAnnual Premiums | Unique Features |
|---|---|---|---|---|---|
| Max Life Smart Total Elite Protection | Min- 18 years Max- 65 years | 85 years | 5 to 67 years | Rs 9,587 | Special Exit Value, Terminal Illness, Option to pay your premiums as per your budget |
| Bajaj Allianz E Touch Life Shield | Min- 18 years Max- 65 years | 75 years | 10 to 40 years | Rs 7,729 | Flexibility to choose plan variant, Return of premiums on maturity, Receive benefits as per your requirement |
| ICICI Prudential Super Protector Smart Plan | Min- 18 years Max- 65 years | 75 years | 5 to 20 years | Rs 10,856 | Comprehensive additional benefits, Flexibility to pay premiums once, for a limited period, or throughout the policy term, Need-based benefit payout |
| SBI Life e-Shield Next | Min- 18 years Max- 65 years | 100 years | 5 years to 100-Age at entry | Rs 16,566 | Better Half Benefit, Life Cover Up to 100 Years, 3 Plan Options to choose from |
| HDFC Life Click 2 Protect Super | 18 to 84 years | 85 years | 85 years - Age at entry | Rs 15,936 | Choose from multiple coverage options, Option to increase your cover at key life stages Option to extend the policy term |
| Max Life Online Term Plan Plus | Maximum Age:- Regular Pay:- 60 years Pay till 60:- 50 years | 85 years | 10 to 50 years | Rs 9,587 | Accelerated Critical Illness (CI) Benefit, Get rewarded for a healthy lifestyle, High Sum Assured discounts |
* The above premiums are for a 25-year-old male with a Rs 1 crore sum assured and premium payment tenure is 25 years and policy tenure of 25 years.
Key Features of Digital Life Insurance
Here are certain key features of digital life insurance policies:
Online Purchase
Digital life insurance is purchased online with no hassles and no paperwork requirements. You do not need to visit the insurer’s office or branch.Online documentation process
The documents are provided by you to the insurer in an online format without the requirement of physical documents which makes it easy to store.Customer service
If you are facing any doubts/ issues you can contact customer service online without the need of visiting their office.Digital underwriting process
The underwriting process of assessing the financial health of the insured is done through various tools and analytics making it a smooth process.Transparency
The whole process of digital life insurance is transparent which reduces the chances of any kind of fraud and cheating.
Benefits of Digital Life Insurance
There are several benefits to buying a digital life insurance policy. We have mentioned a few of them below.
Convenience for policyholders
The overall process is convenient and hassle-free for the policyholders as everything is done online without the requirement of visiting the branch office.Affordable premiums
The premiums of digital life insurance plans are affordable for the policyholders as insurers pass on some of the reduced operational cost benefits to the policyholders.24*7 access to documents
You can access your documents online 24*7 whenever you want in just a few clicks through their website or application.Easy payment process
The payment process is easy and flexible. You can make premium payments online as per your convenience through various payment modes.Customizable plan options
Various digital life insurance plans offer you the option to customize your plan as per your requirements in terms of policy tenure, premium payment, and sum assured.
Comparison: Traditional vs Digital Life Insurance
Let’s compare how digital life insurance varies from traditional or normal life insurance plans based on various parameters.
| Features | Traditional Life Insurance | Digital Life Insurance |
|---|---|---|
| Purchase | Visit the branch and involve a lot of paperwork | Online, hassle-free and convenient |
| Documentation | Physical documents are required which can be misplaced | Digital documents that can be accessed 24*7 |
| Customer support | Visit the branch or in person | Online through email, SMS, or chatbots |
| Cost of premiums | High premium cost | Low premium cost due to low operational expenses of insurer |
| Transparency | Less transparent as minimum details are provided in physical documents | High transparency as it can be accessed online anytime |
| Claim process | Slow as documents are to be submitted at the branch in person | Fast as all the formalities are done online |
| Accessibility | Limited to the office hours of the insurer | 24*7 accessible |
Key Takeaways
- Buying digital insurance is quick and hassle-free.
- The premium cost is lower when buying life insurance online.
- You can compare various plans while buying digital life insurance.
- You can access documents of digital life insurance anytime.
Documents Required to Buy Digital Life Insurance
Here are the documents required to buy a Digital Life Insurance Plan:
- Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.
- Age proof (either of one) - Passport, Aadhar card, PAN card, Driving license.
- Address proof (either of one) - Utility bill, passport, voter ID, ration card.
- Income proof ( either of one) - bank statement, last three months’ salary slips (if you are salaried).
- Any other additional documents requested by the insurer.
How to Buy a Digital Life Insurance Policy
You can buy digital life insurance either from PolicyX.com or the official website of the insurer.
Buying from PolicyX.com
- Fill out the form at the top of this page with the necessary details.
- Select your income and city. Click on ’Proceed’.
- Update your education and occupation details.
- Choose your preferred plan and click on ’Buy this plan’.
- Select the policy term, premium period, and riders (if required), and then proceed to pay.
Why Buy from PolicyX.com?
Here are the reasons for buying HDFC term plans from PolicyX.com:
Compare and choose the best
PolicyX helps you compare a wide range of plans based on their features and choose the one that best fits your requirements.Hassle-free purchase process
Buying term plans from PolicyX.com is a hassle-free process as it lets you compare various term plans within 30 seconds.Customer’s choice
PolicyX is a leading insurance aggregator that is trusted and loved by customers due to its best services and support.Good customer service
You can contact PolicyX through email or IVR number and one of their insurance experts will connect with you shortly to address all your concerns.Claim settlement support
PolicyX stands with you even in the hardest of times and provides you with dedicated claim settlement support when required.
Buying from the insurer’s website
You have to visit the official website of the insurer provide them with the required information and buy the plan you want by paying the premiums.
Conclusion
Buying a digital life insurance is no hard science. You can purchase one easily with just a few clicks. These plans can be customized as per the requirements of the policyholder in terms of policy tenure, premium payment tenure, and sum assured.
If you are still confused about which life insurance plan is right for you then you can contact us at PolicyX.com. One of our insurance representatives will contact you shortly and help you choose a plan that best fits your requirements.
Digital Life Insurance : FAQs
1. What is a digital life insurance policy?
Digital Life Insurance is a policy that is issued, processed, and managed online without any physical documentation.
2. What are some of the best digital life insurance plans?
Some of the best digital life insurance plans include Max Life Smart Total Elite Protection, Bajaj Allianz E Touch Life Shield, ICICI Prudential Super Protector Smart Plan, SBI Life e-Shield Next, etc.
3. How to buy a digital life insurance policy?
You can buy a digital life insurance policy either from PolicyX.com or the official website of the insurer.
4. What are the benefits of digital life insurance?
There are several benefits of digital life insurance including convenience, transparency, customization, flexibility, etc.
5. Who is eligible for life insurance?
Any individual at least 18 years of age with a monthly income is eligible to purchase life insurance.
Life Insurance Companies
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Written By: Himanshu Kumar
Himanshu is a seasoned content writer specializing in keeping readers engaged with the insurance industry, term and life insurance developments, etc. With an experience of 2 years in insurance and HR tech, Himanshu simplifies the insurance information and it is completely visible in his content pieces. He believes in making the content understandable to any common man.
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