Life insurance is something that is always perceived as means of saving tax and the only time we think about buying an insurance plan is during filing taxes. But if you are delaying the decision of buying a life insurance plan then it’s time you don’t delay it anymore.

Purchasing a life insurance policy is an important financial decision and one should avoid delaying it. Also when it comes to protection plans, your premium rates are directly linked to your age. Most of us just depend on agents or our financial advisors to take this decision for us. Now don’t wait for them to guide you or influence you.

There are many plans available online. These plans cater to most of your needs like savings, investment and protection. When it comes to protection, life insurance companies do provide term plans online. There’s a vast difference in the cost of the premiums. Online term plans are cheaper and way too convenient. While you may be worried whether are these plans genuine and whether your claims will be settled? Let me tell you that IRDAI has a new section under which life insurance companies have to settle all claims after 3 years of policy issuance. This means that no claims will be rejected if policy has been issued since 3 years.

So now you can be carefree and purchase a term insurance planby only considering factors like price and features like any other product.  Also, like mentioned earlier the premium rates are directly linked to your age, you shouldn’t wait for the end of the year to buy a term plan. Buy a term plan before you turn a year older so that you save on your premium amount.

I would recommend you to calculate your needs and then decide how much life insurance you need.Companies like Edelweiss Tokio Life have a need calculator on their website itself, you can check it out at www.edelweisstokio.in

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