While trying to buy a term life insurance plan, it is natural to want a listing of premiums offered by all insurers. So we type, “compare term insurance plans” in Google and click on one of the first few links, without scrolling down the page.
The trouble is, most (if not all) of the ‘popular’ insurance comparison portals require activation via mobile. They get your email, mobile no, provide you access only if the mobile number is yours (you need a code sent via sms to get in!).
A few years back, no such personal information was necessary. Soon activation via email was necessary. Entering your email, meant you agree to receive offers and newsletter.
The checkboxes for ‘agree to terms and agree to receive emails’ are now one and the same!
Now, the email is still there, but activation is via mobile. The portal would later invade your peace and privacy with messages, emails and calls.
Are there comparison portal today that list the premiums without seeking your email and mobile?, Yes. You may need to look here:
Someone said in a Youtube video, “the best place to hide a body is in the second Google search page”!!
Wait a minute, do you even need such portals?
No, you don’t. If you like LIC, get it from LIC. Otherwise, you can just get one from a private player who been around for a while (HDFC, ICIC, Maxlife and the like).
I don’t think much about claim settlement ratios: How to choose a term life insurance policy
If you think they are important and want to choose one with a high settlement ratio, then the list will include the above-mentioned names plus LIC.
Either way, you don’t need a comparison portal. Just go to each insurer’s website and play around with their calculator.
If you don’t want to do that and prefer an instantaneous comparison, a portal will help.
Portal or no portal, if you cannot choose/shortlist a life insurer within an hour and decide within a couple of days, you need professional help from someone who does not sell insurance. Do not ask in FB group Asan Ideas For Wealth. Terrible idea.
At the end of the day, choice of insurer will be arbitrary. Either you take that call or let a financial planner take it for you! Buying a term insurance policy is a risk and leap of faith. Not having one is a much bigger risk.
Gaurav Mehta at AIFW asked me if I knew portals that did not ask for personal details.
I did some searching and found these. Highlight the urls with your mouse, rick click and select, “go to”. Not providing a link because I don’t want to make them conscious of their healthy practice! Hope no one connected is reading!
1) No mobile no and email!
https://buy.insuranzone.com/insurance/life-insurance.html (Thanks to Narayan Khatri for this link)
https://www.zibika.com/life-insurance (Will try and find out your location. Thanks to Sadashiv Kashyap for this link.)
2) Fake mobile no and email
http://trucompare.in/TermInsurance.php ( I like this interface. Different checkboxes for terms and contacting!)
I think that is a big enough list. I am going to stop here.
Do share if there are other portals. Please do not provide links. Just mention names.