Everything you need to know when buying term insurance online
Every individual work hard to give the best to their loved ones keeping away all sorts of issues and hurdles. However, as it is commonly said that life is unpredictable and in case of the untimely death of the sole bread earner can leave his or her family shattered. Herein the question arises that after doing everything for them, how can you keep them secure at least financially in your absence? Even though it might sound unreasonable, you can unquestionably make some arrangement plans for your family’s prosperity post your demise. You can buy a term insurance plan that would offer your family financial stability in their challenging times.
Now, what is a term insurance policy?
Term Life Insurance is the purest form of life insurance product. It provides a lump-sum amount to the dependents on the demised of the insured person.
How does it work?
In a term insurance policy, the insured pays a premium against a sum assured for a fixed period of time. You can choose the life coverage amount and tenure of the policy. The insurance company decides the premium amount based on the coverage amount, policy term, gender, age and health status. If the policyholder dies within the duration of the term plan, then the insurance provider pays the insured amount to the dependants.
Why should you invest in term insurance?
One of the primary reasons to buy a term insurance policy is to secure your family financially in your absence. The lump-sum amount that is given to your loved ones helps them to manage their finances properly while leading their lives comfortably.
Advantages of a Term Insurance Plan
- A term plan offers a substantial amount in case of policyholder’s demise.
- It acts as a financial backup for the family of the insured so that they can live peacefully.
- Help to repay loans and liabilities of the insured.
- Buying term insurance also provides financial assistance during a critical illness or in case of disability or any other mishap through various riders.
- The premiums paid for term plan are eligible for tax exemptions under Section 80c of the Income Tax act.
Why should you buy term life insurance online?
With the online world getting exceptionally convenient, almost all insurance companies give you the chance of buying term insurance online. BimaKaro.in is one such web platform that offers you a variety of term insurance plans from top insurance providers in India. But why buying term life insurance online is considered beneficial, let’s understand the reasons:
- Affordable: Buying term insurance online is a pocket-friendly option as you cut on the cost of paper, processing fees, agent commission etc. Also, for any queries, you don’t have to visit the insurance company as you can simply access your policy details online or chat with their experts. This saves the extra cost of communication and travelling time.
- Easy to use: To buy term insurance online, you don’t have to be technically knowledgeable with regards to the online world. Insurance providers make it a point to offer an easy to understand portal to take you through the process of purchasing term plan easily. With the help of such online portals, you can compare various term insurance policies, calculate premiums and coverage amount as per your age, income, gender and more.
- Fast and secure: You can pay the policy premiums through various online payment modes such as UPI, net banking, debit cards, credit cards and more. Online payment modes are secured, fast and easy. It is of great help if you need to make the payment quickly or need to furnish documents for claiming tax benefit such as you get the premium receipt instantly after making the payment.
- Help from experts: While selecting a term insurance policy, make sure you speak to an insurance professional or an expert to have a clear picture on the same. Several insurance providers have experts to guide customers about term insurance plan, making the process of purchasing it simpler. They advise you about every feature of the term insurance policy while connecting it to your needs and requirements.
If you have decided on buying a term insurance online, then you can visit BimaKaro.in to select the best term insurance policy according to your necessities. Online medium makes the search for term insurance policy easy while saving time and money. Through online platforms, you can access different term plans, compare them, and choose the ideal one for yourself and your family.