Why should you buy term life insurance online?
In today’s fast-paced world, people are always on the move, and everything they need is fast or instant. For this reason, the majority of individuals often find the process of buying life insurance policies cumbersome, due to which they avoid investing in the same. But this digital era has made everything available online. And life insurance has also taken the fast track mode and moved to the online medium, making the process of purchasing insurance policies easier.
Term Insurance is one such form of life insurance that is economical and safeguard your family financially in case of any uncertainty. It helps in fulfilling the daily needs and aspirations of policyholder’s family in his or her absence. And at the same time, you can enjoy multiple benefits if you buy term life insurance online along with the regular ones like high coverage at low premiums, tax benefits, riders amongst others. Some of the most common advantages of purchasing term life insurance online include transparent communication, speed, convenience and 24X7 availability. However, there are quite a few other reasons as well, which clearly states why you should buy term life insurance online. Let’s discuss those in detail.
Compare and choose: Nowadays, almost all insurance providers offer term life insurance online. With the help of the online medium, as a buyer, you can easily access all information like informative blogs, online calculator, case studies as well as customer reviews about various term plans offered by top insurance companies in India. You can easily compare different term life insurance plans which further helps you to take a wise decision to buy term life insurance online.
Low premiums: Research states on an average online term life insurance cost 40 percent lesser than offline policies while offering the same benefits and features. Amongst all one of the critical factors for the low cost is the absence of insurance agents which further saves the expense of commission and distribution. The cost of overheads like stationery, documentation, paper cost, processing fees and other logistics also get saved. For the insurer as well, an online applicant represents a responsible and well-educated individual that creates a difference in profile and further leads to low premiums.
Safe, secure and speed: Accessing insurance online is faster whether it is for paying the premium, looking for information or even getting details about the right coverage amount. When you pay premium online, you get various payment options to choose from like debit cards, credit cards, net banking, UPI and wallets. The online payment process is easy and hassle-free as it gets processed smoothly and provides instant payment receipt. This is very useful when you need to submit your documents quickly for tax deductions.
To make things clearer, here is how you can buy term life insurance online and enjoy the benefits.
Get quotes on term insurance plans: You first need to enter your details like your name, age, gender, contact details including phone number and email address, annual income, lifestyle habits like smoking and drinking status, information about your occupation – whether you are salaried, self-employed or a businessperson. All this information helps the insurance provider to assess various risk factors and further determining the premium amount. Term insurance quotes are usually free, and you can get from any insurer website or insurance aggregator’s portal like BimaKaro.in. You should then compare these quotes of different term plans and choose the one which is the most viable and suitable for you as per your requirements. You can add various riders available in your base policy by paying a marginal premium at the time of purchasing term life insurance online. Popular riders like critical illness cover, accidental benefit enhance your policy and offer additional protection for uncertain mishaps.
Fill the application form and pay premium online: If you are satisfied with the term insurance quote, then next you need to fill the application form online. Now, based on your chosen policy term, you can opt for the premium payment frequency – annually, half-yearly, quarterly, or monthly. You also need to pay the premium online as part of the online term insurance buying process. Once the payment gets done, you get a confirmation message on your provided number and email address.
Provide all necessary documents: After all the above steps are done, now you need to present the documents in support of the details provided before. The documents usually include your identity and address proof along with health-related papers. At the time you fill the form, a list of documents to be uploaded is given, and you need to furnish accordingly. You might also have to go for medical tests, but that varies from insurer to insurer. The medical check-up ascertains your health status that whether you are at risk of any disease or not as it would impact your premium amount.
Overall, purchasing term life insurance is seamless and straightforward, backed by several benefits. You don’t have to deal with an agent or mediators; you can take your own decision by doing your research online and also you can access your policy anytime. The online medium has made the process of buying a term plan transparent and affordable. Therefore, if you are also planning to purchase term life insurance online, then don’t think twice, buy it today before it’s too late.