The Benefits Of Buying A Term Plan Online

In recent years, thousands of Indians have realised the utility and importance of term insurance plans. The term policy offers a substantial pay-out in the form of sum assured, which the insured person’s family can benefit from in their absence. Even the premiums on the plans are affordable. Overall, the policy is a great instrument for safeguarding your loved ones’ future interests.

You might have first heard about term insurance plans from an insurance broker or a friend or relative who recently bought one. Later, you learnt that it is possible to buy term insurance online. Now you are left wondering if you should buy the plan online yourself, or entrust the process to your broker.

We recommend buying the policy online: here are 4 reasons to do so:

#1 Lower premiums.

Insurance providers in India are happy to assist customers wishing to buy online term insurance directly from them, instead of via an insurance broker. Buying term insurance online results in lower premiums. Firstly, operating costs on the Internet are much lower than maintaining offline paperwork. Second, the insurer does not need to pay the insurance broker any commission since you buy directly from their site. These savings are passed on to the insured as lower premiums. Third, insurance companies want younger age groups to invest in term plans online, and offer lower premiums as compared to those for older applicants.

#2 Ease of purchase.

Buying term insurance online is simple. You can browse for the top rated plans, compare their features and benefits, calculate payable premium using online computing tools, download the policy document to read the fine print, and proceed to buy the plan by paying the first premium online. There is no stipulation to go to the insurer’s branch office to fill out paperwork or process payments. Most insurance providers do not insist on a medical test for term insurance plan purchase. If they do, they facilitate the test at your residence.

#3 All the information laid out to read before you buy.

As mentioned above, the information and policy details are all listed on the insurer’s website where you can read it to understand the product before buying. The policy document is also available for reference and download. Additionally, you can request a call back from the insurer if you have specific queries, or have a chat with their chatbot to know more.

#4 Renewal is possible online.

Just like you can purchase term insurance online, you can also renew it online every year. You don’t need to remember the renewal date either – the insurance provider sends SMS and email alerts to remind you of the due date for premium payment. You might even be given a grace period of up to a month to make the payment in case you miss the due date.

We recommend choosing a leading term insurance provider in India to buy the plan from, to avail of easy processing and quick claim settlements.