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You are Only a Few Clicks Away from Securing Your Family

Life InsuranceImage source: Shutterstock
Highlights

Everything these days is available online. From buying your groceries to shopping for clothes. Then why should your term plan be any different?

Everything these days is available online. From buying your groceries to shopping for clothes. Then why should your term plan be any different?

When you buy a term plan online, you allow yourself the convenience of shopping for one anytime and anywhere. Besides, the most significant advantage of shopping for term plan online is the term insurance comparison that will help you compare various plans side by side and choose the most comprehensive one.

However, the most significant benefit of buying the best term plan in India online is the cost savings. Online policies are cheaper than their offline variants, with an added advantage of online renewal of premiums.

Did you know, despite the apparent advantage, a survey reveals that there are only 20% of people who buy a term plan online? While believed to be a complicated process, the good news is that online shopping for a term plan is much simpler and straightforward.

Here are some of the steps that you can follow to choose the right term plan and then buy them online.

Steps to Buy Policy Online

• Choose your insurance provider

An insurer's efficiency and commitment towards its patrons are reflective in their claims paid ratio. It is the ultimate proof that they are highly efficient in managing customer claims. For instance, look for insurers with the claim settlement ratio in the range of 90s. This means that the insurer settled more than 90% term plan claims out of the total outstanding claims in a given year.

At the same time, you can also check the persistency ratio, which represents the clients' satisfaction by recording the number of years you stay invested with the insurance company. Together, these statistics give you a clear idea about the insurer's reputation and work ethic.

• Estimate the sum assured and term insurance duration

Insurance cover amount, also known as the sum assured, should ideally be enough to cover not just the regular financial needs of your family but also other foreseeable expenses such as your child's higher education, marriage, home loans, and more. It is advisable to calculate the sum assured by multiplying your annual income of at least 15 to 20 times.

When choosing the policy tenure of the best term plan in India, it is always better to select the most extended term possible. However, you can also choose the tenure as per the number of years you plan to work.

• Choose your add-on benefits

Also known as riders, these add-on benefits can be added to your term plan for a nominal price. Riders help you enhance your cover and add an extra layer of protection in case of an eventuality. For instance, you can choose a critical illness cover to help you with financial support if you are diagnosed with a life-threatening disease.

This cover includes a wide range of critical illnesses and conditions. Other riders include premium waiver benefit, accidental death and dismemberment.

You can choose the best rider from the available options and make your insurance cover more comprehensive.

• Compare the premiums

After choosing the suitable insurance provider, the policy, and the rider benefits, you can make a term insurance comparison with the help of online calculators that estimate the premium amount for your cover. The premium amount is influenced by factors like your age, smoking history, and sum assured.

You may also avail significant discount on the premium payable, depending upon the coverage and premium payment tenure chosen. Therefore, compare the plans and tenures to make a wise assessment.

• Buy the plan

After checking all these aspects, you can buy policy online if it is available. You can complete the formalities and submit the documents as prompted by the website.

If you have chosen a plan that is not available online, then you can set up an appointment with an advisor to help you conclude the formalities.

Benefits of Buying Policy Online

Image source: Shutterstock

There are many benefits to buying a term plan insurance policy online, apart from cost-effectiveness and efficiency. When you buy a term plan online, you can save much money by eliminating the advisors and saving on commissions.

With these tips for best term plan, you will be able to make a prudent decision based on a thorough term insurance plan comparison - analyzing the plans with regards to the benefits offered, features, coverage, claim process, and more such evaluative factors. This aspect allows you to weigh each policy in terms of the pros and cons to make a well-informed investment decision.

But most importantly, the online platform is not just restricted to the sale of the policy. Instead, it is a competent channel that provides you with other services such as 24/7 access to a policy document that you can download anytime you want. When you buy insurance online, you can also get prompt insurance quotes, renewal of policy online, payment of annual premium online, make claim submissions, and lots more.

Save yourself from the complicated paperwork of buying policy offline. Go digital and explore its many benefits.

Most insurance providers, such as Max Life, allow term insurance comparison and ease of buying a term plan online. Use the online calculators to assess the premium amount payable for the desired sum assured, to make sure that you are investing in the best term plan in India.

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