Getting a term insurance plan online is a secure and hassle-free way to safeguard your family’s financial future. The process of purchasing a term plan online is pretty straightforward. It is designed to help you choose and buy the right product within a few clicks. That’s how many have bid goodbye to physical visits and excessive paperwork. Let’s understand some of the benefits of buying term plans online.
High Protection at a Low Premium
Many insurance providers offer slightly lower premiums when you purchase a term plan online. This may seem like a small advantage to some. But it can result in major savings over the entire premium-paying term. You end up getting a higher cover for your family at a cost-effective rate.
Add-Ons
Online term plans often come with rider options and additional benefits. They offer the flexibility to customise a policy as per your individual needs. Common riders include Accidental Death Benefit, Waiver of Premium, and Critical Illness Cover. Some insurers may also offer a Terminal Illness Benefit. It is often included as an in-built feature rather than a separate rider.
Convenience
When you buy a term insurance plan online, you can manage everything directly from your smartphone or laptop. You can compare options, fill in the proposal form, upload documents, and complete the purchase from the comfort of your home or office.
Comprehensive Features
Buying online does not mean compromising on features. In fact, many online-exclusive term plans are comprehensive in nature. You get options like Waiver of Premium, high sum assured, and critical illness coverage. These features are clearly outlined in the digitally available policy brochure.
Evaluate the Insurer’s Reputation and Customer Service
When comparing term plans online, it is essential to review customer feedback regarding claim settlement ratios (ideally averaged over three to five years). You should also check for the availability of digital assistance and the insurer’s responsiveness to queries and grievances. Opt for providers that offer a robust digital claims process with minimal paperwork and a strong online support system.
Understand the Policy Conditions
Before purchasing a term plan online, carefully read the policy exclusions and terms. For example, most term plans cover death due to suicide after a waiting period of 12 months from the date of policy commencement or revival, as per IRDAI guidelines. You should also understand the claim documentation process. Check whether the premium remains fixed or varies (as in the case of increasing cover or limited-pay plans).
Comparing term plans online enables a more cost-efficient and transparent decision-making process. However, focusing only on premiums is not advisable.
You must evaluate the claim settlement history, customisation options via riders, and the reliability of the insurance provider. Ask the necessary questions, clear any doubts, and choose a policy that will best protect your family’s financial future.