Buying Term Plan Online: Ever wondered about your future? Well, if you haven’t, then you should start now. Think about your dreams and goals that you wish to achieve. And then think about how you plan on reaching them. You can start with financial planning to ensure that you are able to set the foundation correctly.
While planning, you can look into term insurance plans. They are a necessary financial instrument for your financial portfolio. And the best aspect is that you can buy term plan online. It can be substituted as the financial security net for your family in case you are not around.
Your family will be able to fulfil their aspirations, and their needs would be fulfilled, even without you, with a term plan in place. Although it may sound unrealistic, thinking about your family’s future without you is of high importance. And having a term policy in India is the first step in that direction. So, make haste and opt for a suitable plan. You can be buying term plan online and get the desired coverage and plan.
Moreover, buying a term plan is also advantageous in these ways:
Initially, you would have had to travel all the way to a branch office of the insurer to purchase a term plan. With so many applicants, you might have to wait for your turn. And it may take a few days or even weeks to reach the counter. Thus, it was a tiresome and time-consuming procedure to buy term policy in India.
However, now you can buying term plan online easily. Only a stable internet connection and an electronic device are required to buying term plan online. You can purchase a policy from the comfort of your home. Insurers want to ensure the utmost convenience for their customers. Hence, there is the availability of a hassle-free buying process.
If you opt for the traditional way of purchasing a term policy in India, the premiums may be higher than when bought online. When you buying term plan online, you can opt for massive life covers by paying just a few thousands as premiums.
And if you compare offline and online, you will find that this high cover with a low premium concept is available only for those who buy online. It is so because the insurance providers save on the insurance agent’s commission and passes on the benefits to those who buying term plan online.
Buy Right Policy and Save Money
With the old school way of buying term policy in India, you would have had to meet with agents, spend time understanding the policy and then buy it. However, with the online mode, it is not as cumbersome. With a simple click, you can read the essential information about the policy online. A do-it-yourself-concept also protects you from mis-selling by agents.
Moreover, when you buying term plan online, you save money. In the offline process, you have to carry documents in physical form along to the insurer’s office. But when you buy a term plan online, the entire process is paper-less, and you save money on transportation as well.
Extra Protection with Riders
A disadvantage of buying the term policy in India offline is that you may not have all the information if you are a first-time buyer. With not knowing what is term plan, you might now even know about the riders. Your offline agent may fail to provide you with this crucial information. And if you buy a basic cover and face critical illness problems later on in future, it may cost you heavily.
But if you buying term plan online, you will have all the required information on the chosen insurer’s website. Plus, you can know the benefits of adding a rider to your plan and whether it is vital for you or not.
Availability of Online Tools
A simple tool like the insurance premium calculator is beneficial for you to decide upon your term plan. Generally, all insurance companies have this helpful tool on their websites.
It will help you evaluate your sum assured, premium, tenure and other things. Moreover, if you plan to add riders to your basic plan, you will be able to calculate the additional premium you may have to pay. Also, you will be able to know the amount of additional coverage you will receive with the addition of a cover.
While these are some benefits that you can enjoy when you buying term plan online, you need to keep in mind to opt for a suitable insurer. Although many insurers offer similar plans, it is essential to check each plan in detail. A minute difference can also prove to be extremely beneficial for you.
Apart from that, you should check the various insurance companies‘ claim settlement ratio before you make your decision. You will find that the Insurance Regulatory and Development Authority of India releases an annual report on top insurers’ claim settlement ratio. Check that to compare the insurers and then the plans offered by them.