How Does The Process Of Buying Life Insurance Online Work?

Buying life insurance online is an easy and convenient process. You can buy a term life insurance plan in 6 easy steps.

• Generate a quote

Generate a quote online from the website on the product page. For instance, if you want to find out how much it will cost you to buy Edelweiss Tokio Life Total Secure+ which is a term insurance plan for a Sum Assured of Rs.1 cr, you can fill in details like gender, date of birth, smoking details on the customised page and it will show you the premium amount that you have to pay. You can then compare it with similar quotes from other insurers and make your decision of whom to buy the policy from.

• Make the payment

Once you decide on which policy to buy, you can make the payment online for the amount mentioned in the quote. The movement from the quote page to the payment page is based on a single click. Once you make the payment, you may get a transaction number.

• Fill up the application form

Using the transaction number, you can then fill the application form. At every stage of the process, you’ll be assisted by an agent on call, who would guide you in the various steps involved.

• Fill up other questionnaires

Based on the information that you furnish in the application form, you may be asked to fill other questionnaires. For instance, if you have answered yes to whether anyone in your family suffers from hypertension or diabetes, you may have to fill up details of the family members.

• Submit the documents

Once you have made the payment and filled up the application form, you will be asked to submit documents like your address proof, identity proof and financial documents supporting your application.

• Get the approval from the underwriting team

The underwriting team evaluates your proposal on the basis of the details filled by you and the documents submitted by you. The underwriting team decides whether the premium paid by you is in proportion to the risk involved in covering your life. In most cases, the policy is approved as it is by the underwriting team.

Once the underwriting team gives it’s assent, your policy is approved and your cover will start immediately from the policy date. Your policy bond will be sent to you by post on your correspondence address.

Also Read:

Step By Step Guide On How To Buy Term Insurance Online

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