Did You Know You Can Buy Your Term Insurance Online?
To associate shopping with women, has become a thing of the past. According to recent trends, men have outnumbered women in terms of shopping in India. One of the major factors to this, is the advent of online shopping.
As a result of this e-commerce era, financial products are now available online, and that too with great convenience. Buying an online term plan is easy, affordable and timesaving. It’s a direct communication between you and the company, which doesn’t involve an agent.
What is an Online Term Plan?
A term insurance plan available on the Internet is called an online term plan. Firstly, let us understand what term insurance is. It is a life insurance plan that protects you for a time period that you choose. In other words, they are your financial fallback plans in life.
Term plans offer cover for your family in case you meet any exigency, such as death. Let’s look at their main features and benefits:
- Life cover
On the event of death, your family gets the Sum Assured. As a result, you don’t have to worry about their financial security when you’re not around.
- Pay-out choices
Term insurance plans offer a choice of how your family would like to receive the pay-outs. So, you can choose the lump sum or regular pay-out options.
- Flexible premium paying options
You also get to choose how often you want to pay your premiums. In other words, you can choose to pay it in one go or in monthly, quarterly or annual instalments.
- Tax benefits
Premiums paid are eligible for tax benefits under section 80(C). Also, the death benefit received by the nominee are exempt from taxes under section 10(10D).
How Can You Benefit from an Online Term Plan while Protecting Your Zindagi?
In addition to the above-mentioned benefits, term plans have some inbuilt or add-on variations. Let’s look at a few of them below:
- Life Cover – payable on death
- Accidental Death Benefit – in case of death due to accident, Sum Assured plus an Additional Sum Assured shall be payable
- Waiver of Future Premiums payable on Accidental Total and Permanent Disability – offers life cover plus waives off future premiums in case of disability
- Waiver of Future Premiums payable on Critical Illness – offers life cover plus waives off future premiums if diagnosed with a listed critical illness
Advantages of Buying Term Insurance Online
- No Intermediary Cost / Agent Commission
Buying an online term insurance doesn’t involve any third party. This makes the premiums cost lower when bought online. Did you know online term plans are on an average 40% cheaper? We directly connect with you via the website, thus leaving no room for any broker or agent.
The term insurance premium paid for an online plan is directly used to benefit you.
- Higher Sum Assured
In addition to lower premium cost, online plans even offer a high sum assured! This is due to low service cost. The plans available online range from Rs. 10 lakhs to Rs. 5 crores and beyond, at premiums starting at Rs. 15 per day.
The same plans available offline may not be able to offer such a high sum assured.
- More Precision
At the time of applying for an online term plan, the customer has to give details about himself/herself. For instance, medical history, financial background, lifestyle, habits, etc.
If any question is left unanswered, an alert is sent right away. This helps the customer to ensure that all the details are filled accurately. It so happens in offline mode that some details may be left blank, which can lead to claim rejection later!
Therefore, in an online term plan, there is no room for ambiguity.
Online term insurance helps you minimize fraud risks. All the terms and conditions are listed clearly on the company website or in product brochure. So, you can go through them in detail and understand whether the product is suitable for you or not.
There are no hidden clauses, which means no contradictions later.
- Customer Support
Customer helpline is one of the best advantages of buying an online term plan. If you face any queries while filling / submitting the online form, you can simply place a call.
Even at the time of claim settlement, you can coordinate with a pre-designated insurance expert, and resolve your queries immediately.
Go Savvy, Go Online!
In this 21st century, we have witnessed the rise of e-commerce. The ease of shopping it offers, is unparallel. The same applies for life insurance products.
An online term plan offers several benefits to customers, especially in key areas like cost, fraudulence and user experience.
So, make use of this neo-facility and switch to Online, while protecting your zindagi financially.