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Online Term Insurance Plan

Online Term Insurance Plan Online Term Insurance Plan

Online Term Insurance Plan

 Safeguard Your Loved Ones with Term Life Cover...
All Through the Convenience of the Internet!
 

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Term Insurance Plan Online

Term Insurance is the simplest form of life insurance that offers financial security for a specified term in exchange for a fixed premium. The primary purpose of term insurance is to provide an affordable financial security blanket for your family in case of your absence. Most term insurance plans don’t have any savings element or returns (unless you opt for Return of Premium Benefit), which means that you can get relatively high life cover for reasonable rates when compared to other types of life insurance plans.


The financial security provided by a term insurance plan can grant you peace-of-mind, as you’ll no longer have to worry about your family’s security when you’re gone. However, you still need to find the right plan that meets all your requirements. It can be difficult to compare various plans and their benefits. You need to explore all available options, understand the terms and conditions, and customise the plan to your needs, which might be a hassle without assistance.

Thankfully, this is where online term plans come in. Insurers in India have their own website where you can purchase a term insurance completely online. The Internet is a boon after all, and you can effortlessly purchase term insurance for yourself or your loved ones online. Moreover, online term insurance plans also come with premium calculators that allow you to quickly find your ideal sum assured and premium rate.

Reason To Buy Term Insurance Plan NOW

Reason To Buy Term Insurance Plan NOW

Affordability

Terms plans are pure life insurance plans which provide a high sum assured for affordable premiums. Moreover, the earlier you purchase them, the lower your premiums will be.

03-Guaranteed-Benefits

Long Tenure

Term plans by Edelweiss Tokio Life Insurance provide coverage for up to age 100. This means your family’s financial future is protected at all stages of life.

03-tax-Benefits

Tax Benefits³

Deduction can be claimed for Premiums paid under Section 80C and death benefits received are exempt under Section 10 (10D).

07-Riders

Riders⁹

Facing any unfortunate circumstances such as an accident or a diagnosis of a critical illness comes with significant expenses. You can enhance your coverage by opting for rider add-ons. For example, critical illness rider, accidental death benefit rider, waiver of premium, and more.

08-loan

Peace of Mind

Having the financial security of your loved ones ensured in your absence alleviates any worries that you might hold for their future. This offers a safety net to cover their expenses, debts, or future needs in your absence.

Reason To Buy Term Insurance Plan NOW

Affordability

Terms plans are pure life insurance plans which provide a high sum assured for affordable premiums. Moreover, the earlier you purchase them, the lower your premiums will be.

Our Popular Term Insurance Plans

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The Simple Way Of Protecting You And Your Family

Get the simple, straightforward plan that looks out for your family in case of any unexpected events.

  • Life Cover for your family’s security

  • Flexibility in choosing premium payment options

  • Limited pay option for a liability-free retirement

  • Tax Benefits³ u/s 80c on premiums paid

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Protect Your Family's Financial Future for Life and Beyond!

Get comprehensive financial protection for your family with total coverage under one plan.

  • Option to choose between Life Cover up to age 100 OR Return of Premium, limited pay OR regular pay premium payment options, for all round protection

  • Avail Better Half Benefit, Child Future Protect Benefit and Premium Break Benefit option*³ in same plan

  • Enjoy special Exit Benefit to receive all the premiums paid back^, available under life cover option with limited pay

  • 6% Discount on first-year premium, by completing your medical examination within 7 days of purchase (login)

Benefits of Buying a Term Insurance Plan Online?

 There are several advantages of purchasing term insurance online:
 

  • Cost-Effective

The most important benefit of buying a term plan online is cost effectiveness. In certain instances, the premium amount might come out to be lower for online plans than those purchased offline, despite the same add-ons, tax benefits³ and terms. This means cost savings throughout the premium payment period. Furthermore, if you purchase Edelweiss Tokio Life Zindagi Protect, submit your medical documents quickly (within 7 days) to get 6% discount on your first-year premiums. Remember, this price difference is subject to multiple factors that determine the premium, like your age, health, desired coverage, etc.

  • Convenient Calculations

Identifying the most suitable term, sum assured, and riders⁹ can be easily done through online calculators. Researching available options and their overall benefits is also very easy online. Additional premiums, premium-return options, or optional riders⁹ can all be added and compared to identify the most beneficial term insurance policy to buy online. You can experiment with different amounts and tenures as well.

  • Ease of Comparison

Using an online comparer for term insurance significantly eases the task of deciding which one to pick. You can specify your needs, financial goals, income, and ideal premium to get the most suitable options for you. These tools compare insurance plans based on premium payment tenure, sum assured, policy period and add-on benefits.
 

  • Efficient

In the digital age, the offline process of purchasing a term plan can sometimes feel less convenient compared to the online process. Plus, filling in the paperwork to purchase an offline term plan may not be preferred at times.
 

  • Diverse Payment Modes

While purchasing an online term plan, you can pick any payment mode, such as credit/debit card, e-wallet, or net banking. You can also automate premium payments to eliminate the worries of missing out on due dates. Your policy provider will inform you of an upcoming premium deduction to keep you updated on fund requirements.

Mistakes to Avoid While Purchasing Online Term Insurance

 

Purchasing a policy can be stressful, as you want to make the right decision and most insurance plans are a long-term commitment. Here are some common mistakes to avoid when buying term plans online:

  • Not Getting Enough Cover

The fundamental principle of insurance is to financially secure your loved ones for when you are no longer around. In order to protect your family, you need sufficient life cover that can cover for the financial loss your family will face in your absence. Consider your lifestyle, inflation, financial liabilities, and the needs of the family to find the right life cover amount for you.

 

  • Not Choosing the Right Term

While shorter policy terms have lower premiums, they might not cover you for long enough. For instance, if you are 22 and take a term plan for 15 years, it covers only till you are 37. You are missing out on accounting for your parents’ old age, your growing needs as you build a family, your child’s education etc. Ideally, you should have a term plan at least until your retirement. Your term plan should be able to financially safeguard those who are dependent on your income.

 

  • Withholding Medical Information

Not disclosing existing health conditions and family history can seem lucrative because it lowers the premium. However, if you pass away and the cause is traced back to a pre-existing illness or medical condition, your loved ones may be denied the death benefits. Always remember that the goal of term insurance is securing your family's financial needs when you are no longer around. Obscuring any part of your medical history can seriously jeopardize your family’s chances of getting their claim amount.

 

  • Treating Insurance as an Investment

While certain term insurance plans do offer premium returns and maturity benefits, treating them as an investment or tax-saving option can make you opt for an inadequate term plan. Since an investment helps you grow wealth, it is better to define your financial goals and make informed investments, separate from your insurance choices.
 

  • Not Buying an Online Term Plan NOW

There is no correct age to buy insurance. In fact, the fewer liabilities you have, the better. Sadly, uncertainties of life do not wait for when you are ready to buy a term plan. Moreover, hitting your 30s or 40s can increase your premium amount, so it is better to buy a policy when you are young to get affordable premium rates.

What Are the Types of Term Insurance Plans?

What Are the Types of Term Insurance Plans?

Easy Steps to Buy a Term Insurance Plan Online

Easy Steps to Buy a Term Insurance Plan Online

Step 1:

Choose your plan

Step 2:

Determine your Life Cover

It is usually suggested that a term life insurance cover should be at least 10 to 15 times of your annual income. If you have loans such as home loans, car loans, etc. then you should factor that in too.

You can use this simple formula to determine your ideal life cover: Life Cover = [10 x annual income + total outstanding loans + other liabilities]

For instance, if your annual income is ₹ 15 Lakhs, it is ideal to buy term life insurance cover of at least ₹1.5 Crore, assuming that you do not have other liabilities. In case you have a home loan of ₹50 lakhs, include this amount in your life cover.

Step 3:

Calculate Your Premium Payment Amount

The cost of a term plan varies depending on various factors such as age and gender, the amount and tenure of insurance coverage, health condition, and whether you are a smoker/non-smoker.

Step 4:

Make Payment

You can opt from monthly, quarterly, half-yearly, or yearly mode of payment and choose from a list of payment options such as:

  • Credit Card
  • Debit Card
  • Net banking
  • Online Wallets

Step 5:

Fill the Proposal Form

You will be asked to fill out the proposal form with your details.

Step 6:

Submission of Documents

You will have to submit the following or more KYC documents for issuance of policy:

  • KYC documents such as proof of name, address, identification, and photo
  • Income proof

We are always there for you! with Online Sales

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We are always there for you!

For queries, write to onlinesales@edelweisslife.in

Contact us on 022-6611 6089

 

Fire Away Queries

Fire Away Queries

Like teachers say, there are no silly questions

Who can buy term life insurance online?

Anyone above the age of 18 years can get term life insurance online or offline. The maximum entry age can differ from policy to policy, though it generally ranges around 50 to 60 years for most term insurance plans. However, some plans do cater to senior citizens as well and hence have a higher maximum entry age

Was this helpful?

Not always. Usually, distribution costs and agent commissions are factored initially when a term plan is purchased offline. Online term insurance generally does not have these overheads, which might result in lower premiums, though this is not always the case.

Was this helpful?

There is no difference. Whether you purchase a term plan online or offline, the policy benefits, terms, and conditions remain the same.

Was this helpful?

Yes. You can get deductions of up to ₹1.5 lakhs for your term insurance premiums under section 80C. Plus, the death benefit of a term plan is always tax exempt! Irrespective of whether a policy is purchased online or offline, tax benefits3 are available as per Sections 80C and 10(10D) of the Income Tax Act.

Was this helpful?

Every insurance company has a centralized customer service team which attends to all the customer queries/complaints. The claim process remains the same irrespective of your medium of purchase.

Was this helpful?

The cost of a term plan varies depending on various factors such as age, annual income, premium amount, tenure of insurance coverage, health condition and whether you are a smoker/non-smoker.

Was this helpful?

3 - As per provisions of Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.

9- Riders are Optional and available at extra cost.

Edelweiss Tokio Life - Zindagi Protect (UIN: 147N078V02) is an Individual, Non-Linked, Non-Participating, Pure Risk Premium/Savings, Life Insurance Plan.

Please know the associated risks and the applicable charges from your Personal Financial Advisor or Intermediary. Tax benefits are subject to changes in the tax laws. The tax benefits under this Policy may be available as per the prevailing Income Tax laws in India. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.

Edelweiss Tokio Life - Accidental Total and Permanent Disability Rider is only an Individual, Non-Linked, Non-Participating, Pure Risk Premium, Health Insurance rider.
UIN 147B001V04
Edelweiss Tokio Life - Accidental Death Benefit Rider is only the name of an Individual, Non-Linked, Non-Participating, Pure Risk Premium, Health Insurance Rider.
UIN 147B002V04
Edelweiss Tokio Life - Critical Illness Rider is only the name of the Individual, Non-Linked, Non-Participating, Pure Risk Premium, Health Insurance rider.
UIN 147B005V04
Edelweiss Tokio Life - Waiver of Premium Rider is only the name of the Individual, Non-Linked, Non-Participating, Pure Risk Premium, Health Insurance rider.
UIN 147B003V05

Flower & Edelweiss are trademarks of Edelweiss Financial Services Limited; Tokio is Trademark of Tokio Marine Holdings Inc. and used by Edelweiss Tokio Life Insurance Co. Ltd. under license.

Edelweiss Tokio Life Insurance Company Limited | IRDAI Regn. No.: 147 | CIN: U66010MH2009PLC197336 | ARN: CP/3757/May/2024

Registered & Corporate Office: 6th Floor, Tower 3, Wing ‘B’, Kohinoor City, Kirol Road, Kurla (W), Mumbai 400070. Toll Free No.: 1800 212 1212 | Fax No.: +91 22 6117 7833 | www.edelweisstokio.in

BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS/FRAUDULENT OFFERS
IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.