Buying Term Plan Online Is A Smart Decision. Here’s How
The truth is that the best way to protect yourself against contingencies is to prepare for them as early as possible. This is why you should have online term insurance that guarantees your family financial support, even in your absence. But don’t worry if you don’t have one, because it is never too late to start.
An online term insurance policy gives your family members financial security, should something happen to you. The thing about online term insurance is that the policy reduces the risk and takes care of your family’s financial requirements in case of a critical illness, a disability, an accident, or a sudden demise.
In today’s world, technological advancements allow you to perform a thorough comparison of available plans before you choose online term insurance.
In this era of the digital age, when everything has moved online, then why your online term insurance policy should be any different? Along with the usual benefits of ease of access, buying online term insurance makes much sense. Here are some of the reasons why you should consider it.
Benefits of Buying Term Plan Online
Lower premiums
When you buy online term insurance, you can save a significant amount of money on premiums. According to IRDAI (Insurance Regulatory and Development Authority of India), performing due diligence in conducting an online term insurance policy comparison is crucial, to avail of a lower premium.
Compare and choose
The facility of online term insurance comparison online can help you educate yourself about the features and benefits of various policies and make well-informed decisions.
Quick and secure
Buying online term insurance gives you the freedom to pay your premiums online via fast and secure payment gateways. Since all your payments are instantly processed through, you can rest assured that it will be applied to your policy without delays. This is especially helpful when you need quick payment receipts to apply for tax exemptions.
How to Buy the Right Online Term insurance policy
Image source: Shutterstock
An online term insurance policy comparison is one thing, but you must also know which is the best insurance plan for your needs. Read the following steps to understand how to choose the right one:
Select your insurance provider
When looking for an insurance provider, be sure to check their claim settlement ratio. This figure represents the number of claims settled by the insurer in a year. A good claims percentage is indicative of the company’s efficiency in managing the claims. You can also check the persistency ratio. The ratio indicates the satisfaction index of the current policyholders who stayed invested in their policy for years.
Estimate the tenure and sum assured
Assess the insurance coverage amount to make sure that it covers your family’s current financial needs as well as their life goals. The best practice is to opt for at least 15-20 times of your annual income and take it for the most extended term possible.
Select the riders
After performing online term insurance comparison and evaluating it based on the factors mentioned above, you must now look at the plan benefits. You can also enhance your cover by adding additional riders at a minimal cost.
Compare the premium
Use online calculators to estimate the premium amount of your online term insurance policy. The factors that affect premium include your age, tenure, smoker/non-smoker, premium payment, the sum assured, and mode of payment
Purchase the plan
You can proceed to buy the online term insurance policy once you have selected the benefits and estimated the cost. The final step is to complete the formalities and submit the documents.
Online term insurance plans from reputed insurance companies, like Max Life Insurance, allow you to buy term insurance online in a quick and hassle-free manner. You must make sure that you follow the steps mentioned above to find the right a suitable plan from the available different types of term plans for yourself.
Tips to Save Money on Commissions and Other Expenses
Buy Online
The best way to reduce the cost of your insurance is to buy online. This way, you will be able to save money on commissions paid to insurance advisors.
Buy young
Save money on premiums by buying your policy at a young age. Young people are healthy and less susceptible to chronic lifestyle diseases. Therefore, the premiums charged to them are much lower.
Choose an online term plan
Save money on expensive paperwork by choosing a term plan that is available online.
Cover Image source – Shutterstock
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