Insurance

Why An Online Term Insurance Plan Is Your Best Friend During A Lock Down?

The lockdown due to coronavirus pandemic has forced businesses to look for an alternative way to function. People across the globe are working from home, and the condition is no different in India. While having so much new to deal with, people even have to manage their investments effectively.

In times like these, it is obvious to look for an insurance policy that ensures the financial safety of your loved ones. This is where a term insurance plan comes in handy. So, what is term insurance? A term insurance plan is a life insurance coverage that offers benefits to your family in case of your death. It acts like the security that will take care of your family’s financial needs in your absence.

But how do you buy term insurance if your city is on lockdown? Well, you no longer have to visit the insurer to buy term insurance. You can simply purchase the policy online on the insurer’s website. We live in the Internet era. With each business offering its services online, the insurance industry is no different.

Let us look at the reasons why an online term insurance plan is your best friend in this lockdown.

  1. You can avail lower premiums

Buying term insurance online can reduce the plan cost by 40% in most cases. In fact, term insurance plans online offer the same features and benefits as that of the offline plans. One of the main reasons why the policy premiums are nominal is due to the absence of an insurance agent. Insurance agents usually charge commission fees, and the cost is included in the premiums you pay. Buying the policy online eliminates the involvement of a mediator.

  1. You can compare different plans

When you research about term insurance online, you will come across different insurers offering the same plan. So, how do you decide which policy is best for you? Certain websites allow you to compare these plans online.

You can compare term insurance plans offered by different insurers based on the premiums charged, the coverage of the policy, the exclusions, the benefits offered by the insurer, customer reviews, etc. This will help you make an informed decision and choose a plan that best suits your needs.

  1. The online process is quick and secure

Buying term insurance online does not involve many steps. A few clicks and you are done. Also, insurers offer the facility of paying the premiums online. You can make fast and secure payments through net banking, debit cards, credit cards, and more. Since all the payments are made via a secure gateway, your information is safe. The online process is quick, hassle-free, and provides an immediate online receipt. If you are facing difficulty in the process (application as well as payment), you can contact your insurer for help.

How To Buy Term Insurance Plans Online

As explained earlier, buying term policy online is a simple and streamlined process. While different insurers offer different online steps for the purchase, some of the generic steps are as follows –

  1. Visit the official website of the insurer
  2. Choose the type of term insurance plan you need
  3. Choose the sum assured amount
  4. Choose the policy tenure
  5. The premiums will be charged based on the above inputs
  6. Choose your online payment option and make the payment
  7. You will see an acknowledgement upon successful transaction
  8. After this, the term insurance policy will be issued under your name

To Sum It Up!

When buying an online term insurance plan, ensure that you are choosing a plan that offers a wide range of benefits at a nominal price. Also, choose a trustworthy and secure insurer. Please do not choose a plan because it offers a lower premium rate, as it may fail to fulfil your requirements in the time needed.

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