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How to Buy Term Insurance Plans Online?

Updated On Jul 15, 2021

In the event of the policyholder's untimely death, the financial security provided by a term insurance policy allows dependents and beneficiaries to keep going about their lives without making substantial lifestyle or future vision changes. While completing thorough research of various term insurance plans offered by multiple insurers can be tedious and time-consuming, obtaining term insurance can be done quickly and easily using internet platforms and websites. Here are some tips to remember while purchasing term insurance online.

Tips to Buy Term Insurance Plans Online 

The processes for purchasing a term insurance policy through online platforms are outlined below.

1. Evaluate Requirements

 You can figure out the amount of your term insurance policy's sum assured that would be sufficient to meet your family's future financial needs. Moreover, by calculating the number of financial obligations and existing liabilities, such as loans and home mortgages, income and inflation, you can purchase the best plan for yourself. 

2. Compare Plans and Select A Plan

The choice of the insurance provider is a crucial step that should be taken carefully to safeguard your loved ones from the nightmare of a claim denial after your death. Based on claim settlement ratios, persistency ratios, and solvency ratios, you can compare different companies. The higher the percentages of these criteria, the more credible, authentic, and reliable the company is.

3. Calculate Premium 

You may determine the premium amount for your desired term insurance plan using an online term insurance calculator. It's best to get a term insurance policy with a monthly price that you can afford.

4. Provide Correct Information

On the website of your chosen insurance provider, you can enter personal information such as your weight, height, gender, date of birth, contact details, regular income, health conditions (if any), hospitalisation history, lifestyle choices like smoking or drinking habits, as well as the sum assured and policy tenure.

5. Select Appropriate Riders 

Let's say you have a family history of kidney disease, cancer, or heart attacks. In that situation, you may want to consider adding on other benefits such as critical illness coverage. Furthermore, if the life assured dies in an accident, a death cover rider with additional accident coverage might help pay for unexpected expenditures.

6. Read Policy Terms And Conditions

It's a good idea to thoroughly read the policy's terms and conditions and be aware of any policy exclusions, such as death due to childbirth, suicide, or war. Also, learn about the payment options, such as credit or debit cards, as well as internet banking. A soft copy of the policy will be emailed to you once your proposal has been approved. Moreover, a paper copy will also be sent to your address.

7. Select a Payout Mode 

You can choose from a variety of choices supplied by the insurance to receive death benefit payments. Payouts in a lump payment, regular monthly income, increasing monthly income, and a mix of a lump sum and monthly income are all examples of these options. If you have debt repayment responsibilities, the lump sum option might be chosen, while the regular monthly payment can be used to supplement your income. The increasing monthly income will help you overcome inflation, while the last choice will allow you to plan for your children's higher studies or marriage.

Take Away

A term insurance policy can help you safeguard the financial future of your loved ones. As a result, you must avail advantage of the benefits by carefully evaluating all of the plans and acquiring the one that is most suited over the online site.

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.    

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