Thinking To Purchase Term Insurance Plan Online? Know Why It's Beneficial.
Published On Oct 19, 2021 4:00 PM By InsuranceDekho
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Term insurance is that the least expensive thanks to purchase a substantial life protect a considerable policy period. This is because term life assurance may be a pure benefit plan which is primarily designed to supply monetary support to the family of the life assured just in case of an unfortunate event.
Insurance plans are often purchased either online or offline, both the alternatives feature their merits which we've discussed intimately during this article.
Benefits of Buying A Term Plan Online
Following are a number of the key benefits which you'll enjoy while purchasing a insurance plan online -
Variety of Plans
When you prefer to purchase an insurance plan online, you get a good array of options available to you at only one click. This helps you compare different plans on the idea of their sum assured, Premium Payment Terms (PPTs), Policy Period, Premium, and various other features conveniently and quickly. However, just in case of an offline purchase, limited plans could also be made available to you because the information is shared basis the understanding of your insurance requirement by the agent.
Zero Ambiguity or Chances of Fraud
When you buy an insurance plan online you get to ascertain all the terms and conditions yourself that are already listed within the brochure of the policy. This helps you create an informed and transparent decision with no third party influence. In case of an offline purchase, there might be ambiguities thanks to differences within the level of understanding of the customer and therefore the agent.
When you buy an insurance plan online, you get to match all plans and choose the plan which offers optimal coverage at the simplest affordable premium. This helps you get value for your money. This won't be true just in case of an offline purchase because the scope of comparison of plans is restricted .
In case of a web purchase of a term plan, you are doing all the research yourself as per your convenient time and understanding. However, just in case of an offline purchase, you would like to deal via an agent and this will cause a flexibility crunch.
Among insurance policies, term life insurance guarantees payment of a stated death benefit if the policyholder dies within the stated term period. Term periods may last anywhere from a year to 30 years. Importantly, term life insurance policies do not possess monetary value unless the holder dies within the term.
Also read: Why Should NRI Buy A Term Insurance Policy In India?
Important Benefits Of Term Life Insurance Renewal
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.