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Why Should You Buy a Term Insurance Plan Online?

Updated On Jul 07, 2021

Purchasing an offline term insurance policy can be cumbersome and time-consuming because of comprehensive paperwork and a middleman and commission payments involvement. Moreover, the administration and agent’s services costs can increase the policy cost, which can prove to be heavy on your pockets. Hence, purchasing a term insurance plan through online websites and portals is advisable because of the convenient and flexible process. Read on to know the benefits of buying a life insurance policy online.

Why Should You Buy a Term Insurance Plan Online?

Here are some arguments that will convince you to purchase a term insurance plan online.

1. Quick Research and Comparisons

An individual can easily and quickly compare multiple policies offered by various insurance providers through online websites and portals. You can compare the sum assured offered, life coverage provided, policy duration and approximate premium prices of different policy plans. Moreover, the claim settlement ratio, persistency ratio, customer reviews etc., can be checked to select a credible insurer. 

2. Lower Premium Prices

Besides saving your time and efforts, an online term insurance policy also helps in saving money by offering low premium prices. The money saved on the middleman's commission and insurance company's service and administration costs is often provided to the policyholder through discounts on the policy price. Moreover, the absence of extensive paperwork, exhaustive documentation also helps in cost-cutting for the company. 

3. Flexible Process

You can purchase an online insurance policy anywhere in the world - from the comforts of your home, travelling on your vacation, to working in your office with just a smartphone. Furthermore, you don't have to meet any insurance agent physically; the online portal or website instructions, articles, and informative videos will guide you through the process. 

4. Swift and Secure 

Online payment options like net banking, credit card, debit card etc. are fast and secure modes of payments that provide the policyholder with instant online receipt. The quick and simple process is more beneficial if you have to immediately present your insurance policy details to avail tax benefits and exemptions. 

5. No Frauds

In an offline term insurance policy, the insurance agent has to help you purchase the policy. Many times, these agents might conceal essential facts and details to trick you into buying from them. Here, online term insurance policies are a better option to avoid any frauds which could mislead you. 

Take Away

The pandemic has made it necessary for people not to go out unless it's urgent. Moreover, the increasing awareness among people to maintain their health and have an arrangement that will ensure your loved ones financial security in the face of an unfortunate event is rising. Here, an online term insurance policy can be the solution to all their concerns. A suitable policy plan can be purchased after a detailed comparison between various options to meet your needs and requirements. Moreover, even a financial advisor can be consulted to make a more sound and informed financial decision. 

Also read - Online Term Insurance vs Offline Term Insurance Plans

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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