Term Insurance: Benefits Of Buying A Term Life Insurance Plan Online

Updated On May 23, 2021

Term Insurance is a life insurance policy which aims at providing high coverage at comparatively premiums for a fixed period of time. If the life assured dies during the specified term of the policy, a benefit known as death benefit is paid to the nominee. A term insurance plan can be bought online besides offline with the help of an agent present. Buying term life insurance plans online provides convenience of 24x7 availability where no frequency visits to the insurance branch and communication with the agent is required. Besides convenience, online term plans offer various other benefits, which are as follows.

Benefits of Buying a Term Life Insurance Plan Online

Following are the host of benefits available when you purchase a term insurance plan online -

Cost Efficiency

Buying an term insurance via internet levies less cost as the individual does not need to face any mediator or agent for buying the policy. The customer deals directly with the insurance company and the commision applicable on an offline plan does not exist in an online plan. Therefore, the premium amount is less in online plans where travelling expenses and other expenses levied during frequent branch visits borne by the customer are absent.

Plan Comparison

The online term life insurance plans allows the customer to research the plans of various companies beforehand to get a better understanding of the available plans. The customer has the total liberty to get educated about the features and benefits of the suitable plan before committing to it.

Authentic Information

While buying an online term life insurance plan, the customer has to fill all the information related to purchase such as choosing plan variants, sum assured or personal details. These details are more authentic as they are personally filled by you instead of an agent. The chances of occurring a mistake or factual errors are very less.

Convenience of Buying

The online plans just need an internet connection on a device as the customer does not need to visit the company’s branch various times. Online plans offer more convenience while making payment of the purchase, premium payments can be made through net banking, credit or debit cards and more. The transactions are more speedy and secure.

Less Frauds

Buying term life insurance plans online ensures less possibility of fraudulent activities because all the tasks are done by the customer itself. The purchase of offline plans sometimes may lead to frauds because an agent is involved, some agents practise cons while pretending to be an insurance company employee.

Better Customer Support

Buying term life insurance plans provide efficiency of 24x7 customer support via many convenient options like toll free numbers, web chats and email service etc.

Grace Period and Free-look Period

The grace period under online term life insurance plans is 30 days i.e 15 days more than offline modes, which makes online term plans more flexible. The free-look period under the online term life insurance plan is also 30 days giving the customer 15 days exceeding the normal free-look period.

Conclusion

Purchasing a term life insurance plan via the internet has evolved to be a more convenient and hassle free process. With benefits like cheaper premiums, flexibility in comparisons and high sum assured, buying insurance online is a wiser choice for a smart and well-educated individual.