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Why Go For Online Term Plan: Compare Best Plans

Updated On Jul 09, 2021

Due to technological advancements, we can purchase clothes, vegetables, books, and utility goods with one click on our smartphones. So, why should you still use the traditional offline mode to buy your term insurance policy with the extensive paperwork and time-consuming application process. Moreover, insurance providers have started providing many intriguing online policies to promote online purchase practices among policyholders. This helps in decreasing the administration and service costs of the insurance company. Read on to know more benefits of an online term insurance policy, along with some best policy plans that can be considered while purchasing a plan for yourself. 

Why Should You Go For An Online Term Plan?

Here are some reasons which will surely convince you to go for an online term insurance policy.

1. Convenience - An online term insurance policy is quite convenient as it can be purchased anytime and from anywhere. Moreover, you don't have to meet with an insurance agent to discuss and understand the terms and conditions. Instead, visit the online websites and portals to read about different plan options in minutes. 

2. Low Premium - Premium prices are lower in online term insurance policies due to negligible paperwork, no commission payments to the middleman and no administration and service costs incurred by the insurer. Moreover, the money saved is offered back to the policyholder in the guise of discounts on premium rates. 

3. Easy Comparison - The online websites and portals provide tools to help compare different policies based on eligibility criteria, sum assured, premium rates, policy duration and claim settlement ratio of the company. You can choose the best policy to meet your demands after a detailed comparison. 

4. No Fraud - There have been instances where the insurance agent manipulated information about the policy terms and company records to trick people into buying from them. However, due to no need for an insurance agent in the online mode, there is no possibility of getting misled. 

Best Online Term Insurance Plans

The list of some of the best online term insurance policies is provided below. 

1. SBI Life Insurance eSHield Term Plan

Under this plan, the insurance provider offers two plan structure options - level cover or increasing cover option. The sum assured in the former remains consistent through the policy term, while the sum assured increases by 15% after every 5th term in the latter option. Moreover, both the cover options have an inbuilt accelerated terminal illness benefit. Furthermore, two available rider options are accidental death benefit rider and accidental total and permanent disability benefit rider. The eligibility age range starts from 18 years and ends at 60 years for increasing cover and 65 years for level cover. 

2. HDFC Life Click 2 Protect Plus Plan

There are 4 cover options provided under this plan: Income Option, Income Plus Option, Life Option, and Extra Life Option. The policy offers two alternatives to premium payment: a single premium payment option or a regular premium payment option. Moreover, additional rider options like accidental disability benefit or critical illness benefit can be purchased to customise your plan. The policy term can be between 10 - 40 years, and the eligibility age range is between 18 - 65 years.

3. ICICI Pru iProtect Smart Plan

The plan comes with 4 option alternatives - Life Option, Life Plus Option, Life & Health Option and All in One Option. The policy also provides cover for terminal illnesses, even for HIV-AIDS, which insurance providers often exclude. The eligibility age range for all the policy options ranges between 18 - 65 years. Moreover, the plan promises to provide coverage up to 99 years of age. The death benefits can be paid in a lump sum, monthly instalments, increasing income or a lump sum plus monthly income option. 

4. PNB MetLife Mera Term Plan  

The pure protection plan offers coverage up to R.1 Crore, valid up to 99 years of age. The policy terms can be customized according to life assured's needs. Moreover, multiple rider options like critical illness cover, serious illness cover, accidental disability benefit and accidental death benefit can be purchased to frame such a customized plan. The eligibility age bracket is between 18 - 65 years, with a policy duration ranging between 10 - 81 years.

Endnotes

The online term insurance plans mentioned above can be preferred while purchasing your life insurance policy. As the government has advised citizens to stay at home due to the Covid-19 pandemic, you can take full advantage of the online method to purchase the right term insurance policy. 

Also read - Best Term Insurance Plan With Rs. 1 Crore Sum Assured

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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