In today’s day and age, everything and anything can be bought online without having to leave your home. With just an internet connection, you can gain access to numerous online opportunities without much hassle. Similarly, in the insurance industry, online is the answer to buying a policy. Online insurance plans have become quite popular amongst millennials and first-time buyers who are tech-savvy. Find out how shopping online for term insurance plans helps you save on premium with a guide to making an online insurance purchase.
Why Should You Opt for Online Term Insurance Plans?
Go through the below pointers that explain how buying term insurance online can benefit you:
- Easier comparison
If you look at the insurance industry, there are an endless number of insurers and types of policies available. Picking just one of these can be tough. However, when you are shopping online, you can filter the term plans based on your insurance requirements. This shall present you with a limited number of policies, enabling you to compare and select the right one. However, you can only imagine how this process shall look if you were to do it offline. Therefore, online term policies help you understand what you want in the plan and assist you with purchasing one.
- Personalisation of term plans
With the various online options, you can customise your term insurance policy to suit your needs. Be it the sum assured amount, the rider benefits or the policy tenure, everything can be personalised. In case your chosen policy doesn’t offer a certain rider benefit, but another plan does, you can easily opt for another term plan. Thus, you can put your insurance needs and your dependents first without having to adjust based on the insurance plan.
- Ease of purchasing insurance
With everything going digital, who doesn’t love shopping for something from the comforts of their couch? Not only does this save you from getting out physically but also saves your time. If you were purchasing a term insurance policy offline, you would have to meet up with the insurer and understand the types of plans available. But with the online mode, you shall be done buying the insurance at the same time. Therefore, you no longer have to set aside some part of your day to shop for insurance as you can get it done in a few minutes.
- Affordable premiums
It is a known fact that online term insurance plans are much more affordable than offline policies. As online policies do not come with agent commission and other intermediary charges, the insurance premiums are cost-effective. Apart from this, comparing the term insurance premium quotes of various plans can also help you save up. Thus, you can avail a low premium insurance plan and shop within your budget.
- Better research
Nowadays, most insurance companies have an online website with all their policy details. Right from the brochures to the policy documents, you can get access to these online. This enables you to better research the insurance provider you want to choose and learn about their services. Also, with the help of IRDAI’s online website, you can find out the official numbers to know the claim settlement ratio, solvency ratio, and more. Hence, purchasing a term policy via the online mode enables you to research and make a better choice.
How to Purchase Term Insurance Online to Save Up?
Follow the mentioned step-by-step process to learn how you can save on the term insurance premium:
- Visit the term insurance calculator page available online.
- Input various details such as your name, age, lifestyle habits, income, gender, etc.
- You will now be redirected to another page asking for more information such as the sum assured amount, policy tenure, etc.
- After inputting these details, numerous term plans shall be visible on the screen.
- You can compare the policies based on the coverage, features and benefits, premium rate, and riders available.
- Choose the most suitable insurance policy and proceed to make payment.
- Several online payment options like debit or credit card, net banking, etc. will be available
- On successful payment completion, you shall receive the policy documents and payment confirmation in your email.
- With this, you have successfully purchased a term insurance plan online and saved on the premium.
