How to Buy Term Insurance Online?

Introduction

Getting a term insurance plan is the most efficient way to ensure that your family stays protected even in your absence. The lump-sum payout that your family receives from the term insurance provider can be utilized by them to cover their living expenses and to take care of their goals.

 

Currently, there are two ways to purchase a term insurance plan. You can purchase it through the offline method, which would involve a physical visit to a branch of an insurance provider.

 

Alternatively, you can choose to buy a term plan online from the comfort of your own home, which has become a preferable way of Wondering how to buy term life insurance online? Here’s something that can help you out.

How to Buy a Term Plan Online?

Purchasing a term insurance plan is easy, especially through the online method. All that you would have to do is follow the below-mentioned steps to complete the purchase process.

1. Firstly, visit the website of an insurance provider from whom you would like to purchase the term insurance policy from.

2. Next, browse through the different term insurance policies offered by the insurance provider.

3. Once you’ve determined the right term insurance plan that fits all your needs and requirements, proceed to apply for it online.

4. You will be required to fill out an online term insurance application form.

5. Then, you will be asked to attach certain documents.

6. Once you’ve done this, simply submit the form and make the first premium payment online.

7. Upon making the premium payment, the insurance provider will verify the proposal form and issue the policy to you via email after successful verification of the same.

Key Features of Term Insurance

It is not enough to just know how to buy term insurance online. It is equally crucial to be aware of the key features of buying term insurance. And so, here’s a quick look at a few of them.

1. Highly Affordable

One of the noteworthy features of a term insurance plan is the ultra-low premiums that you’re required to pay. This makes these term plans one of the most affordable insurance policies in India.

2. Low Entry Age

At just 18 years old, the entry age for term insurance plans is very low. This makes the insurance plan very accessible to a wide range of individuals.

3. Coverage Extension

When purchasing online term insurance plans, you can also choose to extend its coverage by opting for riders, which are essentially optional add-ons. These add-ons offer additional benefits over and above the base insurance plan.

Benefits of Buying Term Insurance Online

Now that you’ve seen how to buy term life insurance online and the various key features of the plan, it is time to take a look at a few of the most popular benefits of term plan that you’re likely to enjoy.

1. Lower Premiums Compared to Plans available Offline

The premiums of term insurance plans are almost always lower than that of the ones available offline. One of the primary reasons for this is that online plans don’t feature distribution fees or agent commissions, which is the case in plans purchased offline.

2.Quick and Hassle-Free Process

The purchase process of online term insurance plans is very simple and easy to understand. It takes only a few minutes to complete the process from start to finish, that too from the comfort of your home.

3. Compare Multiple Plans Real-Time

This is by far the best benefit that you get to enjoy by opting to purchase term plans online. You can compare multiple plans in real-time to determine the one that fits your needs and requirements.

Reasons to Buy Term Insurance Online

If you’re still not convinced that purchasing a term insurance plan online is the best way to go, maybe this will change your mind. Here are a few reasons why you should go the online way.

1.  Highly Convenient

Since the entire purchase process is online, you don’t have to physically visit any branch of your insurance provider to buy a term plan. Instead, you can do it from the comfort of your own home at a time that’s convenient for you.

2. Safety, Security, and Transparency

Every step, right from the online application process to the payment process, is completely safe and secure. That’s not all. The entire purchase process is also transparent and clearly laid out.

Conclusion

This should have now given you all the information you need on how to buy a term plan online. As you can clearly see, purchasing a term insurance plan online is the perfect way to go, thanks to the various benefits that you get to enjoy.

 

If you’re planning on buying a term life insurance plan in the near future, head out to the Bajaj Markets website. It is an online marketplace where you can browse through life insurance plans, compare the features offerings and purchase the one that fits your needs.