Reasons to Buy Term Insurance Plans Online

Life, as we know it, is uncertain. Term insurance plan takes care of all those difficult moments by providing financial security to the beneficiary, upon the death of the policyholder before the maturity of the term. The amount is procured against premiums paid over the years.

Online plans are the simplest way of buying insurance because all you need is a stable internet connection. It saves you the hassle of contacting an agent or going to the insurer physically. You save yourself enough time to browse through various offers and are empowered to make an informed decision.Offline Plans, on the other hand, are obtained via conventional methods and requires you to acquire a policy either through an agent or from the insurer directly.Over the years, online plans have gained an edge over the offline plans due to its many advantages.

• Easy on the Wallet Since online term policies reduce the cost to the insurer such as payment to the agent and other administrative expenses, this benefit is passed on to the buyer leading in lower premiums.
• Flexibility to the Buyer You can sit in the comfort of your homes and compare the different plans to select what agrees to your prerequisites and benefits you the most.
• Accessibility You have the luxury of logging into your user profile and track policy details and other advancements at any given time, giving you complete control.
• Transparency Buying online makes the transaction more transparent. Moreover, every information, from features of the policy to customer reviews is laid out in the open, for you.
• Speed Buying a term plan online and paying the premiums is much quicker than depositing a cheque or a demand draft or paying cash physically at the insurer’s office.

1. Accidental Death Cover An extra assured amount on top of the basic coverage amount is paid to the beneficiary.
2. Accidental Disability Cover A lump sum amount is paid to the insured’s beneficiary in case of total or permanent disability from an accident.
3. Premium Waiver Cover In case of a critical or terminal illness, the rest of the premiums are waived off, and the policy still stands.
4. Critical Illness Cover A lump-sum is paid on the diagnosis of a critical illness such as heart attack, kidney failure, paralysis, etc.
5. Terminal Illness Cover This cover pays an additional amount on diagnosis of a terminal illness such as cancer, etc.

1. Step #1 - Decide on the Coverage, Insurance Premium, and Payout Option No one knows the monetary requirements of your family better than you. Deciding the coverage amount of the insurance by making good use of the insurance calculators provided online lets you chalk your insurance needs better. Also, in this step, do decide on the payout method. You can choose between lumpsum payout, monthly payout or a mix of both.
2. Step #2 - Choose the Correct Riders Riders are add-on covers that come over and above the basic insured coverage. Make sure you choose the correct riders as they can increase your premiums but provide better protection. Some of the riders to consider are:
3. Step #3: Compare and Buy Once you have zeroed in on the coverage amount and the riders, it is now essential to compare different policies online and buy the one that best suits your needs. While comparing, don’t just look for the cheapest policy. Do look at the company’s credibility, track record, claim settlement ratio and other factors before making the decision.

Life is a precious gift which is also fragile. Therefore, it is advisable to invest judiciously in term insurance online , as an attempt to cater to the well-being of your family even in your absence.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.