Life insurance is a vital component in providing for your family when you are no longer there to provide for them. It provides for the financial needs of your dependents in the event of your death.
What is Term Insurance?
Term insurance is a basic life insurance plan that provides coverage for a predetermined period. The insurance company will pay a death benefit to your beneficiaries when you die during the policy term. Term life insurance is much less expensive than whole or universal life, and it’s available in 20-year increments from 1 year up to 30 years. Term insurance protects you and your family from financial loss in the event of:
- Death: If you die during the term, your beneficiary will receive a pre-determined amount.
- Injury: If you suffer a disability or illness, the policy will pay one or more fixed amounts periodically up to the end of the term.
- Loss of income: In case you can't work due to an accident, injury, or disability, this policy will provide fixed payments monthly up to the end of term.
Why Buy Term Insurance Policy Online?
Term insurance online is a convenient way to buy a term insurance policy. It saves you the hassle of going to the agent’s office, filling out forms, and waiting for processing. Some of the reasons why term insurance should be purchased online are that it is cheaper in comparison to buying it from an agent's office. You are much more likely to get a lower premium if you purchase your term insurance online because there are so many different providers who offer this service.
You can also take out a policy in 10-20 minutes without having to fill out any forms or answer any questions. This is much quicker than waiting for hours at an agent's office while filling out paperwork and answering annoying questions about your health status that you may not be comfortable answering at home.
Benefits of Buying Term Insurance Online
The benefits of buying term life insurance online are many. You can compare rates and coverage with the click of a button. You can also find term life insurance quotes without having to give your social security number, personal info, or any sensitive data whatsoever.
There are several key advantages to buying term life insurance online instead of through an agent or another means. One is that you may be able to get a better rate than you might otherwise get with an agent because the person on the other end won't know that you're looking for a policy, so they're not likely to charge more just because they know you're already in need of life insurance.
Before buying term insurance online the customer should have to know about the benefits of term insurance online that help customers feel free to purchase it for their needs.
- Paperless process: No lengthy documentation process for buying a term insurance policy Online. A term insurance policy purchased online involves Zero paperwork. To begin with, the proposal form is filled digitally and the scanned copy of any required documents is submitted to the insurer online. Moreover, the soft copy of the policy document is sent to your registered email id once the policy has been issued to you. As a result, online purchase of term insurance does not require any filling because everything is done digitally by entering the details easily.
- Quick process: When you buy a term insurance policy online, your policy is issued to you almost instantly. You don't have to wait for days to receive your policy document. All you need to do is fill up a few basic details about you and your contact details from the comforts of your home and you can get your policy in no time.
- Claim Settlement Ratio: When you compare plans online, you can also compare the Claim Settlement Ratio of different insurance providers. Analyzing the Claim Settlement Ratio helps you to select the best term life insurance policy. The higher the Claim Settlement Ratio, the better are the chances of your claims getting settled.
- Systematic and safe: The process of buying term insurance online is very systematic and safe. You can be sure that the documents and proofs you upload on the website along with your application form are directly submitted to the insurance company with no chances of misuse.
- Comparison: One of the best things about buying term insurance online is that you can compare different term insurance quotes online for free of cost with PolicyBachat. Compare quotes with different insurers and get the best term insurance policy online. It takes just a couple of minutes to compare different types of plans and to eliminate the need to consult with several insurance agents in person.
- Customer support: In case of any doubts or queries about buying a term insurance policy or raising a death claims for one, you call our customer care number. PolicyBachat gives excellent support assistance to avoid any discrepancies. You can get your queries solved promptly and seek assistance whenever needed. Reach PolicyBachat Customer Care Service Number: 1800-123-4003.
Which is best to Buy Online or Offline Term Insurance?
You can buy Term life insurance online or offline. But the premium to be paid is less in the case of online term insurance plans when compared with the offline modes. This is due to the fewer administrative charges involved with online purchases. There are many benefits in buying a term insurance policy online such as lesser premium; the policy can be issued without any physical presence of the customer so that you can save money and time and energy.
Therefore, the best way to get term insurance is to purchase it online. PolicyBachat is an online insurance web aggregator. This is the best place to buy term insurance online in India. It will help you with the complete guide to comparing term insurance and choosing the best plan for your needs. We have compiled a list of some of the best life insurance companies in India. These companies offer a variety of plans and coverage to meet any need or budget.
How to Buy Term Life Insurance Online
The process of buying a term insurance policy online has become simple with PolicyBachat. For buying a term insurance plan online please visit Life Insurance Page and follow the below steps.
- Step1: Enter the details such as Gender, Annual income from all the sources, Alcohol consumption and tobacco consumption, Salaries or Self-employed, and Date of Birth. After this, you need to enter your contact details to facilitate a call from our agent.
- Step2: Now the premium from different insurance companies will be displayed on the screen. You can edit the details such as Coverage, Term, Premium payment method, Mode of claim settlement, etc., and submit the details to get the desired premium. The premium can be changed by changing other factors such as Coverage required, mode of payment, etc.
- Step3: The next step is to select the best term insurance plan and pay the premium to the insurance company before proceeding to fill the proposal form details.
Eligibility Criteria to Buy Term Insurance Online
| Factor |
Eligibility |
| Minimum Entry Age |
18 years |
| Maximum Entry Age |
65 years |
| Minimum Policy Tenure |
5 years |
| Maximum Policy Tenure |
No limit (up to 100 years) |
| Premium Payment Mode |
Single, Yearly, Half-Yearly, Quarterly, Monthly |
| Who Can Buy |
- Salaried People
- Young People
- Married People
- Senior Citizens
|
| Term Insurance Riders |
- Accidental Death Benefit Rider
- Accidental Disability Rider
- Critical Illness Rider
- Terminal Illness Rider
- Waiver of Premium Rider
- Income Benefit Rider
|
| Documents Required to Buy |
- Application Form
- Age Proof
- Address Proof
- Income Proof
- Photo Identity Proof
|
Things to Know Before Buying Term Insurance Online
- Claim Settlement Ratio: One more important thing to check before purchasing the term insurance plan is the claim settlement ratio of the insurance company. The higher the claim settlement ratio, the higher would be the chances of your claim getting settled. Claim settlement ratio between 95-99% would be the safe bet while considering the other factors.
- Premium: The premium for term insurance is quite less when compared to the other forms of life insurance policies as in term insurance there is no savings component involved.
- Coverage and Riders: The coverage offered under the term insurance policy would be the death benefit in case the policyholder expires during the policy period. But few of the insurance companies offer extra coverage in the form of add-ons or riders without charging any extra premium from the customer such as Waiver of premium, critical illness rider, accidental death benefit rider, accidental total and permanent disability rider, income premium rider. The best life insurance quote is the one that offers extra coverage without charging any extra premium.
- Critical Illness Cover: Critical illness can be defined as any life-threatening disease or illness which reduces the chances of living and the treatment for which would be prolonged. Opt for a term plan with critical illness cover will help you cover the high medical charges for medical treatment in case of critical illness.
- Solvency Ratio: The solvency ratio will help you an individual to know the company's ability to meet its long-term financial duty. The solvency ratio provides financial year information about the company. IRDAI declared that every life insurance company to maintain a solvency ratio of 1.5.
To get the best Term Insurance plans online go to our portal PolicyBachat where you can compare quotes to get the best term insurance plans from different insurance providers.
Conclusion
Buying term insurance online is one of the most convenient ways to get life insurance coverage. With the help of technology, you can now purchase term insurance without having to visit an agent. Online term insurance policies offer a wide range of benefits, including lower premiums and flexible payment options. Additionally, you can compare different plans and choose the one that best suits your needs. By buying term insurance online, you can save time and money while ensuring that your loved ones are financially secure in case something happens to you.