The advent of technology can make our lives a lot easier than usual. Due to the rapidly growing impacts of technology, many insurance companies have availed their policies, whether it is traditional life insurance or a non-traditional insurance product online. Term insurance has recently joined many insurance products such as Unit Linked Insurance Plan (ULIP), health insurance, and so forth on the online portal. Today, you can safeguard your loved ones in a single click from any corner of the world due to the online presence of term insurance.

An online term plan can offer relatively higher benefits than purchasing a term policy offline. Therefore, let’s understand what the benefits of buying a term plan online are:

1. Low cost

Although a term plan is affordable, you can receive a relatively cheaper policy online. The primary reason for the low cost of online term plans can be the zero involvement of the third party. Since term insurance is directly available on the online portal of your insurer, you might not have to pay the commission charges of an insurance agent. Therefore, your insurer might have to pay low premiums when you buy term insurance policy online.

2. High coverage

Under an online term plan, you might be eligible to receive a high cover since the costs of purchase can be low. If you select a high sum assured value, your insurance providers might ask you to undergo medical tests. For instance, if your sum assured amount goes beyond Rs. 50 lakhs, you might have to submit your medical reports.

3. Multiple choices

An online presence can allow you to go through multiple term plan options and compare various alternatives. Moreover, you can get the opportunity to read various testimonials, feedbacks, and so forth. That way, you can view different term insurance options and select the final term policy online based on your financial requirements and preferences.

4. Maximum transparency

There can be times when your insurance agent might keep away specific facts or details about a term insurance. Since many of you might complaint about the lack of transparency between you and your insurer, the Insurance Regulatory and Development Authority (IRDA) has made online insurance policies a mandate. With an online term plan, you can get to submit your details as well as print the policy document without any involvement of the third party.

5. Easy access

Purchasing an online term plan can be hassle-free as well as time-saving. While choosing an online term plan, you should go through the following steps mentioned below:

1. Select the term policy based on your financial needs and convenience.
2. Make an online premium payment with a debit or credit card, etc.

• Purchase the selected term insurance of your choice.

 

6. Flexible

An online term insurance can be flexible. As a policyholder, you can have the liberty to change or edit the details, which you provide at the time of purchase. The changes can be made before and after the purchase of the policy. Typically, you can make the correction in the following:

• Residential address
• Email address
• Contact details

 

7. Less paperwork

Buying an insurance policy can be time-consuming due to the cumbersome paperwork process. However, the introduction of an online term plan has subsequently reduced the documentation today. It might no longer involve hours of standing in the queue to fill out your application forms. When you purchase an online term plan, you might have to provide your insurance company with minimal information as well as the form filling process can be relatively easier.

To conclude, term insurance plans should be an essential part of your financial plan. While you can buy term insurance online as well as offline, you should purchase a term policy directly from the online portal. An online term policy can be affordable as well as the most convenient form of insurance. With an online term plan, you wouldn’t have to worry about wasting your time standing in the long queue since you can buy a term policy in a single click.