Why online term plans are the best insurance policies?

In this digital era, everything has moved online, right from ordering pizza to purchasing equity stocks and other investment avenues.Everything can be handled at the touch of the button on your smartphones or laptops. And life insurance is no different. Of the various plans being available online, term plans are simple and straightforward policies. You buy policies for specific tenure and the insurer will offer you financial cover in case you meet any unfortunate death. These policies come at affordable interest rates and offer higher cover. Experts say along with the usual benefits like 24 X 7 availability, convenience and speed, online policy purchase makes a lot of sense.

Online term insurance policies will help you save up to 30 to 40% on the premium costs compared to offline counterparts. One of the key factors that will influence the premium costs would be the absence of insurance advisor that will help you save on the distribution costs and commission. Besides, companies also save on documentation, logistics, stationery, etc. All these benefits are given to end users. Insurance companies understand that online buyers are educated, well informed and responsible individual. Hence, they are more trustworthy that these people will compare policies well and buy a suitable one based on their financial needs. Therefore, they are willing to offer insurance at low costs.

All reputed and major life insurance companies offer online term insurance policies. As a buyer, you can access many articles and blogs, calculators, case studies, infographics, customer reviews to have a better understanding of the product features and benefits. This way after comparing policies you can take an informed decision.

When you pay premium online, you can choose many fast and secure payment options like net banking, UPI app payments, credit/debit cards and more. All these payments modes are instantly processed through a secure gateway and ensure peace of mind. You will receive an online receipt which can be stored on your email address. Thus, online policy purchase refrain you from hassle-free documentation process

Some benefits of buying term insurance plans are:

Longer tenure, affordable premium costs, best claim settlement ratio, save up to Rs 30,000 and high insurance cover.

The best way of online policies is that if at any point of time policyholder is not satisfied with the “term and condition” of the policy, it can be returned within a span of 25-30 days from the date of receipt of the policy bond stating the reason for policy cancellation.

The premiums and the coverage amount of the online term insurance are not the same across all the companies. It may differ based on your health conditions, income source and the documents you submit while buying the policy.

In the end the decision to buy which plan is totally at your discretion. You need to choose an online term insurance plan based on your specific needs and family’s financial requirements. Ensure that you choose an amount that will suffice all your family needs well. It should cover your spouse survival needs, children education, clear off the debts in hand and lastly beat inflation costs for a better lifestyle in the near future.