The Safety Of Your Family Is Just A Few Clicks Away! Here’s How You Can Buy Online Term Plan

Online Term Plan

Purchasing term insurance plans online has become a lot easier with the advent of the Internet and technology. Term plans are available for purchase using Net Banking or Debit Cards. In some cases, one can even purchase the plan using Credit Cards.

The premium option is only limited by the buyer’s credit limit in the bank, with special additional discounts to be taken advantage of at the time of purchasing policies for female employees. So, now you have no reasons to shy away from purchasing your term insurance online.

If you have been struggling with how to purchase term insurance online, then you can ease your confusion after reading this blog post. This post is talking about online purchasing for term insurance and the steps involved.

  1. Choose A Reliable Provider

Some important factors to consider when buying life insurance include the brand value, solvency ratio, and claim settlement ratio. It’s generally best not just to work with a friend or relative recommendation when buying life insurance.

It’s best to do a detailed study before deciding on a particular term plan. Use an online insurance broker website that will help you compare the best insurance plans on offer from various insurers and then buy a product that matches your needs.

  1. Pay For the Plan

Once you fill out the quotation, you’ll be asked to make a payment. You can make the payment using your credit/debit card or net banking. Do not forget to fill the application form and attach all the documents mentioned in it.

Once the medicals are scheduled, make sure that you are present at your residence or office at the scheduled time.

  1. Provide the Required Documents

Documents such as your age, address, and income can be scanned with your computer, sent by email, or uploaded to an online storage provider such as Google Drive.

Then send it to the insurance company via regular mail. After the underwriting process is finished, you’ll receive your policy through the post.

  1. Know Your Perquisites<

Many people buy term insurance plans to safeguard their families from being wiped out by debts, and many buy term life insurance for their children’s education. A lot of customers tend to know what they want when they buy a term insurance policy.

You can choose one that meets your different needs, whether it’s for your children’s education or loans that you have to pay off. There are various term insurance calculator you can use to estimate how much to insure yourself for, but the term will depend on how old you want to stay covered.

Best Online Term Plans Available in India

Now when you know how to purchase a term plan online, let us take a look at some of the most promising online term plans that provide you comprehensive protection. Going through this list can save you hours of research:

  1. Aviva Life Shield Advantage Plan

The Aviva Life Shield Advantage Plan is a non-participating, non-linked insurance policy that provides for a financially secure future for your loved ones in case of an unfortunate death. If you live past the payout period, the money you invest in the plan is returned to you. Being a term plan, it can also be purchased online in a completely simple and convenient way.

The plan provides various unique features and benefits that make it fit the bill for the financial safeguard of your family’s future at an extremely reasonable price. You can pay your term insurance premiums in a lump sum or 12 monthly installments spread throughout your policy. There are two different coverage options: one for life insurance and one for life and disability. You can claim a tax deduction for all the benefits offered under this plan as per the Income Tax Act of India.

  1. Canara HSBC Oriental Bank of Commerce – iSelect Star Term plan

The Canara HSBC Oriental Bank of Commerce – iSelect Star Term plan provides unique benefits designed to provide reliable financial protection to your family and catering to their needs in your absence.

This is an excellent opportunity for your family, providing them with tremendous financial stability and the prosperity they deserve in your absence. Unique features like options for whole life coverage and coverage for spouses make this one of the best term policies around. The policy offers different benefit payout options.

You can either choose limited payment options or a single option. There are 3 coverage options: life, life plus, and life with a return of premium. The policy offers different coverage options based on your preferences, as well as a variety of choices for receiving benefit payouts. Some payment options include paying the premium in full within a specified period or paying it in equal installments for two years.

The plan also offers several optional riders that you may be interested in, including Accidental Death Benefit, Child Support Benefit, and Accidental Total and Permanent Disability Premium Protection. You can also claim a tax deduction under Section 80C of the Income Tax Act of India.

The Takeaway Buying online term plans is a wise decision of many investors. There are several advantages for buying online like the user can carry out the transaction sitting at the home, office, or even in the places that are otherwise not possible in case of buying from the physical insurance company’s branch.

Buying an online term plan is the same as buying other insurance plans on the market. It’s just that it happens online. The steps are really simple to follow. With the process stated above, you can get yourself covered with a reliable term insurance plan without any hassles. Additionally, with the list of available online term plans stated above, you can certainly choose a plan that fits your requirements.