What is the first thing that comes to your mind when the financial safety of the family is concerned? One need not spell the answer but the life insurance! Today, whatever the uncertainties are there, buying life insurance has become the most convenient way of safeguarding your loved ones’ future financially.
Among all the life insurance plans, people do prefer term insurance as it offers a blend of benefits and most importantly, easy to understand. Instead of hunting for an insurance agent, you have a provision of getting your term plan online. Yes, now you can do it at your fingertips. Here is the process to buy an online term plan.
- Today, many aggregator websites, as well as the insurers’, also sell online term plans on their sites. Aggregators are third-party sellers who let you buy an online term plan offered by multiple companies. The decision is yours from where you want to buy it.
- Once decided the way of buying, you must log-in to the website using your credentials. If not registered to that particular service provider, you need to sign-up and start the process.
- The site might have multiple term plans from which you need to pick the suitable one. To get the apt plan, you need first to understand and analyse your current as well as future financial needs.
- You also have a provision of using term premium calculator which lets you get the best quote among the available plans. This can be done by manipulating the inputs such as the tenure, required life cover, your income etc.
- Once you get the quote and finalise the essentials such as term, premium amount, sum assured etc., you can proceed to make an online payment.
- Select the way you want to buy online term plan- net banking, credit or debit card offered by your bank. The acknowledgement will be sent to the registered mail ID, or a pop-up will appear on the website itself.
- It usually takes two to three weeks to complete the process. Meanwhile, you shall be asked to undergo the medical test at the defined centre, probably near your place.
- Once the policy is approved by the underwriters and prepared, the policy documents will be sent to the registered addresses; a soft copy over the mail and the hard copy at your residential address.
In short, the entire process to buy an online term plan is very convenient and can be done in a few minutes. Later, you just need to wait for the confirmation, that’s it!
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