Why you should buy a Term insurance policy online

A Term insurance policy provides coverage to the insurer for a particular term or a specified number of years. In case of the death of the insurer within the policy tenure, the beneficiaries get the payout. Purchasing a term insurance policy is easy, with Insurance agents dotting every street. However, it is always preferable to buy an online term plan. Here’s why-

Fewer hassles involved.

Buying a term insurance plan from an agent is time-consuming. There are a ton of signatures to be done, attestations to be made, and tests to be carried out. It involves running from pillar to post to get all the pre-requisites in order. With online term insurance, you have the convenience of uploading the documents and completing the required paperwork as per your convenience. This is the primary benefit of getting an insurance plan online.

More Affordable.

Getting a Term insurance plan is affordable as compared to getting it offline. With no agents and intermediaries involved, you can directly approach the insurance company to get your term life insurance cover. You also have the option of purchasing it from other third party websites which have digital assistants to simplify the process further. Going for an online term policy reduces the paperwork to be handled, which subsequently leads to a decrease in the processing fee. The money saved is often offered as a discount to the customer.

Higher coverage.

Usually, the coverage of an online term insurance plan is higher as compared to the offline plans. The less processing required in the online term plan translates to a higher assured sum for the insurer.

Ease of Comparison.

It is not uncommon to be inundated with phone calls by Insurance agents and company every day, forcing us to choose a plan. The advice offered by the agents, too is partial. They will recommend you the companies that give them the highest commissions. However, when purchasing an online term plan, you can research on plans, the cover, and other additional benefits on your own, with the many insurance comparison sites on the internet. You have the liberty of choosing a plan as per your requirement and suitability. The online calculators too can help you decide on the best policy with affordable premium rates.

Transparency of process.

The process of getting an online term insurance plan is significantly more reliable than purchasing an offline policy. The online purchase assures you transparency right from the first step. You have everything, right from the premium and cover, to terms and conditions and additional charges at your disposal to go through as per your convenience. Companies also offer live customer support, which provides you with the assistance you need regarding the term plans. In case of an offline purchase, there might be hidden and additional charges which can catch you by surprise later on when it is already too late to opt-out.

Easy access.

Once the policy is live, you can easily access it online, via the company portal to check on the status of the policy. You can check everything, right from the pending premiums to the cover of the term plan on the go.

With everything available at your fingertips, buying term insurance online has become very simple. Finally, you can forego all the excuses and get yourself covered.