Your Complete Guide to Buying an Online Term Insurance Plan

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Your Complete Guide to Buying an Online Term
Insurance Plan
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• With the internet becoming a routine of our life,
  the number of net-savvy insurance buyers is
  gradually increasing. Non-life insurance products
  such as personal accident, health, motor and
  travel have fuelled the growth of online
  insurance products. Now, while a similar trend is
  yet to gain substantial momentum in life
  insurance, online term plans have been in
  particular gaining popularity. As per the
  statistics, one online term plan is bought every
  5 minutes in India! The online quote systems and
  price comparisons on portals like trucompare
  facilitate the insurance buyers to buy a term
  plan easily and as best suited to their needs.
• Aegon Religare was the first insurance provider
  to introduce an online term insurance plan called
  i-Term. Today, almost every insurance company
  from LIC to Bajajallianze insurance offer online
  term plans.

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• Now, if you are wondering if you should
  buy an online term plan, how safe it is compared
  to an offline version and what is the process,
  here is a complete guide to simplify your
  decision.

Reasons to Buy 1. Convenient and Quick One
click, anywhere and anytime buying thats what
an online term insurance plan is about. You can
do term plan comparison browse, research and
compare the quotes, features and benefits of the
online term plans instantly across the websites
of different insurance providers.
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• You really dont have to contact or follow up
  with any insurance advisor(s) or fear misselling
  of any kind.
• You can scan and submit the KYC documents.
• You can pay premiums by choosing any of the
  multiple payment methods available credit card,
  debit card, net banking and even IVR (Interactive
  Voice Response).
• The policy is processed and issued quickly, so
  your life cover does not get delayed much.
• You can renew the policy online as and when the
  premium due or if it lapses.
• 2. Cheaper Cost The premium of online term
  insurance plans is about 30 40 cheaper than
  the offline plans. There is a misconception
  pertaining to economical cost of online term
  plans, though. Most customers believe that lower
  the premium, the higher is the probability of a
  claim rejection or that there is some catch.
  Well, thats not true. There are several reasons
  why online term plans are more affordable. First,
  there is no agent commission or channel sales
  cost involved in the pricing. Second, insurers
  consider an online customer a low-risk profile
  he is educated, earns well and prefers to take a
  life cover. Third, since an online transaction is
  paperless, the processing and administration cost
  also comes down significantly for the insurer.

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• 3. Transparent Process One of the major
  problems that an offline insurance buyer faces is
  transparency right from meeting(s) with the
  advisor to filling up the form. You usually rely
  on the advisors advice to understand the key
  offerings of the plan. There are also chances
  that your personal details could be misspelled or
  mentioned incorrectly in the physical form.
  Whereas, in an Online Term Insurance you would be
  doing all the formalities on your own. You have
  all the information at hand to make a sound
  decision. There is a step-by-step procedure to
  guide you, so the error rate is considerably low.

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• Choosing the Right Online Term Plan
• Now that you have decided to buy an online term
  plan, the question is how to choose the right
  one. We have already written a detailed post on
  this earlier. Read here to know more.
• Process
• The process of buying an online term plan differs
  from one insurance company to another. However,
  the submission of personal details and KYC
  documentation remain same. As far as medical
  tests are concerned, you may have to undergo the
  same if the insurance provider deems necessary.

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e/isecure-insurance-plan.jsp
Thank You..!!