Gone are the days when one had to rely only on agents, brokers or consultants to buy an insurance plan. With the advent of technology, it has now become easier to choose the right plan anywhere and anytime. All one has to do is to browse through insurance company's website and buy term plan online.
Choosing and buying the policy on your own is always a good option. Online term insurance plans are no different than offline term plans in terms of functionality and benefits. Nowadays, almost every insurance company offers term plan online. Insurers have made the whole buying process easy and convenient for you. Thus, if you want to buy a term insurance policy online, then here are a few tips that will help you make an informed decision, have a look-
- Call up your insurer-This is the first and the foremost thing that one should do while buying a term insurance plan online. Before filling up application form one must know the process of filling the application form, claims filing, and documents required. Have a clear understanding about their offerings and procedures before buying an insurance plan.
- Choose the ideal policy term - The tenure of your policy plays a major role in determining the amount of premium. Thus, one must consider the policy term while buying a life insurance policy. The longer is the term of your policy, the lower will be your premium. For instance, if you are a salaried person, then it is advisable to take the coverage till the age of 50-60 years so that you can meet through all liabilities easily.
- Evaluate your needs - This is another most important step that you need to look for while buying a term insurance plan online. This can be done simply by identifying your goals and family's current and future requirements. Evaluate them and get it confirmed from the insurance company so that you don't face any problems later on.
- Fill in the correct information - The insurance company's website would require you to fill in few details such as PAN card details, personal details, nominee details, etc. Thus, it is important for you to provide the correct details. These details are looked on very closely; therefore, any wrong information would result in the rejection of your policy.
- Take advice from an expert or professional - Before you decide on a term insurance plan, take an advice from the BFSI domain expert as they will help you to buy a better plan. There are several insurance companies that give you a chance to talk to the expert before buying a term plan online. Thus, you must go for it as they offer you the best of knowledge for all your insurance related problems.
- Make online payments carefully - Once you've filled in all the details, the insurance company calculates your premium. Afterwards, you are required to make a payment online through net banking or credit card/debit card. Thus, you must do it carefully. While making your payments online, you must always keep a documented proof of your final transaction page.
- Do not miss to check the claim settlement ratio of the insurer - Before zeroing on an insurance plan, it is important to check its claim settlement ratio. There's a possibility that an insurance company do not sanction the promised amount to the insured person's family. Therefore, to know which company best settles claims; you must check its claim settlement ratio, mentioned in percentage. It will help you know the credibility of an insurer.
- Compare quotes and select the one that best suits your needs - The premium paid towards buying a term plan depends upon your age, gender, cover amount as well as your smoking habits. Therefore, in order to get the best deal on your policy, it is important to compare quotes and choose the right plan that works best for you.
Overall, term insurance plan is one of the best possible ways to secure your family's financial future as it comes with adequate life cover and lower premium rates. And luckily, you no longer have to depend on brokers or insurance agents to buy one as you can get it yourself in just a click of a mouse. You can purchase term plan directly from the insurance company's website as buying the term insurance plan online in India is a simple and a hassle-free process. Besides, if you are planning to buy a term insurance plan online, then choose to go with Canara HSBC OBC Life Insurance iSelect term plan. This affordable plan offers life insurance cover along with terminal illness cover and accidental death benefits.
