This article was last updated on April 16, 2022
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The term insurance plan is a life insurance contract that pays your family members a lump sum amount as the death benefit in case of your passing during the policy period. It is called term insurance because it covers you only for a specified period. However, with growing popularity, you can now avail survival benefits with some policies that will pay you back your premiums if you outlive the policy period. This is one of the reasons why many people have added an online term plan in their financial portfolio.
You must invest in life insurance if you want to provide your family members with a lifetime of financial security, especially when you are not around anymore.
There are two ways of buying term insurance – offline through an agent or buy online term policy directly through the insurer’s website.
When you buy an online term plan, you can enjoy low premiums and also compare various policies before making a purchase.
Let us discuss some more reasons why you should opt for an online term plan.
1) Compare Different Plans
With the digitization of the insurance policy buying process, it is now possible to perform a thorough comparison of life insurance policies. With the online functionality, you can search for various policies as per specific benefits. Online mode is also preferred because it gives you a transparent and straightforward domain that allows you to take your time to review the insurance products at your convenience. You can also eliminate human error from the process of buying and feel more confident about your decision. Furthermore, another important factor of purchasing your term insurance policy is the speed. You can review, compare, and select insurance policies in a matter of minutes, study the plan features from the comforts of your home and take your time to assess your priorities before investing in an online term plan.
Comparing plan features online allow you to have a different view of various parameters that empower you to make a well-informed choice. Some points that you must keep in mind when comparing life insurance policies include:
-Study the complete overview of the plan
-Rider benefits
-Payable premiums
-Sum assured
2) Low Premium Payable
Term insurance policies are popular because they give you a high-value plan for a low premium amount. There is also an option to pay the premium amounts monthly, half-yearly, or annually as per your convenience. Additionally, if you want to enjoy even lower premium amounts, then you must plan to invest in an online term policy as early as possible. As a young investor, you can not only have a more extended policy period but also enjoy affordable premiums due to the low risk to the insurance provider.
Furthermore, when you buy online, the insurers can save money in operational costs such as expensive paperwork. As a result, the premium cost less, making the online term plan more affordable.
3) In-built Critical Illness Cover
Some online term plans come with a critical illness benefit that provides you with a lump sum amount in case you are diagnosed with a condition mentioned in the predetermined list of the policy document. This generally includes life-threatening diseases such as heart attack, cancer, lung diseases, and heart failure, to name a few. This payout is over and above the death benefit that your family members will receive in case of your demise.
4) Availability of Riders
An online term plan is increasingly gaining traction because of its multiple features and the added benefit of a rider. If you buy online insurance, you may get some exciting rider options such as accidental death benefit and premium waiver. These additional benefits are useful in expanding the scope of your policy and must be chosen to enhance your coverage unless you are limited by budget. Be sure to evaluate each rider before adding it to your policy.
5) Greater Flexibility
When you buy term policy online, you get greater flexibility in paying your insurance premiums. You can also make the policy renewals with ease using your debit card, credit card, or netbanking. Besides, keeping track of all the digital payments make your policy much easier to manage.
6) Premium calculators
An online term plan bought directly at the insurer’s website comes with an online calculator that calculates the premium for you in real-time and helps you choose the sum assured wisely. You can evaluate term plan quotes, and other information about a specific plan with regards to the sum assured and tenure. The calculator analyses the information you have provided and then gives you the best quote as per your preference.
Purchasing a term policy online has become a hassle-free process. Online term insurance plans from reliable insurers such as Max Life Insurance enable you to make an informed buying decision by reviewing, comparing and selecting policies that provide maximal benefits at cost-effective premium amounts.
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