Things you can expect from your online term insurance policy

For starters you need to understand what term insurance is. Term insurance secures the financial well-being of your family even when you are not around. In a term insurance, your family can claim the insured amount if something happens to you.

With the convenience of the digital era, term insurance can be purchased online easily. Buying term insurance online is a simple, fast and cost-effective process, and it empowers individuals to opt for a policy that is curated as per their needs. You can calculate your term insurance requirements using term insurance plan calculators available online.

Ten things you can expect from your online term insurance policy

●     Affordable term insurance premium: The USP of an online term plan is the cost-effectiveness of its premiums. Purchasing a plan online eliminates the need of a middleperson, the cost benefit is transferred on to the premiums, and you get a cost-effective plan directly from the insurance company.

●     Informed decision-making: The technology involved enables you to compare various options available in the market like term insurance premiums, claim process, renewal, etc., and make an informed decision before choosing the right term plan. You can make use of a term insurance plan calculator to figure out an adequate cover for you.

●     Advantage of customer reviews: When you search for a term plan online, and make a comparative analysis of the options, one significant tool available only online is customer reviews. Customer reviews offer significant insights into a company, its products on offer, services and processes.

●     Attractive deals and discounts:  With the increasing popularity of online term plans, insurance companies tend to offer a lot of online-exclusive offers and deals, which may fetch you better value for money. However, this should not be the sole deciding factor before you zero down on a plan.

●     Time and cost effective: With increasing preoccupations in life, a term plan often lands up in the ‘important but not urgent’ grid. But it should not be deferred at any cost. The sooner you buy a term plan, the better it is.  There is a common notion that term plans mean tedious documentation, and numerous meetings with the insurance provider. But this can be done online, which makes the entire process seamless and hassle-free.

  • Secure policy document: This is the most important document at the time of claim processing. In a lot of cases, the document might be misplaced, and the beneficiaries come to know of it only in the unfortunate time of need. Arranging for a duplicate policy implies a lot of hassle to the already distressed claimants. Purchasing a plan online eliminates this risk as the soft copy of the policy is available with the purchasers as well as beneficiaries.
  • Upgrade online: Once you buy a term plan online, you can choose add-ons subsequently too, as and when you feel the need.
  • Seamless services round the clock: When you buy a term policy online, you get access to managing your policy anytime, anywhere. Whether you want to download your policy document multiple times, or renew your policy, make payments towards term insurance premium, lodge a claim, select add-ons or simply track your investment, the online process places control in your hands.
  • Customer support: The online option of purchasing a plan gives you a lot of freedom and flexibility. However, if you get stuck somewhere or need help, round the clock customer support will come to your rescue. A knowledgeable customer support is a prerequisite for any online venture, and insurance being no exception; you have a backup of experts, should you need them in an otherwise seamless online journey. The team of responsible representatives will have your back from purchase to claim, which relieves you of any distressing situation.

These are all the pointers for you to know what to expect from your online term insurance policy, and start a stress-free life with your loved ones.

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