Buying Your Term Insurance Plan Online or Offline – Which Is Better?

Term life insurance policies are among the simplest form of life insurance. It pays out the sum assured if the policyholder passes away during the policy term, which is an excellent way to ensure that your family members are financially protected even after you are no longer there. With such a policy, you get a substantial life cover (sum assured) at comparatively low premium rates.

A term insurance plan can help your family meet their day-to-day expenses and accomplish long-term financial goals. Now that you have understood what a term plan is, you must carefully decide whether to buy such a policy online or offline.

While traditionally, life insurance has been an offline-focused business, the popularity of purchasing online policies has increased substantially in recent years. Growing internet penetration and digitalization across India have played a significant role in this trend.

Here are a few factors that can help you to determine whether to buy your term insurance plan online or offline:

  • Cost

Many insurance companies offer attractive discounts on online term plans, making them a cost-effective choice. Moreover, with this method, you can purchase the policy on your own through the insurance company’s website and need not consult any insurance agent. This will allow you to save on the agent’s commission.

  • Complete Disclosure of Facts

While buying your insurance policy online, you can carefully go through all the relevant policy documents and specifications on your own, at your own pace. You will also fill out all the forms by yourself. That way, your policy purchase would be a well-informed decision.

  • Convenience

Buying an insurance policy online is far more convenient than physically visiting a local branch of your chosen insurance company. In the fast-paced world that we live in today, taking out time to visit an insurance company branch and spending hours there to find the perfect policy is only so feasible for some. Online policy purchase, on the other hand, will enable you to have your term insurance policy issued within a few minutes.

On the whole, buying a term insurance policy through online channels can provide you with better clarity, transparency, and convenience.

Steps to buying a term insurance plan online

  • Log onto the website of an insurance company: The very first step of purchasing an online term plan would be to log onto the website of a reputed insurance service provider. If you do not have an account, you can create one by signing up on the relevant website.
  • Submit the required details: You must visit the website’s buy term plan page and submit specific vital information. These details include the sum assured amount, the policy tenure, and the premium payment duration. Your details like gender, Date of Birth, and annual income should also be submitted.
  • Explore the options: Many reputed insurance companies provide their policyholders with multiple options for term life insurance policies. These policy options on offer are designed specifically to meet the varied needs of customers.
  • Go through multiple term insurance policy options available: Carefully compare policy features and benefits, and ultimately make your purchase based on your specific requirements.
  • Submit documents: To complete the term insurance purchase process, insurance companies require certain essential documents like address proof, ID proof, recent passport-size photographs, etc. You can submit soft copies of all these documents online.
  • Pay the premium: After completing all the steps mentioned above, you can make the premium payment using the available payment options. Your policy will be issued thereafter.

If you have been asking yourself about a term plan and how to invest in it, taking advantage of the information available online would be an ideal solution. You can invest in a term insurance policy online with just a few clicks; this ease of buying elevates the appeal of purchasing it online.

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