The entire world has shifted to the online mode of doing business. From shopping for electronics to paying bills, the Internet makes it simple and time-saving to complete your tasks online. Keeping that in mind, the insurance industry has now made it possible for you to purchase and maintain a life insurance policy using the insurer’s website. It is a fast process and requires minimal effort.
What is a term policy?
The term plan meaning is a pure form of a life insurance policy. A term insurance plan provides a significant cover at an affordable price. If an unfavorable incident leads to the policyholder’s death during the plan’s tenure, the insurance company offers the death benefit to the nominees. The term plan does not have any surrender or maturity benefit. It pays the sum assured only in the insured’s absence when the nominees make a successful claim.
If you want to purchase a term plan, consider doing so through digital means. Read on to learn more about its advantages.
1. Comparison of plans
Purchasing the right term policy for your family requires you to look through many plans and choose one that meets your expectations. This process is much simpler online, as it lets you check out a high number of term plans from the comfort of your home. You can compare them based on price, features, and customer reviews of the insurer. It is also possible to use a term plan calculator online, which will let you find the most inexpensive policy in no time. Once you are satisfied with a particular plan, it will take only a few minutes to buy it from the insurance company’s website.
2. Accurate documentation
When applying for a term life insurance policy, you first need to fill a form. You also have to attach supportive documents with it while submitting the form to the insurer. When you are doing it offline, it is possible that you may forget submitting certain documents. If you make any mistake while filling the form, you have to redo the whole process. This issue is easy to rectify when applying online. Firstly, you can correct any mistake instantly in the online form. Additionally, the online form will notify you if you do not remember to attach any required document. Hence, the application will be error-free when you are submitting it online.
3. No chance of fraud
When purchasing online term insurance in India, you will have all the needed information on the insurer’s website. Insurance providers reveal all the terms and conditions on their websites, allowing you to learn them thoroughly before buying a policy. You can save the information and ensure that there is no possibility of any fraud.
4. Information about the claim settlement ratio
The claim settlement ratio is the percentage of claims an insurer settles every year from the total number of cases they receive. A high ratio indicates that you can trust the insurance company to pay the sum assured to your nominees on time. You can inquire about an insurer’s claim settlement ratio on their website.
5. Multiple options with customer support
It is vital to contact customer care to get answers to all your doubts before purchasing a term plan. With online customer assistance, you can chat with the executives in real-time and get your questions answered instantly. You can also email them for detailed information, or set a meeting with a customer care executive. All these choices allow you to pick the most suitable term plan. Now that you understand buying a term policy online is the best mode, the next goal is finding the ideal plan for your family. Using a term plan calculator will help you with the process.