4 ways to identify the best online term insurance plan

3rd September 2016
211 views

How to buy term life insurance online?

Life insurance is about offering financial security to your dependents in your absence. While many individuals appreciate the need for life cover, the process of identifying the ideal plan can be a difficult decision.

 

Term plans are a must-have

Thanks to term plans, life insurance is no longer about paying expensive premiums for several years.  On the contrary, term plans offer the most affordable life cover option.  This makes term plans a fit in just about every individual’s insurance portfolio.

But how does an individual select the ideal term plan?

Browsing through company brochures, meeting insurance agents, comparing premiums across term plans can be time-consuming.

 

Thankfully, there is the Internet

With more and more companies going online, buying life insurance is no longer as time-consuming. The Internet is now more than just an information powerhouse. It is a critical distribution channel for life insurance companies, thanks to a fast, efficient and cost-effective delivery mechanism.

Insurance companies now reassign their employees to other Channels apart from the frontline sales. The Internet has started contributing substantially to insurance distribution. As a result, the insurers are enjoying significant cost savings.

Anyone looking to buy life insurance, can log on to websites of insurers. The person can also compare insurance products online based on a range of parameters.

 

How to identify the best online term plan

 

1.       Does the company have a name worth trusting?

The first test ironically is not so much about the online term plan as much as the insurance company behind it.

The standing of the company launching the product is important for just about any service and product but more so when it comes to life insurance.

The name of the company behind the life insurance plan must evoke trust and confidence, with a standing in the financial services segment.

A good track-record backed by sound fundamentals is critical. Investors can get some idea of this by reviewing the credit rating of the company.

2.       Does the company reward you for good health?

The key benefit of term plans is rooted in low premium.

Many insurers go a step further by slashing premiums for specific cases like non-smokers.

Also healthy individuals, as defined by insurers, can avail of the term plan without time-consuming medical tests.

 

3.       Go for maximum sum assured

Low premiums on term plans can help you go for a higher sum assured. While comparing term plans over sum assured, identify the ones at the higher end of the range.

Term plans are most useful when bought earlier on for a relatively larger sum assured.

Also check if the insurer offers Joint Life Cover. As the name suggests, this type of term plan offers the opportunity to cover oneself along with spouse under one contract, which results in a comprehensive protection plan with multiple benefits for you and your spouse.

 

4.       Look for maximum tenure

Another feature that will stand you in good stead is the tenure of policy. This is the period over which the insurance company offers life cover.

While comparing term plans, those with higher tenures are preferable since your cover is available for a longer period giving your family better financial security.

Buying term insurance online is very convenient for individuals. All you need is to evaluate them objectively on more important parameters.

This way you ensure you have the best term plan without leaving the confines of your house.

Don’t let worry come knocking on your doors. Be prepared with Bajaj Allianz Life eTouch Online Term, a solution for you and your loved ones to be able to realize your dreams without any compromises, incase of an unforeseen event.

 

0

Previous

Compounding – The 8th Wonder !
Next

What is an Online Pin (O-Pin)?
Share This Article

Leave A Reply

Why Mediclaim may not be enough in a ‘critical’ situation

Critical illness rider & its advantages over mediclaim policy

Know More
Polls

 Bajaj Allianz Online Poll
Each one of us has Life Goals to Achieve! What is your Life Goal?
Loading ... Loading ...
Goal Based Investment Plan – Goal Assure
Goal Based Investment Plan – Goal Assure

Assuring maximized returns on maturity and providing opportunity to plan for your ‘once in a lifetime’ experience with zero worries

Know More
Category