Earlier, buying a life insurance policy was a hassle. Starting from finding the insurance agent to shortlisting the plan, and paying the premium amount to receiving the policy documents, the entire process was very long. However, many insurance companies have introduced life insurance policies online. When compared to the traditional way, purchasing online life insurance policy is reasonably inexpensive. Here in this article, we’ll see what a process to buy online life insurance policy is.
Before moving to buying the policy, you first need to choose the insurance company which is best suitable for you. Sometimes, people are confused which insurer should be opted to go with and which plan is better. To help you solve this query, almost all the aggregator websites and most of the insurance provider websites have introduced a toolkit named premium calculator. You can get many suggestions of different insurance plans available online and select the appropriate one from the list. With the help of a premium calculator, you can analyse which insurance company is providing what benefits and at what cost.
- Once the insurer is chosen, you can step forward to purchase online life insurance policy. The entire process of filling out the proposal form does not take more than 15 minutes if you are tech-savvy and have a better hand on the computer.
- Filling the application form is very easy. You need to provide some personal details such as your name, date of birth, blood group, contact number, email ID, registered address and so on. Further, you will be asked about your habits and hobbies. If you possess smoking/drinking habit, you must have to mention that in the application form. Similarly, risk-taking activities and hobbies such as car racing, sky and scuba diving, etc. also need to be specified based on which underwriters will decide the premium amount for your insurance plan.
- All your medical history and current medical conditions have to be disclosed in the application form. It is always advised not to hide a single fact from the insurer, because at the time of claim or maturity if proven false, your nominees will not get anything of the benefits. Disclosing all the facts may increase premiums but will secure all the benefits of your policy.
- The last step in the application form is filling out the nominee details. You need to provide all the information about the nominees you want to appoint for your policy. Once the nominees are shortlisted, crosscheck the entire application form once and submit it. You will be asked to pay the premium amount by using your credit/debit card or net banking. If needed, you will be asked to undergo a medical test on the given medical centre.
Once the form is submitted and premium is paid, the underwriters analyse your form and write the policy terms. The policy documents will be sent to the registered address you have provided while filling the application form. Choose the right insurer and secure your family’s future by purchasing online life insurance policy.