Term insurance policies are all-time demanded life insurance plans because of the substantial amount of life coverage that they offer. Due To the increasing demand and the ease of the functionality, the insurance companies offer term plans in both the ways- online and offline. Traditionally, the term policies are purchased offline, i.e. like how other policies are bought. However, online life insurance has enabled the ease of purchase for those people who don’t want the hassle of the traditional buying process. With the help of this article, you will be able to understand how to purchase online term insurance.
Mode of Purchase
Usually, you have two options for buying online term insurance as either via an insurance company’s website or an aggregator. Insurance companies offer only their products on the websites; therefore, if you have already decided to go with a particular policy, you can visit the website of that insurance company individually. Aggregators are third-party sites that offer multiple insurance plans offered by different insurers.
Get a Quote
Both insurance companies’ websites and aggregators provide term premium calculators on their sites with the help of which you can get the quote of your desired online life insurance plan. To get the best quote, you need to provide some information such as your smoking/drinking habits, income, age, marital status etc. After this, the best suitable plan along with several other plans will be displayed on the screen.
Once you get the quote and decide to go with a particular insurance plan offered by a specific insurer, you need to fill the application form on the same portal answering a few questions and providing your personal details. The nominee details have to be given, and your health-related details have to be disclosed.
After filling the application form, you will be asked to pay the premium amount shown on your computer screen. The premium has to be paid online. It can be done in several ways, as per your conveniences such as credit/debit card or net banking.
Submitting the Proofs Online
Here, you need to provide all the necessary documents as displayed on your screen. Clear and readable scan copies of the papers have to be delivered. Here the process is done from your side.
The insurance company then analyses the proofs you have submitted, and if required, asks you to undergo some medical tests. The centre will be given nearer to your place.
The medical reports are sent directly to the insurer. By analysing the reports and other documents, underwriters define the terms of your policy, and the policy is issued in your name. The policy documents will be delivered on your registered address, as well as on the registered email ID.
In such a way, you can purchase the online term policies in a hassle-free way!