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How to Buy Term Insurance Online?

How to Buy Term Insurance Online?

Buy term plan online

With over 504 million monthly active internet users in India, the country can safely claim to have the second-largest digital population in the world. The Internet has facilitated a number of services that were hitherto difficult to access. Financial services are one of the categories that have benefited immensely from the digital revolution. One can invest in mutual funds or buy an insurance plan online. The demand for online insurance plans has grown rapidly and it could help in improving the insurance penetration in India. It is very easy and convenient to buy a term insurance plan online due to the simple structure of the plan.

What is term insurance?

A term insurance plan is a simple agreement between an insurer and an insured whereby the insurer promises to pay a pre-decided amount to the insured’s nominee in the event of the insured’s death. The insurer is liable to honour the agreement on the condition that the policyholder pays all the premiums on time. Term insurance does not have an investment component and no maturity amount is paid after the policy term gets over. A term insurance plan simply terminates at the end of the policy term.

Why buy term insurance online?

There are multiple benefits of buying a term plan online. The primary benefit is the cost of the policy. Online term plans are cheaper when compared to regular term insurance. To sell regular term insurance, an insurance company has to use consultants, agents or even their own marketing professionals. The insurance agent charges a commission for his/her service which gets completely eliminated in the case of online term plans. Additionally, physical documentation is significantly less which leads to additional savings for the insurer. Insurance companies work on the premise that people who buy an insurance policy online lead a relatively healthy lifestyle. A healthier lifestyle reduces the chances of diseases and hence the risk for the insurer, which leads to lower cost of term plan for online buyers.

Another major advantage of buying a term plan online is the tools available on the website of the insurer. While buying term insurance offline, you are dependent on the insurance agent or the marketing professional. People generally choose from the handful of the options provided to them. In the case of online term plans, you can conduct thorough research and make comparisons with other plans. Insurance companies also have EMI, premium and eligibility calculators online which helps in making an informed decision.

Things to keep in mind while buying term insurance online

Online term insurance plans undoubtedly offer convenience and ease of access to consumers, but certain things should be kept in mind while buying online term plans.

Location: Many online plans are only available to customers in major cities. One should check if a specific term plan is available in the selected city or not.

Talk to the insurer: It is always reassuring to talk to the insurer before buying an online term plan. It helps in getting an idea of the application process, the process for a medical check and the claims process.

Take into account your needs: People should always opt for a financial product that is ideal for their needs. Evaluate your needs and ascertain the policy term, premium payment term and the coverage accordingly.

After you have finalised a plan, it is time to pay the first premium and buy the plan. The exact process of buying a term plan online differs for every insurer, but the broader process is similar.

  • Visit the website of the insurance company
  • Enter your login details or register yourself
  • Enter the sum assured
  • Choose the policy term
  • Choose the premium payment term
  • The premium will be displayed depending on the inputs given earlier
  • Pay the premium
  • You will receive a message of acknowledgement
  • The insurance company takes some time to process and verify the documents
  • If the policy is issued, you will receive a soft copy immediately and a hard copy after some time

Conclusion

If the basic precautions are taken, buying a term plan online is an ideal option. Opt for the Canara HSBC Oriental Bank of Commerce Life Insurance iSelect Star Term Plan and get a host of benefits like inbuilt covers and multiple payout options. The iSelect Star Term Plan also provides the option to choose the coverage as per your requirements.

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Frequently Asked Questions (FAQs) for Term Insurance Plans

A person can only purchase a term insurance plan till the age of 65 years, and they can choose the risk coverage for up to 99 years of age. One can easily buy the best online term plan between the age of 18 to 65 years.

This being a term insurance plan doesn't offer any payout after maturity or expiration date

Each insurance company has its own term insurance premium calculator. If you want to check out the premium quote, go for the iSelect Star term plan calculator. It gives a premium amount based on your age, gender, habits, education, and annual income.

You can purchase an iSelect Star term plan anytime between 18 to 65 years of age. This is a term plan with return of premium option – that means all the premiums paid throughout the tenure will be paid back to you if you outlive the policy.

It depends on your needs. For example, if you want to cover a child's education or wedding expenses, you have to include them in your coverage. Your premium will be calculated accordingly when you buy the best term plan in India.

If your key purpose is to give your Family financial protection, go for the best term insurance plan. And if you want some savings, in the end, go for a traditional life insurance plan. iSelect Star is a term plan with return of premium option. All the term insurance premium will be paid back to you, if you outlive the policy term.

Go for at least 12 times cover than your annual income. Or you can go as far as 20 times coverage as per your needs.

The right time is when you don't have anything to keep your Family safe from financial storms, and they rely on you for financial needs.

If you are unable to make the payment or suffering from a terminal illness, the best term insurance plan pays a part of the sum insured to treat your disease.

Term life insurance plan riders are attachment or endorsements made, while taking the term insurance policy, as a supplementary coverage to policyholders. Apart from the core death benefit, term insurance plan riders offer below-given additional benefits:

  • Accidental Death Rider When a person suffers from a terminal illness, his/her family ends up spending a significant amount in treatment and medical expenses. Accelerated death rider pays a part of the sum insured in advance to cover such costs and save the family from running out of cash.
  • Accidental Disability Rider If the policyholder can't pay the premium because of an accident or permanent disability, a sudden disability this pays the premium on behalf of the policyholder till completion of policy term or for a defined duration.
  • Critical Illness Rider If the insured person gets a heart attack, cancer, or any other critical illness, this rider pays a lump sum on valid diagnosis.
  • Premium Waiver Rider If the policyholder is unable to make payments due to income loss or disability, a premium waiver rider waives off all future premium payments. And the term insurance policy remains active until the expiration date.
  • Income Rider: This rider in a term insurance plan ensures that your family receives regular income + sum insured in case of unfortunate demise of life insured.

Anyone can go for life insurance as it offers some savings after the maturity date, but it doesn't cover the protection of your family . The best term insurance plan is solely designed for taking care of loved ones if something happens to you. Term insurance plans act as a shield between your family and sudden financial fall. They make sure that your family lives a healthy life even after you. With a little amount paid per year, you can be worry-free from the family's financial conditions.

Questions that you need to ask while Buying the Best Term Insurance Plan?

  1. 1. Are you buying a term plan with return of premium?
  2. 2. Amount of premium you have to pay based on your age, habits, education, and monthly income
  3. 3. The total number of benefits covered in the term insurance plan. Do they include benefits that you care about the most?
  4. 4. How to save money on tax if you pay for the term life insurance plan?
  5. 5. Do they offer regular income options?
  6. 6. Can you change the coverage and premium in the future?
  7. 7. Does the claim consider valid if death occurs outside India?
  8. 8. Which kind of death is not covered by a term insurance plan?
  9. 9. Can NRIs take a term insurance plan? If yes, what are the conditions?
  10. 10. Does the term insurance plan have a cash value if you decide to cancel the term insurance policy?
  11. 11. Under what circumstances can a term insurance plan be cancelled?
  12. 12. Can I pay the premiums online or make electronic payments?
  13. 13. What will happen to the term life insurance plan if the life assured starts smoking after purchasing the policy?
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