Buying Term Insurance Online

Written by : Knowledge Center Team

2025-12-11

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Life is unpredictable, making financial stability a top priority for every family. It is here that term insurance comes into the picture. It is one of the simplest life insurance products, offering a safety net against unforeseen events. However, if you do not know how to get term insurance, know that you can buy a plan online, with most processes completed quickly. This guide explains why term insurance matters and how the online purchase journey works step by step.

Key Takeaways

Term insurance provides financial security to your family in case of your untimely demise.
Buying term insurance online is quick, hassle-free, and can be done within minutes.
Riders like critical illness and accidental death benefits can enhance your policy coverage.
Term plans offer tax benefits under Sections 80C and 10(10D) of the Income Tax Act.
You can customise your plan with flexible payouts, premium terms, and additional benefits based on your financial needs.

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Understand the Meaning of Term Insurance

Any term insurance plan is designed to offer financial cover and protection over a fixed period. It commonly provides a death benefit to the nominee of the policy if the policyholder passes away during the policy’s term. It completely focuses on offering life coverage without any investment or savings component.

Why Choose Term Insurance: Top Benefits

Before you buy term insurance online, understand why it is a popular choice. By understanding the following benefits, you can make a better decision:

Financial Protection: Suppose a policyholder passes away during the term of the term insurance. The policy’s nominee or beneficiaries will receive the death benefit, i.e., the sum assured by the policy. It helps cover the expenses of the policyholder’s family and maintains financial stability and security.
Also, it might be possible that the policyholder would have taken out certain loans. The sum assured can help pay off those loans, ensuring the family does not face any financial burden.
Fixed and Affordable Premium: Term insurance plans offer high coverage at a cost-effective premium. As these plans provide only life cover, the premiums are low.
It makes these plans affordable for those seeking significant financial protection. Thus, as a policyholder, you can secure your family’s future without compromising your financial stability.
Protects from Critical Illness Risk: Some term plans allow you to add optional riders for coverage against critical illnesses such as heart attack, stroke, or cancer. These riders come at an additional cost and provide financial protection beyond the base life cover.
Thus, before buying any term insurance, check whether there are any additional covers offered and opt for the same. It surely makes for a smart financial security move.
Tax Benefits: Another important benefit associated with term insurance is the various tax benefits. Policyholders can claim premium payment deductions against their income tax liability. For that, check the conditions mentioned under Section 80C of the Income Tax Act.
Similarly, when a nominee receives the death benefit, the amount received is exempt from tax, subject to conditions under Section 10(10D). It ensures that the entire policy amount is available to the nominee, securing their future.
Survival Benefits: Certain term variants (like return of premium) refund premiums paid if you survive till policy maturity. Others may offer structured benefits such as regular income after a defined age. Availability and conditions vary by product.

Did You Know?

Many term policies are also “convertible,” as they can be converted into a permanent life insurance policy.

Investopedia

Step-by-Step Guide: How to Buy Term Insurance Online

Buying term insurance online at Canara HSBC Life Insurance is a simple and hassle-free process. Follow the steps below and secure your family’s future today:

Step 1: Log In and Select a Plan

Navigate to our official website and click on the ‘life insurance plans’ tab. Select the ‘term insurance plans’ option from the drop-down menu and explore the various available plans. Choose a term insurance that suits you best.

Step 2: Provide Required Basic Details

Once you decide which plan to buy, proceed with the next step. Enter details like name, contact number, email address, etc., as asked in the application form. Please provide the correct email address, as it will receive all the correspondence.

Step 3: Enter Policy Related Information

Your personal information offers a clear idea of your maximum life cover eligibility. Thus, after choosing life cover, select policy tenure and premium payment tenure. Further, select a premium payment option–monthly, quarterly, or annually, per your needs.

Step 4: Provide Additional Details and Documents

After providing basic personal information and choosing policy-related terms, you will be directed to a new webpage. Here, provide additional details about your location, occupation, and education. These details can impact your life cover premium.

Also, you may have to upload certain KYC documents, like proof of identity and address. Recent medical reports and bank statements might also be expected to be uploaded.

Step 5: Customise the Plan and View the Premium Amount

You can personalise the term insurance plan per your financial goals and requirements. For example, you can add various rider benefits that are available with the term plan. You can opt for an increased sum assured in case of accidental death. Alternatively, some plans may include optional benefits such as education support or income payout riders. These depend on product design and insurer approval.

Similarly, you can divide the death benefit partly to be paid as a lump sum amount and partly as regular income. After providing the necessary information, click on ‘Proceed’ or a similar option and the premium will be displayed based on the information you provided. Check your details and the premium amount, and proceed further.

Step 6: Pay First Premium and Wait for Approval

It's time to pay your first premium. After the transaction is successful, we will verify all the details you provided. If no issue occurs, your term insurance proposal form will be approved, and you will receive a soft copy of the policy via email.

Note: Requirement for Medical Check-up

If your proposal is accepted, you might have to go through a medical check-up either via:

Telemedical examination or
Physical Medical Check-up

If you are going for a physical check-up, a date and a clinic will be allotted to you for health check-up requirements. It is an important step for any insurer to understand your health status and ensure there is no risk of early demise.

Conclusion

Term insurance is a great financial instrument that offers life cover and secures your family’s future. Buying it early in life can have significant benefits, like a low premium and a high sum assured. However, if you do not know how to buy it online, follow this guide to understand the online purchase process. Evaluate coverage, riders, and affordability before finalising a term insurance plan that fits your needs.

Glossary

Sum Assured: The guaranteed amount paid to the nominee in case of the policyholder’s demise.
Rider: An additional benefit that enhances a term insurance plan, like critical illness coverage.
Term Insurance: Term insurance is a type of life insurance that offers financial protection for a set period.
Mutual fund: A mutual fund is a pool of money that is invested in stocks, bonds, and other securities.
Financial Dependents: Family members who rely on the policyholder’s income for their financial well-being.

FAQs

You can only file for a claim within the grace period. However, the claim can be rejected if the policy has lapsed.

Generally, insurance companies do not give any refund for unpaid premiums. But if you surrender the policy, you may get a partial refund.

To cover your premiums in difficult circumstances, reduce the coverage, use accumulated cash, or switch to a low-cost policy.

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.