Written by : Knowledge Centre Team
2026-07-29
1878 Views
7 minutes read
Share
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.
Key Takeaways
|
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 expires. A term insurance plan simply terminates at the end of the policy term.
Protect Your Family with Affordable Term Insurance
Enter OTP
An OTP has been sent to your mobile number
Didn’t receive OTP?
Application Status
Name
Date of Birth
Plan Name
Status
Unclaimed Amount of the Policyholder as on
Name of the policy holder
Policy No.
Address of the Policyholder as per records
Unclaimed Amount
Sorry ! No records Found
Request Registered
Thank You for submitting the response, will get back with you.
Thank you for your interest in our product. Our financial expert will connect with you shortly to help you choose the best plan.
Why Buy Term Insurance Online?
Buying term insurance online has seen a surge in popularity, thanks to increasing internet accessibility and a growing awareness of financial planning. Some key advantages of buying online include:
Cost-effective premiums due to the absence of intermediaries
Instant comparison tools to evaluate features, costs, and benefits
Convenience of purchase from anywhere, anytime
Faster policy issuance with minimum documentation
Higher transparency, as all terms are openly listed
For instance, Canara HSBC Life Insurance’s website allows customers to view, customise, and purchase plans such as the iSelect Smart360 Term Plan in a matter of minutes.
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
While the process is seamless, it's crucial to be cautious. Here’s what you need to consider:
- City/Location Availability: Some online policies may only be offered in metro cities. Always check the availability of your preferred plan in your location.
- Speak to an Advisor (Optional): Even though online platforms are self-service, contacting the insurer via call or chat for clarification can offer reassurance, especially about the medical check-up and claims process.
- Assess Your Needs Properly: Everyone’s financial journey is different. Decide on the policy term, sum assured, and premium payment term based on your:
- Age
- Financial responsibilities
- Number of dependents
- Liabilities like home or education loans
Step-by-Step Process to Buy Term Insurance Online
Buying a term insurance plan online is designed to be a hassle-free experience. Most insurers, including Canara HSBC Life Insurance, have streamlined the process to ensure you can secure your family’s future in just a few clicks. All you need is a stable internet connection and some basic personal and financial details. Before you begin, it’s helpful to use online calculators to understand your ideal coverage and premium affordability. Once you're ready, follow the steps below to complete your purchase:
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
Common Mistakes to Avoid When Buying Term Insurance Online
Now let us look at some common mistakes that people do while buying a term insurance online so that you can avoid them.
- Underestimating the Required Coverage: People often choose a lower sum assured to save on premiums. However, this amount may fall short of covering your family's expenses, liabilities, and long-term goals like education or housing in your absence.
- Ignoring Riders: Riders like Critical Illness, Accidental Death Benefit, or Waiver of Premium can significantly strengthen your policy. Skipping them to cut costs may leave you exposed to financial risks that the base plan doesn’t cover.
- Providing Incorrect Information: Always provide honest and accurate details, especially in your health, income, occupation, and lifestyle declarations. Any misrepresentation, even unintentionally, can result in claim rejection at a time when your family needs support the most. For example, failing to disclose a pre-existing condition or smoking habit might be grounds for denial of benefits. Full disclosure ensures a smooth underwriting process and boosts the chances of claim approval.
- Delaying Purchase: Delaying your decision not only leaves your family unprotected but also increases premium costs as you grow older. Additionally, any health complications developed over time can make it harder to qualify for affordable coverage or may even lead to application rejection
Final Thoughts
Buying term insurance online has transformed from a lengthy, paperwork-heavy process into a fast, transparent, and user-friendly experience. With the rise of digital platforms, individuals can now take control of their financial protection journey by researching, comparing, and purchasing policies from the comfort of their homes.
However, the convenience of online buying should be matched with careful planning. Evaluating your coverage needs, understanding policy terms, and avoiding common mistakes are essential to ensure your loved ones are truly protected. The right term insurance plan can serve as a strong financial safety net for your family during life’s most uncertain moments.
We at Canara HSBC Life Insurance take great pride in being as a trusted partner, offering digital support, reliable service, and a commitment to securing your financial future. By choosing to act today, you not only safeguard tomorrow but also gain peace of mind knowing your family’s well-being is in capable hands.
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.
Recent Blogs
Term Insurance Claim Rejection Due to Wrong Occupation Details
11 Aug '26
574 Views
7 minute read
Can your term insurance claim be rejected for giving incorrect occupation details? Learn why insurers deny claims, common mistakes, and how to avoid rejection in India.
Read More
Term Insurance
Limited Pay Option in Term Insurance - Benefits
11 Aug '26
1340 Views
8 minute read
Limited pay option in term insurance lets you pay premiums faster while enjoying long-term cover. Learn how it works and its benefits.
Read More
Term Insurance
Buying Term Insurance Online - Step-by-Step Guide
11 Aug '26
1326 Views
10 minute read
Discover how to buy term insurance online easily. Learn the steps, what to compare, documents needed and tips for a quick, secure purchase.
Read More
Term Insurance
Planning for a New Baby? Key Financial & Life Planning Tips
11 Aug '26
249 Views
7 minute read
Getting ready for a new baby? Here are the key things to consider - from budgeting and insurance to emotional readiness and long-term planning.
Read More
Term Insurance
Credit Protection in Term Insurance - Meaning & Benefits
11 Aug '26
821 Views
7 minute read
Credit protection in term insurance is often overlooked. A clear breakdown of what it means, how it works & why it is important for loan borrowers today.
Read More
Term Insurance
National Overseas Scholarship and Term Insurance
11 Aug '26
968 Views
9 minute read
Learn how to apply for the National Overseas Scholarship and why securing your family with term insurance is essential while studying abroad. Step-by-step guide.
Read More
Term Insurance
Does Term Life Insurance Cover Disability? Know the Facts
07 Aug '26
942 Views
10 minute read
Wondering if term life insurance covers disability? Get a complete breakdown of disability coverage, riders & options available under term plans today.
Read More
Term Insurance
7 Things to Expect From Your Term Insurance Plan - Key Features
07 Aug '26
4904 Views
7 minute read
Discover 7 things to expect from your term insurance plan. Learn key features, coverage details, benefits and what matters most before you buy
Read More
Term Insurance
Term Insurance for Diabetics in India: Eligibility & Benefits
07 Aug '26
908 Views
6 minute read
Yes, diabetics can get term insurance! Explore the best term plans for diabetes with Canara HSBC Life Insurance. Read more to learn about eligibility and benefits.
Read More
Term Insurance
Term Insurance - Top Selling Plans
Canara HSBC Life Insurance offers online term insurance plans to secure your family financially in your absence.
Family Shield: Enhanced Protection
iSelect Smart360 Term Plan
- 3 Plan options
- Life cover till 99 years
- Steady income benefit
- Block your premium at inception
Start Young, Pay Less, Stay Secured
Young Term Plan
- Life cover till 99 years
- Coverage for spouse
- Block your premium rate
- Covers 40 critical illness
Family Shield: Enhanced Protection
Saral Jeevan Bima
- Affordable prices
- Multiple premium payment option
- Get Tax benefits
- Hassle-free purchase process
Popular Searches on Term Insurance
- Types of Term Insurance
- Buy Term Insurance Online
- Term Insurance Plan
- 1 Crore Term Insurance
- 2 Crore Term Insurance
- 5 Crore Term Insurance
- Term Insurance for women
- Term Insurance Calculator
- Term Insurance for Housewives
- Term Insurance Tax Benefit
- Term Plan with Return of Premium
- 50 Lac Term Insurance
- Zero Cost Term Insurance
- Temporary Total Disability
- Buy Term Insurance Online
- What is Term Insurance?
- Term Insurance for NRIs
- 10 cr Term Insurance
- Term Insurance for Senior Citizens
- Spouse Term Insurance Plans
- Term Insurance for NRI
- Accidental Death Benefit