How to Buy Best Term Insurance Plan Online?

2025-06-03

931 Views

8 minutes read

Locate branch

Resume journey

Pay Premium

Live Life More Confidently

Get best insurance from our experts

Name is required Name should be Valid

Mobile Number is required Mobile Number should be Valid

Email is required Email should be Valid

DOB is required DOB should be Valid

Annual Income*

< 3 3-5 5-7 7-10 > 10

Annual Income is required

I agree that even if my contact number is registered with NDNC / NCPR, I would still want the Company to contact me on the given number and email id for the clarifications/product information sought by me and agree that I have read and understood the Privacy Policy and agree to abide by the same.

Please tick to proceed further.

Thank you for your interest in our product. Our financial expert will connect with you shortly to help you choose the best plan.

A term insurance plan is an insurance policy that provides comprehensive financial coverage to the policy’s beneficiary. The financial coverage provided by the policy comes under a limited period. If the life insured dies at any point in time during the policy’s active term, only the beneficiary will get the assured sum amount. Term insurance plan is the most effective form of insurance that covers financial security and other important aspects of life, such as your child’s higher education, child’s marriage, etc.

Key Takeaways

Buying term insurance online eliminates intermediary costs like agent commissions and operational overheads, making it a more affordable option.
Online platforms allow you to compare features, claim ratios, and customer reviews of different insurers to make a well-informed decision.
Add-on benefits to your life insurance plan like critical illness, accidental death, and disability riders strengthen your base plan and provide additional protection for a nominal cost.
A company’s Claim Settlement Ratio (CSR) and Solvency Ratio indicate its credibility and financial strength.
Analyse policy benefits like waiver of premium, regular income options, and terminal illness coverage before buying an online term insurance plan.

Why Invest in an Online Term Plan?

Life is short, and being financially secured to face every setback of life is a must. One can never foretell life uncertainties, and thus, to ensure your family’s security from any financial misfortune, opt for term insurance. An online term plan enables you to compare, analyse, and choose the required financial life insurance coverage from the comfort of your home. An online term plan is a more affordable option for you. Here is why:

Lower premiums: A term insurance plan has lower premiums since no investment element is in the insured amount. Also, you get much lower premium rates while purchasing an online term plan since there is no insurance advisor involved. Hence, the company passes on the amount saved from the agent’s commissions and distribution costs to buy the policy online. Along with such benefits, you also save from overheads such as logistics, stationery, and documentation.
Easy Comparison: Purchasing an online term plan is a fairly easy process. There are tons of choices and many comparisons and case studies, with term insurance calculators, customer reviews, and other informative articles. You can also change the plan and customise an online term plan or even an offline term plan when required.
Fast and Secure purchase: Stay out of those long queues and pay through the different online options for fast and secure online payments such as net banking, credit cards, or debit cards. The payments are instantaneously processed through a secure payment gateway and are quick and hassle-free. You can receive an instant online receipt that is ideal for furnishing documents and quickly claiming tax exemptions. You can also choose from a monthly/quarterly/yearly payment system as per your need.
Riders: Riders are the additional benefits that come with term plans, but with a nominal fee and should be taken if required in case of a genuine need. The riders that can be taken are:
1. Critical illness
2. Death due to accidents
3. Partial or permanent disability, etc
A term plan can also take care of the burial and funeral expenses, covers education and other expenses of the family, and pays off loans/debts that might have been taken during the individual’s lifetime.

Begin securing your future

Full Name* Please enter correct name Please enter the Full name

Mobile Number* Please enter valid mobile number Please enter Mobile Number

Email* Please enter valid email Please enter Email

...Read more Consent is required

How to Choose the Best Term Plan?

Choosing the best term plan, within your comfort zone while covering all your needs, is crucial. Some people depend on you, and thus, you probably need to buy the best term life insurance plan. Choose smartly to get the best price and ensure that the company you choose is not at risk of folding.

Here are some important aspects that one should consider before purchasing any term insurance plan:

Claim Settlement Ratio (CSR): It is the total number of claims the insurance company covers out of the claims filed when the insured individual dies. If the company has an 85% claim ratio, it means the insurer pays 85 out of every 100 claims filed. A good claim settlement ratio is an important aspect for any insurance company that makes it reliable and trustworthy. One should look for CSR and the number of claims that are being made for a better and accurate idea. A company should have a consistent ratio.
Solvency Ratio: It is one of many metrics used to determine whether a company can stay solvent in the long term. It measures the enterprise’s ability to meet its long-term debt obligations, including cases where the insurer has to pay the insurance cover to the beneficiary in case of death of the policyholder. The main solvency ratios are the equity ratio, the debt-to-equity ratio, the debt-to-asset ratio, and the interest coverage ratio. It should be at least 1:5.
Inquire the Existing Customer Experience: Getting customer reviews and ratings of the company gives an idea of its service. Enquire the existing customers about their experiences. An excellent customer review is an indication of a trustworthy and reliable company. Make sure that these reviews and ratings are from genuine customers.
Choose the Benefit Carefully: Before purchasing any life insurance plan it is essential to carefully review the benefits it offers; you may also want to inquire about the specific benefits you wish to cover. You must carefully analyse some important benefits: the accidental death benefits, premium waiver in case of disability, number of terminal illnesses covered, regular income payout options, etc.

Best Way to Purchase Online Term Plan

In an online term plan, you have the freedom to select the most suitable policy. There are important things you should remember while buying term life insurance or online term plans. Here is the step-by-step guide to buying term life insurance:

Choose Coverage amount and term length: Make sure that you actually need a term plan. Figure out how many years you want to be covered under your coverage amount. It is usually recommended to have a coverage of 10 times your annual salary. You may use an online term insurance calculator to estimate the premium for your desired sum assured and term of the plan.
Filter your Search: Find the best company which is most financially strong, stable, and risk-free. It is crucial to buy from a company that’s likely to stand the test of time.
Add suitable Riders: After choosing the best company, you should add suitable riders to enhance your family’s support in case of disability and life-threatening illness.
Gather your medical history and personal information: The beneficiary or nominee will get the amount only if the life insured dies within the term of the policy; it does involve a lot of math and statistics. Before buying the policy, you will be asked a series of questions about your gender, age, height/weight, habits, and medical history. You will have to answer a few questions based on your state of residence and ZIP code, medications you’re taking, family history of diseases, marital status, etc.
Get Ready to pay premium: Seal the deal by paying your first premium. Most companies also have a feature to automatically deduct the premium amount from monthly payments directly from your bank account. You have the option to select monthly, quarterly, or annual payment options depending on your needs.

Calculate Term Insurance Premium

A term insurance calculator is a useful online tool that helps you determine how much coverage you need based on your income, lifestyle, and family’s needs.

My Income

My current Cover

Additional Details

Our Recommendation

My Income

My current Cover

Additional Details

Our Recommendation

I am {age} years old,

My Monthly income is {amount}

Additionally, I hold existing Insurance Cover of Rs {insurenceamount}

and loan amounting to Rs{amount}

My name is {name}

my mobile number is {contact}

50 Lakh

12.5 Lakh

75 Lakh

Zero

1 Crore

Where do you stand

Additional Life Cover

Hi {name}

To secure your family’s financial future and protect their dreams, you’ll need an additional cover of

rs 10,000

Note: This is a very brief calculation of HLV

Secure Now

Recalculate

Desclaimer-

The above calculation and illustration of figures are indicative only and not on actual basis.

At What Stage You Should Buy Term Insurance?

Needs change with age, but term insurance is far beyond these needs; it is more a ‘must-have’ thing needed at almost every stage of adulthood. Term insurance covers almost all purposes, from entering college to your retirement. Here is a complete detail of why and who should buy term insurance:

Entering College (18-21 years): A college student may need term insurance to guard against liabilities like education loans.
Post First Salary (21-25 years)- To ensure that your parents do not have to worry about money in your absence, opt for a term plan.
After marriage (26-32 years): To let your partner’s life be free from financial turmoil, you should buy a term insurance plan. This is an important stage of life that is most vulnerable to financial misfortune, so it’s always better to stay prepared to face any uncertainty of life.
After First Child (33-40 years): Your child needs a lot of security and a lot of financial attention as well. To provide such financial security to your child to ensure their bright future, term insurance would be the best option.
After Retirement (60+ years): Save money for retirement to take care of unavoidable medical expenses and in the event of being diagnosed with a terminal disease. This stage is more vulnerable to such life-bothering expenses, and thus, being prepared with term insurance to face this stage is beneficial.

Conclusion

Term insurance is the need of today. You can choose an online or offline term plan, but an online term plan would benefit you. The most important thing is to buy term life insurance from a company that will exist for the full length of your policy’s term with a secure, stable, and risk-free existence. The best way to purchase an online plan is to properly analyse the company, your coverage amount, term length, and your premium. Considering all the important aspects, riders, and this analysis, buying term life insurance becomes easy. It is always recommended to choose a reliable and trustworthy insurance company.

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.