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Here's Why Everyone Should Buy A Term Plan Online

dateKnowledge Centre Team dateJanuary 22, 2021 views222 Views
Here's Why Everyone Should Buy A Term Plan Online

Who would like to worry about their life insurance cover frequently? Certainly, not the financially savvy. Buying a term insurance cover is one of the important financial decisions in life. It is a need to protect your family while you give wings to your aspirations.

Naturally, you would want to spend more time with your aspirations than tending to your needs. Buying a term insurance cover online can provide you with this edge for multiple reasons. The most prominent of these reasons are as follows:

Transparency

The best part about buying a term insurance cover online is transparency. You have access to the sample policy document detailing each and every condition, benefits and features. You can even chat with the customer service representatives to understand the plans better.

Going further you can even check the policy document filed by the insurance company to the insurance regulator IRDAI.

Easy to Compare

If you want to find and buy the best term insurance plan to serve your family’s financial safety needs, you need to compare different plans. Internet is the best place to compare different plans in one place without spending a lot of time.

Even after you have listed a couple of closely competing term insurance plans, you can customize them and select the best within a few clicks. Almost all the life insurers offering term insurance cover online also provide an online term insurance calculator.

You can use this calculator to run different combinations of features and benefits to see where they stand.

Easy for the Next Generation

Another major factor, which you can easily ignore, is about the real users of the insurance plan. Majority of the times the term insurance need is to secure the future of the next generation, which depends on you for initial support.

The next generations are definitely savvier with digital technology. For them using an online policy will be easier to handle than the paper any day.

Easy to Manage

Nowadays, an online policy is not just a PDF file received in your e-mail. You can even manage multiple online policies with an electronic insurance account. The account works as a repository for all your online life insurance policies and allows you to perform the service requests through the account.

You can even assign an administrator in your stead so that your policies are managed even when you can’t physically do the same. The administrator can also file the claims online when needed. Thus, simplifying the claim process for multiple life insurance policies.

Also, online gives you the best way to protect your policies from theft and physical harm.

Faster Claim Settlement

The best life insurance companies offer faster claim settlement option to eligible policies. While the eligibility conditions are simple, online policies get preferential treatment under the conditions.

Online life insurance policies also give your family a simpler claim settlement process. Since there is no policy paper your family needs to submit, they can submit the claim form and related documents completely online.

No-Touch Application Process

In the new world order created after COVID-19, avoiding physical interaction is one of the key solutions to avoiding the disease. Buying term insurance online gives you the opportunity to avoid a lot of physical interactions with strangers.

You may even avoid the physical medical exam if your profile is eligible for telemedical examination.

Thus, buying a term insurance online enables you to complete your buying process and even claim settlement process for family completely online. It not only saves you from a lot of effort, time spent, and paperwork, you will also feel more in control of what you buy.

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Frequently Asked Questions (FAQs) for Term Insurance

This being a term 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 70 years of age.

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.

If your key purpose is to give your Family financial protection, go for the term insurance plan. And if you want some savings, in the end, go for a traditional life insurance plan.

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, a term plan pays a part of the sum insured to treat your disease.

Term insurance 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 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 policy remains active until the expiration date.
  • Income Rider: The rider 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 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 Term Insurance?

  1. 1. Amount of premium you have to pay based on your age, habits, education, and monthly income
  2. 2. The total number of benefits covered in the term plan. Do they include benefits that you care about the most?
  3. 3. How to save money on tax if you pay for the term plan?
  4. 4. Do they offer regular income options?
  5. 5. Can you change the coverage and premium in the future?
  6. 6. Does the claim consider valid if death occurs outside India?
  7. 7. Which kind of death is not covered by insurance?
  8. 8. Can NRIs take term insurance? If yes, what are the conditions?
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