User Activity Modal/Pop Up Component
User Activity Modal/Pop Up Component
User Activity Modal/Pop Up Component
banner

Why Buy Term Insurance Online?

Know more about why buying term insurance online is a better alternative.

#Term-Insurance 100 Views 83 Shares
banner
avatar-image

Written by

Updated :

Reviewed by

Term insurance is a simple and affordable life insurance policy that provides financial protection to your loved ones. Today, renowned insurers in India offer term plans online with competitive premiums, instant policy issuance, speed, and convenience. Understand why buying term insurance online is worth it before making a purchase.

Benefits of Buying Term Insurance Online

1. Ease of Comparing Term Plan Benefits 

Buying term insurance online is a convenient and time-saving option. It allows purchasers to compare policies, identify their needs, and make an informed decision quickly. With competitive premiums, instant policy issuance and speed, it is worth considering buying a term insurance plan.

One key reason why buying term life insurance online makes sense is the easy access to information about various term plans. You can search for various term insurance plans online as per your convenience and compare them.

This way, you can move many steps towards ensuring financial protection for your family in less time. The hassle-free purchase is a reason why buying term insurance online is highly preferred by most people these days.

 

2. Comparatively Low Premiums 

Buying term life insurance online is an affordable and convenient option. The lack of middlemen results in lower premiums, making it more accessible to those with limited financial resources.

Furthermore, the process is hassle-free and allows purchasers to select the best policy for their needs without any outside influence.

Max Life Insurance offers various plans online, thus providing customers with a dependable life cover at an affordable price.

3. User-friendly and Safe Purchase 

Purchasing term life insurance online is an attractive and convenient option for many. The lack of intermediaries results in lower premiums, making the policy more accessible to those on a budget. 

Additionally, buying online is easy and allows purchasers to find the perfect policy for their needs without any outside influence. With its secure payment processing, online term life insurance provides a cost-effective solution that also ensures peace of mind.

You can use Max Life Online term plan premium calculator to get an estimated premium for the term plan. Buying term life insurance online offers convenience and affordability. Customers can pay securely with net banking, digital wallets, credit, or debit cards, which are processed through secure gateways for accurate payment processing and an instant payment receipt. 

 

Additionally, buying online is easy and allows purchasers to find the perfect policy for their needs without any outside influence. With its secure payment processing, online term life insurance provides a cost-effective solution that also ensures peace of mind.

You can use Max Life Online term plan premium calculator to get an estimated premium for the term plan. Buying term life insurance online offers convenience and affordability. Customers can pay securely with net banking, digital wallets, credit, or debit cards, which are processed through secure gateways for accurate payment processing and an instant payment receipt. 

 

 

How to Select a Suitable Online Term Plan? 

Choosing the right term life insurance plan can be tricky, especially given the variety of policy terms, coverage amounts, and additional benefits available. It's important to consider your specific needs, rather than simply relying on a life coverage amount or policy period.

When selecting a term insurance plan, start by considering the following steps:

1. Check Your Requirements 

When shopping for term life insurance, start by assessing your current and future financial needs. Identify your goals, assets, liabilities, and lifestyle expenses to determine the sum assured you need.

Research different plan options and compare their benefits, such as additional coverage riders or payment terms.

Consider the insurer's claim settlement ratio and turnaround time for claims processing. Make sure you fully understand all policy conditions before making a purchase.

2. Select a Suitable Policy Period 

When it comes to selecting the right policy period for term life insurance, consider your retirement age. It is recommended that you choose an adequate sum assured and a policy tenure of five to ten years past your retirement.

Having adequate coverage for as long as you live is ideal, so aim for an age after retirement like 65 or 70[1]. If you got married late and planned kids at a higher age, aim for an even later policy period. Understand why getting term insurance online makes sense early on in life to make the most of the protection.

When it comes to selecting the right policy period for term life insurance, consider your retirement age. It is recommended that you choose an adequate sum assured and a policy tenure of five to ten years past your retirement.

Having adequate coverage for as long as you live is ideal, so aim for an age after retirement like 65 or 70[1]. If you got married late and planned kids at a higher age, aim for an even later policy period. Understand why getting term insurance online makes sense early on in life to make the most of the protection.

 

 

3. Check the Insurer's Claim Settlement Ratio 

When buying term life insurance, look for an insurance company with a high claim settlement ratio to ensure that your family will get the benefits of your policy in case of your untimely demise.

Max Life Insurance has a 99.51% (Source: Individual Death Claim Paid Ratio as per audited financials for FY 2022-2023) claim settlement ratio, making it a reliable option for online term plans. Choose from different plan options that suit you and your family’s needs.

Frequently Asked Questions (FAQs) 

Q. Should I buy term insurance online from any insurer? 

A. When selecting an online term life insurance provider, consider the insurer's reputation, claim settlement ratio, and plan benefits. Do your research to ensure that you are getting the best value for your money.

Q. Is cost savings the only benefit of purchasing term life insurance online? 

A. Don't base your term life insurance purchase decisions solely on the premium. There is a difference in the premium of online term insurance and those available offline. Therefore, consider other factors to maximise coverage without financial strain

Q. Why should I use online term insurance calculators?

A. Using an online term insurance calculator can help you estimate the premium for a life cover, so you can figure out way to manage other expenses while adding term insurance.

Q. Why buying term life insurance at an early age is crucial?

A. It is because you are at low risk of suffering from diseases or loss of life at a young age, thereby lowering the premium.

Q. Why buying term insurance is a must for individuals having dependents?

A. A term plan ensures that their dependents do not face any financial hurdles in life and can maintain their existing lifestyle. 

Sources

[1] https://niti.gov.in/content/life-expectancy

ARN No: Oct23/Bg/10B

Topics Covered

4:17 Min Read Time

Get Your Premiums Back At Maturity

Calculate Term Insurance Premium