There has been a major surge of e-commerce business in India, and the life insurance sector is part of the wave. Various insurers sell term insurance plans online and there are many reasons to consider an online purchase.
1. Lower Premiums: Online term plans in general offer high cover amounts (sum assured) at lower premiums. This is because they save on intermediary expenses, which are then passed on to the customer, as lowered premiums. Max Life online term plan plus, for example, offers you a life cover of Rs 1 crore for a premium of just Rs 563 per month (For a 28 year old, non-smoking male,with a policy term of 30 years).
2. Time Saving: You can save a lot of time, as the entire process is done online. You can compare, select, pay, complete proposal form, upload documents, schedule medical all in one go, from anywhere, at any time.
3. Ease of Comparing: You can compare various online term plans and choose the most suitable plan for yourself that covers your family’s financial needs.
4. Online Reviews: In the online world, you have access to tons of plan reviews and comparative studies for the term plan you are considering.
5. Flexibility: You can take your time to learn about, research, and short-list product plan. Moreover, you can opt for specific riders that can help you enhance the plan benefits which are available on payment of additional premium amount
Another key benefit is that you fill in the application form yourself, reducing errors in data entry.
6. Transparency: Term plans premium calculators are easily available online. These carry all the policy features and clauses. You can read them carefully and understand the terms and conditions in detail.
7. Ease of Servicing the Policy: You can pay premiums, update policy details, raise a service request with just a few clicks or through a phone call. Additionally, there is no ambiguity or dependability since there isn't a third party (insurance agent) involved.
8. Less Paperwork: While buying an online term plan, you fill the proposal forms online and upload the supporting documents through an easy and secure user interface. The process doesn't involve any significant paperwork.
All the above-mentioned reasons make online term insurance purchase an attractive option. Ensure that you read and understand the policy terms and conditions properly. Seek help from online agents available on call or on chat, if you need furtherclarity. Additionally, ensure that all the declarations you make and the information you fill is factually correct, so that you won't have trouble, when the time comes to make your claims.
Max Life Online Term Plan Plus. A Non-participating, Non-Linked, Term Insurance Plan (UIN - 104N092V03)