Buying term insurance online!

The traditional way of selling a term insurance plan involved dependence on agents, brokers, consultants, and insurance companies’ in-house sales support. However, over the years, this method has proved inefficient and costlier. Buying term insurance plans online, directly engages insurance-seekers through portals and ensures seamless ‘delivery’ of the insurance product. Without the involvement of an agent, there is no payable commission. Online purchase of insurance policies is therefore quick, transparent, effective and economical.

Here are a few reasons why purchasing term insurance plans online is a smart choice:

Cost-effective

Buying a term insurance plan online is a lot more economical than offline. Since there are no intermediaries and one directly deals with the insurance company, it eliminates the intermediary costs.

Low premium for a higher cover

Online term life insurance plans with massive life covers are available by paying just a few thousands as premiums, in contrast to similar policies bought offline. This concept is only available for online insurance buyers, because the company saves on the insurance agents’ commissions and passes on the benefit to buyers.

Range of plans

Buying term insurance plans online allows consumers to compare various plans before the choose the one best suited to them. This makes it easier for insurance-seekers to understand which term plans offer maximum benefits at affordable premiums, and are best aligned to their needs.

Buy Insurance Yourself

The old school way of buying life insurance policies was synonymous with cumbersome paperwork and meeting agents. But, buying term insurance policies online yourself, involves filling up simple forms online with relatively lesser but accurate information on that specific term policy.

Transparent

While buying term insurance policies online, everything about the product, like it’s features, tenure, etc. are open to all. Insurers can therefore no longer keep any information from a prospective buyer, ensuring complete transparency while buying term plans.

On-the-go access

When a person buys a term insurance policy offline, they are unable to access their policy details as and when required. However, if you buy the same term insurance policy online, you can log in to your account to check all policy details at any time.

Change the Policy anytime

An online term insurance policy offers flexibility in the sense that at any time information can be altered. This applies prior to submitting the form, during the purchase and even after the policy has been bought.

Considering the above factors, buying term insurance plans online wins hands down. It offers several benefits and no advisory is involved.

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What are joint life term insurance policies?

Joint life term insurance policies are gradually gaining pace in India, given the rising number of working women and the vital role they play in contributing to the household income. Basically, a life insurance policy was a safety net for the rest of the family when the main earner of the family passed away. Today the situation is different, given the modern family structure where both the spouses are earning, the need is to ensure that both husband and wife are insured so that if anything happens to either of the spouses, the other remains financially stable.

Joint life term insurance policies provide coverage for two people instead of one. For joint life term insurance policies, both the partners must shell out premium for a fixed tenure. Within this duration, you can make claims for the coverage amount in case of death of either of the spouses.

Here are the benefits of Joint Life Term Insurance Plans:

-        Depending on the policy that you purchase, you have the flexibility to choose the kind of claim you want to make. Certain policies make pay outs for the entire amount based on the first claim, following the death of one spouse, after which the policy lapses. In other plans, the nominees can choose to make separate claims on the death of each insurance holder.

-        You can opt for a policy which will continue paying your surviving spouse a regular income following your demise for a period of time apart from providing the assured coverage. 

-        Certain policies provide coverage against accidents amounting to fatality.

-        Joint Life Term Insurance plans are definitely a better investment option if you are running on a tight budget and do not want to spend much on buying two individual covers for yourself and your spouse, making it very cost effective.

-        Joint life term insurance policies will lessen your hassles of maintaining two separate insurance policies. You will have one premium to pay and can easily manage your account. Also, it will bring you peace of mind when you are assured that both you and your spouse are adequately protected.

-        It’s not a hard and fast rule to buy joint life term insurance policies with your spouse. You can easily buy one with your child. In case of death, it will serve the same purpose as your life insurance policy would, and safeguard your child’s financial future, provide medical coverage and take care of his or her education costs, which are rising exponentially.

On buying a joint life insurance plan you are also eligible for availing tax benefits on the premiums paid as per the Income Tax Act of 1961.