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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